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.
Social Security math geek
January 12th, 2011 at 07:31 pm
January 12th, 2011 at 07:45 pm 1294861514
Debt Free
January 12th, 2011 at 08:02 pm 1294862569
Debt Free
January 12th, 2011 at 08:09 pm 1294862960
Debt Free
January 13th, 2011 at 04:00 am 1294891208
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Jerry