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Social Security and Retirement

Old-Colts
I retired in January 2006 shortly after I turned 60, so yesterday I went down and registered for early (age 62) Social Security Retirement Benefits and was pleasantly surprised to find out my actual monthly benefit would be a little higher than the projection in the annual Social Security Administration Statement I received in 2006. I have wondered all these years if Social Security would even be around when I retired, so it is nice to see that I will be getting back some of what I put in. When added to the retirement we are receiving from my former employer of 30 years and our rollover IRA's, it makes for a very comfortable retirement. I am scheduled to receive my first payment the day after Christmas. My wife will be able to start receiving early retirement benefits in 2 years.

Veterans - For those of you that spent time in the military, especially back in the 60's and 70's, when applying for your Social Security Retirement Benefits take in your DD-214. Apparently they take into consideration the poor pay back then and might adjust your monthly benefit upward based on your service related compensation. I spent 8 years and 9 months in the Navy starting in May 1967, but I earned too much money after leaving the Navy to receive the service related adjustment.

Young Folks - Just a suggestion, for what it's worth, to young people out there that might read this thread, maximize your annual contribution to 401K's, etc and live within your means. Then and only then spend any discretionary income on toys. It might make things a little tight at first and you might not be able to acquire all of the toys you would like to have initially, but it will pay dividends down the road and you will get used to living within your means. You might be surprised at how rapidly your investment will grow and it might allow you to retire early while you can still enjoy it. And, make sure you are totally debt free when you retire.

END OF PUBLIC SERVICE ANNOUNCEMENT[:D]
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Comments

19 comments

Date Votes
  • tazzer
    Old-colts thanks for that bit of info at 36 i invest in my comp. 401 and they also have a real good retirment benefit to boot so I hope when I do get to retire Ill have a nice nest egg with the 401 and live off my ss (i hope its around) and comp. retirement [}:)][:D][:D]
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  • Cubslover
    My 401k contribution % has been maxed for the last year.

    I'm 23 and have had a 401k now for 2 years. I'll be working here until I retire. I don't even plan on having any Social Security or Pension. I am planning on living off my 401k. I'm investing as much money as possible to my 401k.
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  • William81
    Social Security is not even considered as a factor in my retirement plans. It is 14-18 years before I can draw it and I have a feeling the rules will change before I get there.

    If I get lucky and do get receive it, I will look at it as gravy.
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  • Old-Colts
    tazzer and cubslover, it sounds like you are doing it right and I wish you the best in your journey toward retirement. My advice is retire as early as you are financially able and make sure you have plenty of activities lined up after you are no longer working, even if it is just mowing a very very big yard![:D]
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  • Marc1301
    Cubs,......good going!
    You'll be fine, but others your age that are under the illusion that SS will still be paying the equivalent as now, or even exist, are in for a rude shock!
    I have been investing since I was 25, and I should be retiring around 55, without worrying about SS, which I don't even expect to get! The minimum age will be 75 or so, by the time I get there,......I will probably be dead by then, or not care anymore![:D][;)]
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  • Cubslover
    Thanks OC! I wish you the best, physically and financially, through your retirement.

    I have 44yrs left.
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  • spasmcreek
    good advice....don't count on any significant SS in the future,,,our loving elected have raped that funding for years while securing their own comfort & with the insane giveaways to not really Americans i doubt it will be much in relation to the cost of living...think
    it might provide some gas & coffee $$$
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  • Old-Colts
    I completely agree that no one should factor Social Security into their retirement plans. I never did and really didn't expect it to be around when I retired. It's a nice bonus for now.
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  • zipperzap
    Our family has never believed in SS. It played no part in my early retirement -
    all of my children have been versed in the same philosophy. Anyone who
    depends on the government for anything ... gets exactly what they deserve.
    [8D]
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  • pickenup
    I "semi" retired when I was 32 years old. Work 8-10 hours a week since. Didn't figure back then, that SS would be around when I got old enough to draw from it, still have my doubts. We will see, but I SURE ain't counting on it.
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  • gruntled
    My wife & I started taking Social Security at 62. I now wish we had lived off out IRA's & 401ks until they were drawn down & started the Social Security later. The problem is the tax on Social Security benefits. With our pensions the withdrawals from our retirement plans cause our Social Security benefits to be taxed. If we had wiped out our retirement plans before we started to collect our Social Security the checks would have been much larger & by getting a divorce we could have avoided all taxes on them.
    There is a horrific marriage penalty built into the tax on Social Security benefits.
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  • bgjohn
    Quit sniveling!
    JM
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  • dheffley
    Anyone who hasn't retired yet should not put any faith in having social security. I'm sure the democrats will SAVE social security by passing a law that says any of us who have another retirement benefit or a 401K will no longer be eligible to draw the money we paid in good faith over our lives. They don't care because they don't get social security. They have a SPECIAL plan for them and only them. Screw the rest of us.
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  • Colt Super
    You know, I've heard about their retirement plan for a long time.

    Does anyone know the numbers for it?

    Doug
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  • ladyhunter
    "ss" what is that oh yeah that is what i will never see if i depend ion that i am in big dodo
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  • mateomasfeo
    I'll retire when they put me in a pine box...
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  • Old-Colts
    quote:Originally posted by dheffley
    I'm sure the democrats will SAVE social security by passing a law that says any of us who have another retirement benefit or a 401K will no longer be eligible to draw the money we paid in good faith over our lives.That's exactly what I thought would happen before I retired. I'm sure they are gearing up for it and of course everyone will still have to contribute!
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  • Rosie
    Here we go again! For 65 years I have been hearing the same old crap about SS. Well it was there for me and will be for all of you if you would quit sniveling about it and get off your asses and do something about it. I am in a position that I don't HAVE to have SS but $1.800.00 a month sure comes in handy when I want to buy ammo! Quit the "OH WOE IS ME" bit, vote for the right people and and quit whining about the government. Dammit WE are the government.
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  • dheffley
    quote:Originally posted by Rosie
    Here we go again! For 65 years I have been hearing the same old crap about SS. Well it was there for me and will be for all of you if you would quit sniveling about it and get off your asses and do something about it. I am in a position that I don't HAVE to have SS but $1.800.00 a month sure comes in handy when I want to buy ammo! Quit the "OH WOE IS ME" bit, vote for the right people and and quit whining about the government. Dammit WE are the government.


    I have gotten off my backside and made other arrangements for retirement, but it still gripes my butt to know I paid in all those years for nothing. If they would have let me keep the money and invest it, I would be twice as secure as I am now. Meanwhile they "borrowed" money from the SS fund every year and failed to pay it back. That makes it stealing rather than borrowing.

    I vote for the right people, the problem is, the majority vote for the people who promise them more entitlements that are paid for out of my pocket.

    It's not "OH WOE IS ME", it's "OH WOE IS MY NATION". It is our government, and "WE" need to take it back. I would like to see "US" "take" from their fund what they "borrowed" from ours and see how they like that![;)]
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