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Social Security math geek

January 12th, 2011 at 11:31 am

Social Security sends out Your Social Security Statement 2 months before your bday every year. I am just now getting around to filing mine. I love this document, it tells me so many interesting things.

For example between my employers and me, we've paid $134,834.00 into social security over 30 years of working. If I could have had that money to invest directly I'm sure it would be close to $300,000. According to the form if I start collecting benefits at 62 it would take 8 years to use up that money. If I start at 67 it would take 5 years and 5 months to use it up. If I wait till 70, I would use it up in only 4 years.

My employer and I have paid $31,642 towards medicare. I could use that up in 3 days in the hospital. No wonder that program is going broke.

I started paying SS in 1979 and finished in 2008. My first full year of working was 1981 and I made $6,617. My last full year of working was 2007 and I made $89,105. My salary increased 13 1/2 times in 30 years.

Over the 30 working years I earned a total of $1,099,097.00. More than a million dollars. An average of $36,636.56/year. However I didn't start making $36K a year until 1998. It was only the last 10 years I worked that I started making really good money.

If I start collecting SS at 62 I will get $1,414/month. That's more than 2/3rds of what I need each month to live on based on today's prices. Who knows what it will cover in 12 years, if I even make it that long.

I finished reading my book To Kiss in the Shadows by Lynn Kurland. Romance - very good, very sweet.

5 Responses to “Social Security math geek”

  1. puneet96 Says:

    savig money is very important.
    Debt Free

  2. puneet96 Says:

    saving time is also importent.

    Debt Free

  3. puneet96 Says:

    saving is also importent.
    Debt Free

  4. Thrifty Ray Says:

    You have earned all that social security so I am hoping you are here to use every stinkin dime...plus!! You have to hang around to treat your great nieces to all the fun stuff like you have with your neices!!!

  5. Jerry Says:

    That is a pretty damning analysis of the system, I daresay! There's almost nothing that 30k of medicare insurance will cover, as you mentioned, that is three days in the hospital. It is frustrating to think about what you might have done with the money investing it on your own, and how much that could lead to! Oh well, it is the system...
    Jerry

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