Got my social security statement in the mail

[phil5185]

They are a small generation so the whole system should be in great shape in 40 years.

Right, the Boomer Bulge (~10% more retirees/yr than normal) is a temporary thing, it will be over in 35 to 40 yrs. Then the SS tax vs the SS payout balance will be mostly restored.

One phenomenon was unexpected - life expectancy. For decades, centuries, the life expectancy of humans has continually and steadily increased. But for the first time ever, that has recently reversed. Obesity, diabetes, high blood pressure, high cholesterol, drugs, alcohol, are taking their toll. So, now we really aren't living longer.

[suziq38]

We have told both of our kids that they have to save for their own retirement.
Both have 401 K plans at their jobs, but we do not know if this will be forever.
They contribute the maximum amount while it is available.

[TheOtherMe]

I am a Civil Service retiree from the federal government. The no cost of living increase the past two years is killing me. We get what social security recipients get.

We are covered by the same health care plans as federal employees in your area. We do pay a share of the premiums, which many people think we don't. We also have co-pays, etc., which seem to go up every year.

My agency offered an early out to employees with 25 years of service in 1995 and I accepted the offer.

I should add that there is some formula for offsetting social security against the pension. I don't really know how that will work and see no reason to get whatever it is until I reach full retirement age.

My former boss says his social security covers his Medicare Part B payments.

[Angel!]

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

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.

I am fairly certain the age to get medicare isn't set to change & as of right now is still set to be 65 for your retirement.

I think you are confusing the two issues. Nothing special happens at 67, it is just the age at which you will be eligible for you full retirement SS payments. You can retire as early as 62 & get less SS or hold off until you are 70 & get more.

www.ssa.gov/retirement/1960.html

You can still retire at 65, you would just 86.7% of your SS retirement benefits.

www.ssa.gov/retire2/delayret.htm

Here's An Important Point: If you decide to delay your retirement, be sure to sign up for just Medicare at age 65.