Got my social security statement in the mail

[Deleted]

and yes I still need to keep working (*fingers crossed*) lol! But it nice to know that if I were to become disable I would be getting 60% of my current paycheck back.

One thing I read on it that surprised me a bit is the following:

Because of a 1983 change in the law, the full retirement age will increase gradually to 67 for prople born in 1960 and later.

And I have been planning as if full retirement was 65? 40 years left.... but it's 67! Why didn't anyone tell me

[8 Bit WWBG]

At best, SS will be pizza money for our generation. Perhaps we should follow the governments example -- live off credit, and make sure we croak before the bills come due.

[Deleted]

Jan 16, 2011 7:48:12 GMT -5 8 Bit WWBG said:

At best, SS will be pizza money for our generation. Perhaps we should follow the governments example -- live off credit, and make sure we croak before the bills come due.

And in response to that I will quote you the following two from my statement:

Social Security was never intended to be your only source of income when you retire. You will also need other savings, investments, pensions or retirement accounts to make sure you have enough money to live comfortably when you retire

and

In 2016 we will begin paying more in benefits than we collect in taxes. Without changes, by 2037 the Social Securityu Trust fund will be exhausted and there will be enough money to pay only about 76 cents for each dollar of scheduled benefits

So 42 years from now putting us at 2053 (retirement age for me)... I will have to agree with you on that

[SVT]

How often and what time of the year do you receive SS Statements? I received one like a year and a half ago I think. Are we supposed to get one every year?

[The J]

The SS full retirement age is only relevant to when you retire if you plan on relying on SS as part of your retirement. I'll be retired at 56 -- if I get SS at some point, it'll be a bonus.

[Deleted]

Jan 16, 2011 9:27:32 GMT -5 SVT said:

How often and what time of the year do you receive SS Statements? I received one like a year and a half ago I think. Are we supposed to get one every year?

I get one every year... and yes usually around the same time.
Not sure for everyone else

[The J]

You get the statements around your birthday every year.

[Deleted]

Jan 16, 2011 9:46:01 GMT -5 The J said:

The SS full retirement age is only relevant to when you retire if you plan on relying on SS as part of your retirement. I'll be retired at 56 -- if I get SS at some point, it'll be a bonus.

56? Nice!

[The J]

At 56 I'll have 30 years on my job and can take a 60% pension. Add to that the 20% of my salary that I put into deferred comp and I won't need SS. If I were to leave my job for another one, it would have to pay me enough where I'd be able to retire no later than 56.

[Deleted]

Jan 16, 2011 10:10:13 GMT -5 The J said:

At 56 I'll have 30 years on my job and can take a 60% pension. Add to that the 20% of my salary that I put into deferred comp and I won't need SS. If I were to leave my job for another one, it would have to pay me enough where I'd be able to retire no later than 56.

Nice.... do you intend to get full retirement or still practice part time?

I think I have the same option for my job after 30 years, that would put me at 55. But I am just not sure I will be there that long.

[The J]

Full retirement. I have no desire to be working now. It may change by then, but I doubt it.

[The J]

Even if you're there 30 years, your pension may get frozen. Mine won't -- the state just adds new tiers with reduced benefits for newer hires.

[Deleted]

And in response to that I will quote you the following two from my statement:



Unfortunately allot of people think the complete opposite!

[Deleted]

Jan 16, 2011 10:27:47 GMT -5 The J said:

Even if you're there 30 years, your pension may get frozen. Mine won't -- the state just adds new tiers with reduced benefits for newer hires.

oh yeah, you are state.
Fingers crossed... my company been around for 75 years, maybe there is a tiny chance that the pension won't be frozen.
Not counting on it

[The J]

Jan 16, 2011 11:06:40 GMT -5 TheHaitian said:

Jan 16, 2011 10:27:47 GMT -5 The J said:

Even if you're there 30 years, your pension may get frozen. Mine won't -- the state just adds new tiers with reduced benefits for newer hires.

oh yeah, you are state.
Fingers crossed... my company been around for 75 years, maybe there is a tiny chance that the pension won't be frozen.
Not counting on it

It will most likely be. I expect that at some point (maybe in 10-20 years), new hires for government jobs in NY won't get pensions.

