how does that work?

In a related thread, a member here got his SS letter stating he would receive around 1500 a month.  So, how does that work?


Does that mean if he continues to work and contribute the same amount as he has been, he will then receive 1500 a month?  


Does that mean if he suddenly stops working, his contributions up till this point will be worth 1500 upon his reaching retirement age?

Is the cost-of-living factored into the prediction?


Is that 1500 per month in todays dollars w/o an adjustment for inflation?

It assumes he makes the same amount of money and retires on hin SS retirement date.

I'm pretty sure that it is based on what you have payed into the system up to that point, and I think it categorizes different benefits that you are entitled to:

If you retire at age 65 you will receive X

If you were to become disabled today you would receive X

etc.

That letter pisses me off more than you can ever know. To have someone show me the amount of money that I have paid into that travesty and the benefits that I am entitled to (after how much I've paid into it, you're damn right I'm entitled!) but knowing that I'll never see a penny just make me...

I'm with Motown... It never ceases to make me angry when I see what I'm supposed to get when I retire (and that is a LONG way off). I don't believe I'll see even a fraction of it when it's my turn.  

That was my thread, as much jest as anything.

To give you the exact numbers...

If I retire at 62 I have enough credits for $1,170 a month
If I retire at 67 I have enough credits for $1,662 a month
If I retire at age 70 I have enough credits for $2,061 a month

If I become disabled RIGHT NOW I get $1,637 a month. I dont know for how long (till I die?)

I have to assume the numbers are a projection based on my current level of income. If I keep paying into the system what I pay right now until 62 I get X, if I pay in until 67 I get Y and until 70 I get Z.
If I stop working right now, I dont know what happens. I assume my payments would go down as what I recieved is an estimate assuming I pay into the system until I retire.

It assumes there will be Social Security.

I can only hope that they are proven wrong.  I really wish Socalist Security would just die.

Quoted: I'm with Motown... It never ceases to make me angry when I see what I'm supposed to get when I retire (and that is a LONG way off). I don't believe I'll see even a fraction of it when it's my turn.

AGREED!

I put in roughly 3 grand a year. Based on a starting amount of 5 grand with 3 grand a year put in I ran the numbers. At 6% interest I'd have over half a million dollars if I invested it privately. At 3% I think it was around 200k.

Jesus fuck. Give me my money and let me privately invest it! I can get 4.75% interest right now in a savings account (limited time). I can make an average of 10% in a Vangaurd fund!!

PRIVATIZE AND LET ME KEEP MY FUCKING MONEY!!!

Oh, I just looked for my benefits statement.

About Social Securities Future
Today there are almost 36 million Amercians age 65 or older.......Unless action is taken soon to strengthen SS, in just 12 years we will begin paying more in benefits then we collect in taxes. Without change, by 2041 the SS Trust Fund will be exhausted. By then the number of Americans 65 or older is expected to have doubled. There wont be enough younger people working to pay all of the benefits owed to those who are retiring. At that point, there will be enough money to pay only about 74 cents for each dollar of scheduled benefits.

I never got one this time around, I should have it in December.

Quoted: Quoted: I'm with Motown... It never ceases to make me angry when I see what I'm supposed to get when I retire (and that is a LONG way off). I don't believe I'll see even a fraction of it when it's my turn.   AGREED! I put in roughly 3 grand a year. Based on a starting amount of 5 grand with 3 grand a year put in I ran the numbers. At 6% interest I'd have over half a million dollars if I invested it privately. At 3% I think it was around 200k. Jesus fuck. Give me my money and let me privately invest it! I can get 4.75% interest right now in a savings account (limited time). I can make an average of 10% in a Vangaurd fund!! PRIVATIZE AND LET ME KEEP MY FUCKING MONEY!!! Oh, I just looked for my benefits statement. About Social Securities Future Today there are almost 36 million Amercians age 65 or older.......Unless action is taken soon to strengthen SS, in just 12 years we will begin paying more in benefits then we collect in taxes. Without change, by 2041 the SS Trust Fund will be exhausted. By then the number of Americans 65 or older is expected to have doubled. There wont be enough younger people working to pay all of the benefits owed to those who are retiring. At that point, there will be enough money to pay only about 74 cents for each dollar of scheduled benefits.

A big +1....

