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Social Security Quick Calculator

Posted: Mar 21, 2014

http://www.socialsecurity.gov/OACT/quickcalc/ You can put in your salary and a projected retirement date and this will give you a monthly SS benefit estimate. An eye opener. ;

Did not do as already receiving full but why - is it an eye opener?

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Thanks.

For example, if you are making minimum wage - sm

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Many MTs are currently making about minimum wage and struggling. If you continue to make minimum wage and have no money left over to save for retirement after paying your bills, your Social Security benefit is likely to be around $800 per month when you do retire. If you are currently struggling on minimum wage, I do not think you will be able to retire in any comfort. The last minimum wage increase was in 2009 but has not kept up with inflation at all. In 1968, for example, the federal minimum wage was $1.60 per hour, which translates to approximately $10.70 in 2013 dollars.

This concerns me especially for women who are counting on spousal income at retirement. True, there are divorce social security benefits, but I would not want to rely on that.

Did not know this when I was working 24/7 - and would like to know if this played a part

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in what I draw now. I worked countless jobs earlier in my career. I had 2 full time jobs at one time. When I waited until full retirement funds the male doing the interviewing (I had questions needed answering) told me I was almost to the highest level of SS income, get $2,076 per month. I do not have the answer, perhaps someone else does. If you work more, do you draw more? I worked my behind off years earlier, well not really it is still there but I did work and work and work. Did that make a difference in what I bring home now or I made some years upwards of $65,000 for about 5 years and then I made in the 40s for several years. Which played into the money I get now?

The more you pay in, the more you get back - sm

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There is a percentage tax up to a little over a salary of $100,000 a year. ICs and business owners have a different rate. If you are out of the work force for several years raising a family, you will have a lot of making up to do.

Not ever out of work force raising kids but - guess mine came from all the jobs I worked

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because paying in on all raised the SS income I receive now. When you talk % tax over $100,000 are you now talking SS earnings you receive or taxes you pay? I do not do math well nor anything associated with it. Thanks.

Social Security - Was not meant to be...

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...SS was not meant to be a sole means of support. Back in the day, people struggled, but they saved their money, invested it, whatever it took to have a comfortable retirement. They recycled their clothes, sewed buttons on when the popped off, fixed, mended, repaired, whatever it took to not have to buy new.

People lived without luxuries. I see people these days with their fancy I-phones, pads, whatever. Nobody needs one of those.

Anybody who is crying that they don't have money who has a fancy phone, I don't want to hear it. I'm 58, and have no intention of spending my money I work so hard for on a phone.

I have no fancy phone but I do have an iPad - and a good reason for this

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Years ago no way to stay in contact with family or friends other than perhaps long distance which cost $$$. I have a flip phone. People make fun but that is what I want and all I need. I do have an iPad and keep in touch weekly if not more than weekly with some close friends. We chatted just last night and thankful we have this or even the computer now so we can see and talk to others without paying a small fortune.

Well, back in the day, people also died younger--sm - anon

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Social Security was also started because not enough people were able to save, invest, whatever to have a comfortable retirement. In my grandparents day, many retired with benefits, pensions and health care benefits. That company my grandmother worked for is no longer giving pensions. I am not suggesting that Social Security should be counted on as full support for anybody (because that would be eye opening) but stories about back in the day are often told through a filtered lens that does not help those living today.

I am just saying - People were different back then

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People have struggled all through time. My grandparents had 6 children, yet they managed to take care of them and not dump them in daycare. My grandmother had a job cleaning the local church at night, and grandpa was a grocer during the day. One of the parents was always home with the kids.

They did not have any fancy anything. Bare bones, and they were happy. They recycled their clothing--my grandmother removed the elastic off a pair of old boxer shorts and used it on one of the other kids' clothing. Just stuff like that. They didn't go out and buy new things, and they lived very modestly. Everything was about raising their kids and feeding them.

I'm just saying they figured it out and still managed to save for their old age.

My husband and I were raised in the same manner, though we do spend more money on luxuries than our folks did. However, we have never spent more than we make. In fact, we spend less than we make so we can save. We have a nice little retirement fund for ourselves, and it has nothing to do with making a lot of money, it has to do with managing our money.

I don't agree, I think that people were still people--sm - anon

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Back in the day, some people made wise decisions and some made poor decisions and for many circumstances were overwhelming and many things were out of their control and that is not much different than today. Today there are still people who save for the future by making sacrifices and there are others who are doing their darndest to just keep their head above water and that does not seem to have changed much since the industrial revolution (at least in this country). If Social Security provides a bit of a buffer for people as they age, then I happy it is there.

Just read the other day most people have only - $1,000 saved back as far as retirement

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I did ask some of my elders before why people from the 30's, 40s and so looked so old and was told they worked so much harder than we do now, hard lives. Do you have another option about the ones who sacrifice now and the others with their heads just above water. I don't fit into either of those categories.