[SVT]

Jan 16, 2011 7:41:41 GMT -5 TheHaitian said:

and yes I still need to keep working (*fingers crossed*) lol! But it nice to know that if I were to become disable I would be getting 60% of my current paycheck back.

One thing I read on it that surprised me a bit is the following:

Because of a 1983 change in the law, the full retirement age will increase gradually to 67 for prople born in 1960 and later.

And I have been planning as if full retirement was 65? 40 years left.... but it's 67! Why didn't anyone tell me

Well, I wouldn't be planning you're retirement at your age by taking in account SS. Especially with being as young as you are, you should be able save enough for those 40 years to not have to really rely on SS, at least I would think.

[Deleted]

Jan 16, 2011 11:08:23 GMT -5 The J said:

Jan 16, 2011 11:06:40 GMT -5 TheHaitian said:

oh yeah, you are state.
Fingers crossed... my company been around for 75 years, maybe there is a tiny chance that the pension won't be frozen.
Not counting on it

It will most likely be. I expect that at some point (maybe in 10-20 years), new hires for government jobs in NY won't get pensions.

I think it will most likely be also... but a man can dream right.

I need to get a job with the state

[Deleted]

Jan 16, 2011 11:19:34 GMT -5 SVT said:

Jan 16, 2011 7:41:41 GMT -5 TheHaitian said:

and yes I still need to keep working (*fingers crossed*) lol! But it nice to know that if I were to become disable I would be getting 60% of my current paycheck back.

One thing I read on it that surprised me a bit is the following:

Because of a 1983 change in the law, the full retirement age will increase gradually to 67 for prople born in 1960 and later.

And I have been planning as if full retirement was 65? 40 years left.... but it's 67! Why didn't anyone tell me

Well, I wouldn't be planning you're retirement at your age by taking in account SS. Especially with being as young as you are, you should be able save enough for those 40 years to not have to really rely on SS, at least I would think.

I am not counting on it, but it would be nice to get it

[Deleted]

Jan 16, 2011 11:00:31 GMT -5 @thecropchick said:

Unfortunately allot of people think the complete opposite!

Yeah, at least the social security office make sure to cover that in their statement

[SVT]

Jan 16, 2011 11:31:17 GMT -5 TheHaitian said:

Jan 16, 2011 11:19:34 GMT -5 SVT said:

Well, I wouldn't be planning you're retirement at your age by taking in account SS. Especially with being as young as you are, you should be able save enough for those 40 years to not have to really rely on SS, at least I would think.

I am not counting on it, but it would be nice to get it

Ok, but you said "I have been planning as if full retirement was 65"...

[SVT]

Jan 16, 2011 11:21:18 GMT -5 TheHaitian said:

Jan 16, 2011 11:08:23 GMT -5 The J said:

It will most likely be. I expect that at some point (maybe in 10-20 years), new hires for government jobs in NY won't get pensions.

I think it will most likely be also... but a man can dream right.

I need to get a job with the state

Are you talking about a specific state? A lot of the states aren't doing well and might not be able to pay out as much for the pensions, although, the ones who are already hired may receive it and the reduced/no pension benefit will be for new hires.

[Deleted]

Jan 16, 2011 11:36:11 GMT -5 SVT said:

Jan 16, 2011 11:31:17 GMT -5 TheHaitian said:

I am not counting on it, but it would be nice to get it

Ok, but you said "I have been planning as if full retirement was 65"...

More so for health care: medicare and medicaid; not really for the extra income.

I read many places that health care costs is one of the biggest expenses in retirement.

[Deleted]

Jan 16, 2011 11:40:10 GMT -5 SVT said:

Jan 16, 2011 11:21:18 GMT -5 TheHaitian said:

I think it will most likely be also... but a man can dream right.

I need to get a job with the state

Are you talking about a specific state? A lot of the states aren't doing well and might not be able to pay out as much for the pensions, although, the ones who are already hired may receive it and the reduced/no pension benefit will be for new hires.