Quoted: Quoted: I'm with Motown... It never ceases to make me angry when I see what I'm supposed to get when I retire (and that is a LONG way off). I don't believe I'll see even a fraction of it when it's my turn.   AGREED! I put in roughly 3 grand a year. Based on a starting amount of 5 grand with 3 grand a year put in I ran the numbers. At 6% interest I'd have over half a million dollars if I invested it privately. At 3% I think it was around 200k. Jesus fuck. Give me my money and let me privately invest it! I can get 4.75% interest right now in a savings account (limited time). I can make an average of 10% in a Vangaurd fund!! PRIVATIZE AND LET ME KEEP MY FUCKING MONEY!!! Oh, I just looked for my benefits statement. About Social Securities Future Today there are almost 36 million Amercians age 65 or older.......Unless action is taken soon to strengthen SS, in just 12 years we will begin paying more in benefits then we collect in taxes. Without change, by 2041 the SS Trust Fund will be exhausted. By then the number of Americans 65 or older is expected to have doubled. There wont be enough younger people working to pay all of the benefits owed to those who are retiring. At that point, there will be enough money to pay only about 74 cents for each dollar of scheduled benefits.

And what's worse is that if you plan your own retirement privately and make a nice nest egg and then pull in your SS income which you are OWED, liberals think you are abusing the system.  Watch them attempt to close this 'loophole' soon... we can't have personally responsible people getting their own money back.

Quoted: Quoted: I'm with Motown... It never ceases to make me angry when I see what I'm supposed to get when I retire (and that is a LONG way off). I don't believe I'll see even a fraction of it when it's my turn.   AGREED! I put in roughly 3 grand a year. Based on a starting amount of 5 grand with 3 grand a year put in I ran the numbers. At 6% interest I'd have over half a million dollars if I invested it privately. At 3% I think it was around 200k. Jesus fuck. Give me my money and let me privately invest it! I can get 4.75% interest right now in a savings account (limited time). I can make an average of 10% in a Vangaurd fund!! PRIVATIZE AND LET ME KEEP MY FUCKING MONEY!!! Oh, I just looked for my benefits statement. About Social Securities Future Today there are almost 36 million Amercians age 65 or older.......Unless action is taken soon to strengthen SS, in just 12 years we will begin paying more in benefits then we collect in taxes. Without change, by 2041 the SS Trust Fund will be exhausted. By then the number of Americans 65 or older is expected to have doubled. There wont be enough younger people working to pay all of the benefits owed to those who are retiring. At that point, there will be enough money to pay only about 74 cents for each dollar of scheduled benefits.

the problem though...........is what happens to those who are left w/o having put anything in themselves?  If SS were to end, there are people who are left w/o any means of support.  Young men and women who are handicapped at an early age.  They cannot work and need expensive medical care.  Women with children  who become widows at an early age.  Oh, and yes, you really are getting screwed, but I just thought I'd toss a couple of those issues out there to think about.

Quoted: And what's worse is that if you plan your own retirement privately and make a nice nest egg and then pull in your SS income which you are OWED, liberals think you are abusing the system.  Watch them attempt to close this 'loophole' soon... we can't have personally responsible people getting their own money back.

Yep! And as I understand it, I pay INTO Medicaid but if I have assets of a certain amount when I retire, I am not eligible to RECIEVE Medicaid.
Nice. I pay into something you'll only let me use if I'm broke.

Fuckin thieves. Thats all there is not it, they are straight out THIEVES. We have laws that say you can shoot theives if they break into your house, but if those same thieves wear a suit and steal from your paycheck its ok.

BULLSHIT.

Quoted: the problem though...........is what happens to those who are left w/o having put anything in themselves?  If SS were to end, there are people who are left w/o any means of support.  Young men and women who are handicapped at an early age.  They cannot work and need expensive medical care.  Women with children  who become widows at an early age.  Oh, and yes, you really are getting screwed, but I just thought I'd toss a couple of those issues out there to think about.

1) You buy out SS. Would it cost alot? Oh hell yes. But, if we dont do anything its going to be bankrupt. So fuck it, lets take it on the chin now and DEAL with it. Pay it out, axe payments to future generations and let us keep our money.

2) Disability is the only time I think SS is a good thing.

3) Life insurance. Its cheap. If your worried about your kid/spouse/whoever, get it.

You mean the Social Security Theft Letter?  Where the government shows you how much money they STEAL from you, because they KNOW you are too STUPID to do it yourself?

I love it when my government steals from me because they know I am stupider than they are, so the have to steal from me for my own good.  How fucking stupid do you have to be to show you are even more stupid than government?

Quoted: It assumes there will be Social Security. I can only hope that they are proven wrong.  I really wish Socalist Security would just die.

How do you propose to pay back the people that have paid in and won't receive benefits if it goes away?

Quoted: You mean the Social Security Theft Letter?  Where the government shows you how much money they STEAL from you, because they KNOW you are too STUPID to do it yourself? I love it when my government steals from me because they know I am stupider than they are, so the have to steal from me for my own good. How fucking stupid do you have to be to show you are even more stupid than government?