That is my point about making low salary - and future benefits

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The cost of housing, heat, food, insurance has gone up tremendously and salaries have not. If SS is based on these low salaries and you do not have any savings, there is going to be a huge future crisis of older people living in poverty. Wasting my money on cable TV and fancy cellphones is the least of my worries--I am worried about heat, electricity and a roof over my head.

I'm 59 and I love technology and usually get - current electronic devices

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It's my money and if that is how I chose to spend it, it's not a problem for anyone else. My Social Security will be ued for whatever I elect to use it for. It is not a handout they have taken money from every paycheck I have earned for Social Security. When my granny died (whe was 105) and received less than $200/per month from SS. That is because being boen in 1904 she did not contribute as much as most of us have and will contribute. By the way, my granny was so blessed. She lived with my husband and myself was on no medications, until she was 101 she took public transportation, by herself to go to the casinos (at her insistence). He just went to sleep one night and we found her the next morning literally with a smile on her face. Thanks for indulging me I love taling about my granny, she raised me and I miss her so much. She died April 7, 2010, she would have been 106 June 7th, 2010.

59, I am like you, do not sit on my retirement - funds, buy like I want

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because you only go around once in this life and enjoy while you're here. With my SS and work my income is almost $5,000 per month, yea for me! Love to travel, do for others, happy, happy. I think the part about your granny was the best! I also had one that I loved with all my heart. She has been gone longer than yours but still has that part in my heart, always.

How do you collect SS at 59? - sm

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I thought you had to be at least 62?

Reading the sentence I said like you I do not sit - on my retirement, not that

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I am 59 years old, older here. She said would spend money, me too.

social security - mt

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I think they look over your employment history and base your Social Security on the higher earning years.

Also, if you wait to retire until you are 70, the monthly amount you receive is much higher.

35 years - falling apart MT

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They take 35 years of what was paid in and do sort of an average. I took some time during my working life and had a very small business for about 10 years. The profit margin was not that high, but my accountant convinced me to always pay in to SS, and now I am so glad I did. I guess the years you do not pay in are counted as "zero" and I think this would bring down the average pretty fast and your benefit amount would also go down.

We get a statement - Once a year with the calculation

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It's only logical that if you aren't making much money, your SS rate is going to go down. It's based on your income.

You should be getting yearly statements from SS with your lifetime work income history and how much you will be drawing per month according to when you will be collecting.

I have not received a statement for some time - sm

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I looked it up and they stopped mailing annual statements in 2011 to save administrative costs.

You can access the same information - xx

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online at the SS website.

if i want to know - i'll go to the SSN office

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no way would i put that info a gov't site.

LOL! - xx

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the "government" already has that information! The SSA is part of the "government." How do you think they make the calculations for your projected benefits for various retirement dates? Going to the SSA office for information is no different from getting the same information from the SSA website, except that you don't have to leave home to get it from the website.

The "government" isn't out to get you. The Social Security website has a lot of useful features that allow you to try out various retirement dates and other options right from your chair in front of your computer at home. You can also get Medicare information there, sign up for Medicare online when you're eligible, even sign up for SS benefits online. It's really handy.

I hope I never have to have Medicare and - here is why

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I get retirement from SS. I had private insurance prior and thought I would have to get Medicare as that came along with your SS. Nope, did not, was able to keep the private insurance because it is a perk from husband's job. Yesterday went to the ortho's office as having some issues with the ankles. Had to get fitted with support hose (I got 2 pairs, neutral shade, knee high, one with enclosed toes, the other bare toes). When I was first fitted asked what kind of insurance I had and then told if I had Medicare they do not pay for those. The hose cost $100 per pair, my insurance pays 80%. It is something I need as well as am sure lot of older patients also. If only on retirement which some do not draw a lot from that, would really be a drain on their finances. Have also heard Medicare does not pay for any and all drugs your physicians might write, another reason I was not interested in Medicare coverage. You DO have to take the part of Medicare (no cost to me on this part) to cover an extended hospital stay that your primary insurance does not pay for so I like that part, nothing much else.

we get Medicare coverage as part of being - an older American

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But you do not have to have and I did not - want

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If for some reason my husband were to lose his job, strike and not have coverage then and only then would I go on Medicare. I have it too good on the insurance I am on now and do not wish to change, ever.

Did you marry a much younger man? - sm

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Does your husband have any plans to retire, ever? A piece of advise from my mother gave me was "marry a older man so your SS will kick in sooner." Being rebellious, I married a younger man. If I ever need to collect on his SS, I will have to wait until he hits retirement age.

Husband retiring no plans soon, me either - and my social security

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is much higher than what is showing for his right now. I draw retirement although not retired so double dip actually. Have never heard that of marrying an older man and your SS kicking in earlier. I am of the mind set I have worked for years and years, still working and never had a thought about drawing off husband's. Mine is more so that to me would not make much sense. Maybe there is some quirk there that makes this better but I don't know. As far as his being much younger, some younger than me but drawing off younger, older don't know in that regards.