I currently live in NY so probably here. But I am quite happy with my current job

[The J]

Jan 16, 2011 11:40:10 GMT -5 SVT said:

Jan 16, 2011 11:21:18 GMT -5 TheHaitian said:

I think it will most likely be also... but a man can dream right.

I need to get a job with the state

Are you talking about a specific state? A lot of the states aren't doing well and might not be able to pay out as much for the pensions, although, the ones who are already hired may receive it and the reduced/no pension benefit will be for new hires.

He's talking about NY right now (I'm employed by a local government in NY, which is part of the NYS pension system). NYS's pension is actually fully funded right now. But they are reducing benefits for new employees.

[SVT]

Jan 16, 2011 11:40:11 GMT -5 TheHaitian said:

Jan 16, 2011 11:36:11 GMT -5 SVT said:

Ok, but you said "I have been planning as if full retirement was 65"...

More so for health care: medicare and medicaid; not really for the extra income.

I read many places that health care costs is one of the biggest expenses in retirement.

The Federal Government under the FERS retirement system pays for healthcare during retirement. You get the same exact insurance during retirement as you do as an employee. You only have to be using that insurance for 5 years before retiring.

But of course, it's hard to predict the future. We might have universal healthcare so that benefit might not be a big deal, or they might not even offer that benefit in the future. 40 years is a long time away.

[DVM gone riding]

you must not have been paying attention cawaiu cause I know we have commented on the gradual age increase and the need for more, many times on this board. One time I posted the entire step up month by month to "full retirement" age of SS. If you go on their website you should be able to see it. it increases by months for every few years but for people in Gen x-y it is 67. Don't be surprised if by the time we actually get there it is 70.

[Deleted]

Jan 16, 2011 12:02:14 GMT -5 DVM gone riding said:

you must not have been paying attention cawaiu cause I know we have commented on the gradual age increase and the need for more, many times on this board. One time I posted the entire step up month by month to "full retirement" age of SS. If you go on their website you should be able to see it. it increases by months for every few years but for people in Gen x-y it is 67. Don't be surprised if by the time we actually get there it is 70.

I guess I must have missed it.
70..... NNNOOOOOO

[SVT]

Jan 16, 2011 12:07:04 GMT -5 TheHaitian said:

Jan 16, 2011 12:02:14 GMT -5 DVM gone riding said:

you must not have been paying attention cawaiu cause I know we have commented on the gradual age increase and the need for more, many times on this board. One time I posted the entire step up month by month to "full retirement" age of SS. If you go on their website you should be able to see it. it increases by months for every few years but for people in Gen x-y it is 67. Don't be surprised if by the time we actually get there it is 70.

I guess I must have missed it.
70..... NNNOOOOOO

Is it really that serious? People are living longer. Also, in 40 years, we're going to have some sort of universal healthcare, I'm sure. I don't think healthcare will be as big of an issue as it is now. You're not 55, you're 25. You have 40 years (a luxury) to be financially conscious and to start saving at such a young age. That's a benefit to you. Save and invest wisely. Live below your means. The problems and issues we have today will most likely not be an issue 40 years from now but there will be something else you'll have to worry about instead.

[The Walk of the Penguin Mich]

I guess I must have missed it.
70..... NNNOOOOOO

I was born in 1959 and will need to work until 66 years, 7 months to be able to collect my full benefit.

[cronewitch]

Full retirement age is the age were if you keep working you can work and collect SS. If you are retiring at or before that age it has no meaning. Between 62 and 70 the amount you get when you collect increases the longer you wait. So working until 70 you could collect early while still working or collect the maximum amount at 70.

Full retirement age is really 70 for everyone. Retire sooner and you get less. I might retire at 65 when they call 66 my full retirement age nothing magic happens at 66 to wait for. Discount the amount they say you will get by a couple hundred because they withhold medicare from your SS check. I should get around 1,800 but only budget 1,500.

In 40 years when someone 25 now is 65 many boomers will be dead, I will be 102 almost all of us will be over 90. Our children are 30-45 now pretty much so will be the retired generation more than us. They are a small generation so the whole system should be in great shape in 40 years.