Social Security Estimated Benefits

**Labontet** · 12-14-2010, 03:34 PM

Ok, I just got my annual SS Estimated Benefits Statement for this year.

It is a good thing that I am on this website learning to be frugal and careful with what income I will receive (hopefully) from SS in a few years. In February I will be 59 yrs old and will not be able to draw full ss until I am 66yrs old. Needless to say, I am not going to wait for full retirement benefits from SS.

My statement says that If I wait until I am 66 I would get ABOUT $1,401 a month. It also states that if I start receiving benefits at age 62, my payment would be ABOUT $1,057 monthly. My health insurance premium from my dh's group policy, after he retires, will be about $600.00 a month.
I thank God that we have been able to put away some money in 401K's, etc. If not I would be panicking really bad.

Looks like I will be eating a lot of rice, beans and cornbread.

**Greebo** · 12-14-2010, 04:04 PM

Does your statement have one of those wonderful clauses about how the ACTUAL payment is likely to be less than the estimated payment due to the incoming lack of funding?

**Labontet** · 12-14-2010, 04:47 PM

*Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at anytime. The law governing benefit amounts may change because, by 2037, the payroll taxes collected will be enough to pay only about 76 percent of scheduled benefits.

Is that a "Stinker enough" of a clause? I think so. Boo, hiss!

**ladytoysdream** · 12-14-2010, 04:54 PM

Actually this year we are in now, the SS system is already paying out more than it is taking in ..........

My hubby has just over 3 yrs to go, and wants to retire at 62.
Only way that will happen is his truck needs to be paid off ( less than 2 yrs) and a good chunk of our HEL has to be paid down.

You can live on a small income, if your expenses are way low.
If one has big expenses, plan on working for a LONG time.

**Labontet** · 12-14-2010, 04:58 PM

We have no expenses except for utilities, food, insurance, etc.

We are actually in pretty good shape expense wise.

**mauimagic** · 12-14-2010, 05:57 PM

and you are wise enough to be living where costs are lower than elsewhere.

**FrugalKate** · 12-14-2010, 07:27 PM

Got mine not too long ago. I am allowed to receive benefits at age 67 However if I wait till 70 I'll receive more. That is of course if Social Security is still around then....

I don't understand. All my life I've paid into this, I don't think it's right (or even legal) for me not to get what was mine to begin with. It's not my fault if the Govt all these years pillaged the Social Security piggy bank.

**ladytoysdream** · 12-14-2010, 07:32 PM

Originally Posted by FrugalKate

Got mine not too long ago. I am allowed to receive benefits at age 67 However if I wait till 70 I'll receive more. That is of course if Social Security is still around then....
I don't understand. All my life I've paid into this, I don't think it's right (or even legal) for me not to get what was mine to begin with. It's not my fault if the Govt all these years pillaged the Social Security piggy bank.

Hi, and welcome

It's really sad when we connect the dots and know our GOVT borrowed from the SS funds through the years, and now wants us to feel bad when it is our turn to draw on them.

**Labontet** · 12-14-2010, 09:15 PM

Yes mm, at least here in Florida we do not have a state income tax. I really do not know what I would do if we did.

FrugalKate, welcome to FV. What a topic to get started on.

ladytoy, it really makes me mad at what our government has done and still doing to us.

**druthb00** · 12-14-2010, 09:41 PM

From what I've read on SS "running out" I honestly think there's not a whole lot to worry about. *Waits for things to be thrown at her* During the years all the baby boomers (some of you I'm sure) were working, there was a SS surplus and the surplus was transferred to trust funds. When SS funds go into a deficit, the negative balance will be drawn against those funds in amounts of which the interest earned is less. Supposedly, this is one of those financial things that will wax and wane as far as surplus and deficit...and all even out over the long term. Just one theory, but it's all theory if you ask me.....not looking for a debate, just another way to look at it. Plus, I'm a natural optimist at heart...

**FrugalKate** · 12-14-2010, 10:43 PM

Originally Posted by druthb00

From what I've read on SS "running out" I honestly think there's not a whole lot to worry about. *Waits for things to be thrown at her* During the years all the baby boomers (some of you I'm sure) were working, there was a SS surplus and the surplus was transferred to trust funds. When SS funds go into a deficit, the negative balance will be drawn against those funds in amounts of which the interest earned is less. Supposedly, this is one of those financial things that will wax and wane as far as surplus and deficit...and all even out over the long term. Just one theory, but it's all theory if you ask me.....not looking for a debate, just another way to look at it. Plus, I'm a natural optimist at heart...

Source please. I'd like to see where that bit of nonsence you read came from and exactly what their agenda is.

Don't get me wrong I'm not looking for an argument with you but From every source I've ever read SS is BROKE. It was stolen from us over the years and personally I feel that if someone steals from another then the wrongdoers should be brought to justice. We paid into it, it was forceably taken from us every paycheck we ever got, we bascially had no choice (I only wish I had been afforded a choice to invest all that money myself - I'd have done a heck of a better job of it and it would be nice and safe for my old age)

BTW my entire family is in the Tampa Bay Area - Clearwater/Palm Harbor to be exact. Beautiful area! - I hear though it is quite cold down there lately

**forHISglory** · 12-14-2010, 11:56 PM

Here's another tidbit to chew on:
My hubby is a retired teacher. He paid 13% of his salary into a retirement fund every year, and now receives his pension. That is all fair and good. He did not pay any Social Security tax on that money. However..... he also worked night jobs and summer jobs on which he did pay Social Security taxes. But the government says that it is double dipping for him to get both his pension and Social Security. Yet he faithfully paid into both. Finally they recently recanted and said that Hubby can draw some Social Security. He gets a whopping $100 a month!! Makes me so upset when I consider what Congress gives themselves for retirement!!!

**frugalfranny** · 12-15-2010, 01:58 AM

Originally Posted by Labontet

Looks like I will be eating a lot of rice, beans and cornbread.

But hey.........won't you qualify for food stamps?

Get busy and serve ONE TERM in congress............then you can retire with them!

**Labontet** · 12-15-2010, 06:06 AM

good idea ff. I wonder if I could pull it off? I think I could retire quite well.

**Greebo** · 12-15-2010, 07:58 AM

Originally Posted by druthb00

From what I've read on SS "running out" I honestly think there's not a whole lot to worry about. *Waits for things to be thrown at her* During the years all the baby boomers (some of you I'm sure) were working, there was a SS surplus and the surplus was transferred to trust funds. When SS funds go into a deficit, the negative balance will be drawn against those funds in amounts of which the interest earned is less. Supposedly, this is one of those financial things that will wax and wane as far as surplus and deficit...and all even out over the long term. Just one theory, but it's all theory if you ask me.....not looking for a debate, just another way to look at it. Plus, I'm a natural optimist at heart...

No, it was SUPPOSED to be transferred to trust funds.

In actuality, the money was used in the general budget. In place where real money should be are a bunch of IOUs from congresses past.