Social Security Benefit Calculation

[Goshawk]

What means testing does SS use now?

Are you working. Do you live with someone else. Do you have passive income from work. Are you married. Shall we go on? Stealth means testing by any other name.


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[ccbreder]

That wasn't true for me. Unless you mean how when you work after taking SS before 66. Then they take $1 for each $2 we make over $15000.
I took full benefit at 66, stayed working for $55,000 year, stashed maximum into pre tax 401k to avoid the taxes. I did this for two years and each year my benefit was increased. I lived with wife and passel of children with no means testing.

 

[mothercoder]

I am wondering if those who will be relying on SS as their sole means of income in retirement are worried about privatization after this new administration takes office. I was planning on early retirement at 62. While SS is my sole means of income in retirement, I worked long enough and hard enough for it to be sufficient for my needs. But if it's taken away or greatly reduced, life becomes an utter mess. My plan was to retire this coming June and now I'm not so sure. But that means staying doing work I don't enjoy and it won't make much of a difference. If social security goes then working only means delaying being homeless. It's incredibly depressing.

 

[ccbreder]

Even trumph favors protecting SS. the system is safe for a very long time. SS is the one thing we do not need to worry over.

 

[mothercoder]

Not completely true. He's been back and forth on it. Trump said, "Privatization would be good for all of us. Directing Social Security funds into personal accounts invested in real assets would swell national savings, pumping hundreds of billions of dollars into jobs and the economy. These investments would boost national investment, productivity, wages, and future economic growth." The Republican platform has always been for privatization and he might get overruled on this. He's also proposed an across the board 13.5% spending cut. That includes SS.

 

[ccbreder]

what is the mln

 

[Wanderer]

I just went to the SS website and they did the calcs for me and it's estimated that if I work to 62, I'll get (Excuse me, double checking) is $761 a month when I retire at 62. 5 more years (67) I'd get 1,091....Nah, not going to wait one extra day!

My reason for such? That I had a heart attack at 50 I have 6 more years to work. Plus hip surgery someday...

 

[Wanderer]

Not completely true.  He's been back and forth on it.  Trump said, "Privatization would be good for all of us. Directing Social Security funds into personal accounts invested in real assets would swell national savings, pumping hundreds of billions of dollars into jobs and the economy. These investments would boost national investment, productivity, wages, and future economic growth."  The Republican platform has always been for privatization and he might get overruled on this.  He's also proposed an across the board 13.5% spending cut.  That includes SS.

[font=arial, sans-serif]Trump has proposed no cuts to benefits in Social Security right now, but he might revisit the issue at a later time, according to Third Way. Martin suggested that a proposed 13.5% across-the-board cut in federal spending would result in a cut to Social Security that would reduce the average monthly benefit by $182, from $1,360 in 2017 to $1,177.[/font]

Martin" is employed by Third Way a think tank and is no way connected to Trump. The 13.5% is suggested by Martin, not Trump.