I think you can draw on husbands benefits - for example

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For instance if your husband is 66 and you are 62, you can draw on half of your husband's benefit and delay drawing on your own to be eligible for full benefits when you turn 66. (or vice versa).

My parents had their own small business and only paid SS under my father (like many women of my mother's generation, she had a very small benefit account)and could not draw half of his until he reached benefit age, thus she thought it would be better to marry an older man ;)

My husband does not draw, too young for retirement - I on the other hand draw full retirement

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He works full, I work part. I have a question though. Say if your husband outlives you, is he able to draw on your SS benefits? Do your benefits stop at death? Another person was asked me that today. I have never drawn on someone else's income, made it to full and have a nice amount coming in each month.

Husband can draw on your account...sm - Tanya

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...even before you die. Spouse usually draws half the benefit of the wage earner, reduced by a percentage if he retires before full retirement age, which is now 70. Retiring at age 62 gets a reduction to about 60% of FRA benefit. If half your benefit is more than his full benefit (less reduction amount) would be, he will draw on your amount automatically. You have no say in whether he draws on it or not. If you have 3 ex-husbands and a current one, all four can draw on your benefit amount. It doesn't reduce your amount by a penny.

When my sister's ex-husband died (they had been divorced for at least 40 years), Social Security tracked her down and increased her benefit by about $400 a month as his surviving widow. Just out of the blue. She was drawing on her own account, but a widow is entitled to the full amount of the deceased's SS benefit which increased hers.

This is confusing. I would think you would have to be married - for a certain amount of time

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for a prior spouse to draw on your account. If say your present husband wanted to draw on your retirement funds when he got to a retirement age (early at 62) does that reduce the amount you take in for your own self? Talk about confusing. I am sure your sister probably married for more than say 2 or 3 years in order for SS to track her down. I would not want mine decreased for him to take early retirement when I worked until full. He definitely would never just check into that because he does not know about it and probably with his quiet self never would ask up front trying to find out.

Have to be married 10 years...sm - Tanya

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...to be able to draw on a spouse's SS. Sorry, forgot about that part. She was married to him about 15 years if I remember correctly.

Spouse drawing on your account doesn't reduce your benefit at all. However, if the spouse takes early retirement (before full retirement age), his benefit is reduced permanently by a certain percentage. At 62, he'd draw about 60% of the full retirement benefit.

Thanks so much for the information - I do not know if I would tell

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him about drawing on mine and I know he would not automatically find out himself, just would not ask in the first place. I would hate to reach full only to have someone else draw and then my benefits be reduced, just does not seem right.

SS will check automatically...sm - Tanya

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Your spouse wouldn't have to ask. SS will automatically check his spouse's record and grant the highest benefit available. If he was married to someone before for 10 years and she had a higher benefit than you, he would draw on her account. You can't keep it a secret from him. SS will give him the most he is eligible to draw, whether it's on your account or his own or a previous spouse.

For the third time, regardless of how many people draw against your account, it DOES NOT REDUCE YOUR BENEFIT by a penny. You would still draw the full benefit due to you.

No one else on either side to draw from his - or mine either one

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He will not be eligible for early retirement until next year. I am not trying to KEEP a secret from him. As far as them telling him, oh well, so, and who cares? As far as IF I WANTED to keep a secret, I am the one who brings in the mail- his included so keep a secret, yep if I really wanted to.

you are not required to dump your inurance if you - quaify for Medicare

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I found out no one has to take Medicare, just - because old enough does not mean have to take

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Big question for me prior to taking full retirement. I had excellent insurance, did not want Medicare if at all possible and was able to stay just where I was, with hubby's insurance.

I just said that - nm

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And tit for tat, i had said that previously - higher on the page- NM

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k

Hubby's insurance company asks if MC covered - sm

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My husbands employer's health insurance asks every year is anyone is Medicare eligible. If they are, they are kicked off the employer's insurance. It is the employer's decision.

That is interesting. I received word from my - husband's insurance some time

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prior to my being able to draw retirement and they told me I was able to continue on with their plan. My husband's insurance is an excellent plan and I hope to hold on as long as possible. Medicare is the pits when covering certain drugs amongst other things.

And another thing i did not know until - recently i am covered under life insurance

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through his company. Sweet.

Same here, We are still covered on my husband's plan - and he has been retired for 12 years

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For him they use Medicare as his primary and his plan picks up the rest. It is a wonderful plan, better than the one we have at my job.

No Medicare here but great BXBS - and PPO to boot

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I have no idea what his insurance does once my husband retires but if on strike, laid off I know I could (don't want to) hook up with Medicare.

of course they do - what i don't want them to have

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is my IP/MAC addresses.

they've had my SSN since i first started working.

the most i'd consider is using a library's PC.

as for the rest of it, i quite a favorite atheist philosopher: "check your premises."

What do you mean? - MT

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Be more explicit. What threat could the Social Security office be?

There is no point - xx

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in trying to reason with the rabidly paranoid.

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