Official Social Security Poll

[tripods68]

No matter what high paying job I take, I will still be FORCED to take it.

You don't seem to understand you have a choice in LIFE or what jobs to take. You either do something about it, or just another whiner. Which one are you?

[jc3900]

What I mean is that it is more beneficial to go into a high paying job that I enjoy and pay the SS than go to one that doesn't pay as much and is not as enjoyable.

[cooliemae]

Congress does not pay into SS either, maybe JC could become a politician?

If congress paid into SS, I assume it would have been reformed by now.

Congress has been paying into SS since 1984!

ssa.gov/history/hfaq.html

[jIM_Ohio]

Congress has been paying into SS since 1984!

ssa.gov/history/hfaq.html

Thank you for posting. I stand corrected. if you read down the FAQ, here is an interesting issue.

In 2003 the max benefit is $1400 and change (per month)
On my statements it is showing me a max benefit of $2000+. Curious if others would be willing to post what their SS benefit is on their SS Statments? I am 35, so that $2000+ benefit would not kick in for me until year 2043 (age 70??).


2003

e e 1,404.30 1,404.30

[noppenbd]

Mine shows benefit of

$1494 a month at age 62,
$2125 a month at 67 (full retirement age), and
$2635 at age 70.

The chart you are quoting is showing max benefit for retiring at 62, so it appears I may be at max (since $1494 in 2008 dollars is probably equivalent to $1404 in 2003 dollars).

[noppenbd]

Another interesting item from the SS statement. Apparently you only need to work 10 years to receive benefits. You can receive up to 4 credits per year, 1 for each of the first $1000 in wages. At 40 credits you receive retirement benefits. Survivors and disability benefits require fewer credits (it doesn't say how many).

[jIM_Ohio]

Mine shows benefit of

$1494 a month at age 62,
$2125 a month at 67 (full retirement age), and
$2635 at age 70.

The chart you are quoting is showing max benefit for retiring at 62, so it appears I may be at max (since $1494 in 2008 dollars is probably equivalent to $1404 in 2003 dollars).

are you retired now? can I ask what year (or decade) you will hit age 62?

62 seems like a low retirement age for SS benefits (I thought age was 67 or 68 now).

[sweeps]

You can start getting benefits at 62, but the benefit is permanently reduced if you choose to do that. "Normal" retirement age is 67 for people born after 1959.

[jIM_Ohio]

Isn't there a provision to collect early benefits, pay them back, then get full benefits?

[noppenbd]

are you retired now? can I ask what year (or decade) you will hit age 62?

62 seems like a low retirement age for SS benefits (I thought age was 67 or 68 now).

I wish. I am 32, so I will be 62 in 2038. Age 62 is the earliest you can receive retirement benefits (my dad applied for them last year).

[sweeps]

Isn't there a provision to collect early benefits, pay them back, then get full benefits?

True.

[disneysteve]

Isn't there a provision to collect early benefits, pay them back, then get full benefits?

Very interesting. Never knew that.

What I don't understand is why they have gradually increased the age for full benefits but they've left the minimum age the same at 62. I'm sure it would help the solvency of the system if they started creeping up the minimum age also. I bet they could save millions if they made it 62 and 2 months or 4 months. Minor changes could save a bundle.

[jIM_Ohio]

Very interesting. Never knew that.

What I don't understand is why they have gradually increased the age for full benefits but they've left the minimum age the same at 62. I'm sure it would help the solvency of the system if they started creeping up the minimum age also. I bet they could save millions if they made it 62 and 2 months or 4 months. Minor changes could save a bundle.

Yes- because a sound strategy would be to collect benefits from 62 to 68 (full benefit age), invest the SS checks, then pay SS back 6-8 years later and keep the interest.

The issue with this is that it's possible you are taxed each year on the SS checks, so this works better for people with low expense (low 72t) footprints.

[noppenbd]

It is possible to file for a credit of taxation of benefits which you return. See this discussion:

Repaying Soc.sec. Benefits - AssetBuilder Inc. - Registered Investment Advisor

Also see IRS publication 915.

Publication 915 (2007), Social Security and Equivalent Railroad Retirement Benefits

[feh]

I answered no, because I believe in helping others have a decent life in their old age. At the very least, try to prevent others from living in poverty when they are done working.

I'm 42 and will not need SS in my retirement.