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How to Predict Your Social Security Payout
YahooFinance via USNews.com ^ | August 2, 2011 | Emily Brandon

Posted on 08/04/2011 1:05:34 PM PDT by Daffynition

To save money, the Social Security Administration stopped mailing annual Social Security statements to workers this year. These four-page mailings gave workers a personalized estimate of their expected Social Security payments based on their actual earnings history. Now workers will have to go online to get this estimate, and only some of the information provided in the statements is available online. Here's a look at how to predict how much you will get from Social Security in retirement.

Consider the averages. In June 2011, the average Social Security benefit was $1,180.80 per month. The maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366. But to get this amount, the worker would need to earn the maximum taxable amount, currently $106,800, each year after age 21.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Education
KEYWORDS:
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1 posted on 08/04/2011 1:05:35 PM PDT by Daffynition
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To: Daffynition

To save money, the Social Security Administration stopped mailing annual Social Security statements to workers this year.

If I want fiction I’ll go to Barns and Nobles and buy a book.


2 posted on 08/04/2011 1:08:22 PM PDT by DManA
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To: Daffynition

The “predict” part works if the system continues to work.
The “unpredictable” part is what % of the promise ever gets paid and how much “means testing” there will be.

As a Rich Republican, I’m figuring on a massive haircut.


3 posted on 08/04/2011 1:10:22 PM PDT by nascarnation
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To: Daffynition
My version:

If you are either
1. UNDER FIFTY, and/or
2. HAVE RESPONSIBLY SAVED FOR RETIREMENT,

then

Take any number. Subtract that number from itself. The result is your anticipated Social Security payout.

4 posted on 08/04/2011 1:10:22 PM PDT by pogo101
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To: nascarnation

Isn’t it fun to *know-what-might-have-been*?


5 posted on 08/04/2011 1:22:15 PM PDT by Daffynition ("Don't just live your life, but witness it also.")
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To: Daffynition
To save money, the Social Security Administration stopped mailing checks and statements as they are flat broke. Obama has a plan to get Madoff out of jail and resurrect the SS “system” until he is reelected
6 posted on 08/04/2011 1:36:09 PM PDT by rolling_stone
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To: pogo101

Ya beat me to it...


7 posted on 08/04/2011 1:37:33 PM PDT by piytar (The Obama Depression. Say it early, say it often. Why? Because it's TRUE.)
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To: Daffynition

let me see if i got this right...

i work from 21 to 66.
i must make over $106k each year.
being taxed roughly 15% of my income (7.5% + match)
which would be about $15k/yr ‘contribution’
45 years of these ‘contributions’ would get me $2,366/mon or $28k/yr
starting when i’m 66

so... i put in $675,000 over 45 years... and get back $28,000 per year.

the average male *might* make it to 67. 50% won’t.
the percentage making it to 77 would be less then 10%.

therefore, *if* you make it to retirement, you can expect to get at most 10 years of retirement benefits.
or about $280,000 from the $675,000 ‘contribution’

gee, thanks.

meanwhile, public employees get their benefits the day they ‘retire’, some as young as 40. and they will receive these benefits, paid for by American taxpayers, until they pass.

and yes, they also get social security... which would be a pittance in comparison

why the hell are we putting up with the sham? you’d have to be a special kind of stupid (or a public employee) to want this to continue


8 posted on 08/04/2011 1:40:55 PM PDT by sten (fighting tyranny never goes out of style)
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To: DManA

I would glance at it and then throw it in the trash.


9 posted on 08/04/2011 1:53:48 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: Daffynition

10 posted on 08/04/2011 1:59:29 PM PDT by Dr.Deth
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To: Blood of Tyrants

I would glance at it and the thought of cutting a finger came to mind..


11 posted on 08/04/2011 2:04:19 PM PDT by goseminoles
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To: Daffynition

bump.


12 posted on 08/04/2011 2:10:45 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: Daffynition

Magic Eight Ball sez: Outlook not so good.


13 posted on 08/04/2011 2:45:54 PM PDT by Boogieman
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To: Daffynition

Step one of financial security in old age is to save enough but to save one must earn enough.

So first, beginning at age 21 earn at least $250,000/yr. and save at least half(or more) of it in investments that always go up 5 to 10%/yr with all earnings reinvested.

This assumes excellent health, steady employment and regular significant pay increases above the rate of inflation.

Do these basic responsible things and at age 67 you won’t need to worry about SS going broke.

“But wait!”, you say, “Not everyone can do all that.”

Right you are so there is an alternative. Inherit a fortune when your father dies.

There it is, folks. Be responsible!


14 posted on 08/04/2011 2:56:13 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: count-your-change
"“But wait!”, you say, “Not everyone can do all that.”

Right you are so there is an alternative. Inherit a fortune when your father dies.

There it is, folks. Be responsible!

There is another way. Try to get of cocaine importation business like Obama and his Democrat Party are doing.

15 posted on 08/04/2011 3:15:45 PM PDT by StormEye
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Become a New Monthly Donor and End FReepathons Forever

16 posted on 08/04/2011 3:39:43 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: Boogieman

17 posted on 08/04/2011 3:51:49 PM PDT by Daffynition ("Don't just live your life, but witness it also.")
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