Posted on 08/02/2018 2:29:04 PM PDT by Red Badger
The maximum monthly Social Security benefit for a person retiring in 2018, at their full retirement age, is $2,788 per month , or $33,456 per year. To achieve this benefit, you must have had the maximum taxable earning for a whopping 35 years. It is for this reason, that most people’s benefits will be far less. Forget this number if you plan to retire ahead of your full retirement age.
Do you think you could live off $2,788 per month? Before you think about that, it’s important to note that the average check for 2018 is just $1,404 per month. I’m going to go out on a limb here and guess that if you are reading this post you would have a rough time getting by on $1,404 per month.
What if I wait until 70 to collect Social Security?
For those of you looking to get the largest Social Security check possible, you will need to wait to begin collecting until you are 70-years-old. To put this in perspective, if you were 70 this year, and receiving the maximum benefit, your check would be about $3,680 or $44,162 per year. This translates into a 32% increase in your monthly benefit. The bad news here is to achieve the maximum Social Security check you would have likely been making six figures for many years. This means that Social Security would cover less than half of your pre-retirement income.
How is Social Security calculated?
(Excerpt) Read more at forbes.com ...
You will not get the tax reduction for contributing to an IRA since Social Security payments are not earned income.
I retired at 64 and took the SS. My math said I break even at 78. After 78 the monthly loss was under $120. It allows my retirement accounts to continue to grow faster than I am withdrawing.
The government wants your money.
The they want you to die early so they don’t have to pay you anything..............
Corporate version of explorer
I was assuming you were still working.
My wife is 6 years okder than me. We started hers at 62. I will start mine at 62 also. My math says take it when you can get it.
Regis, I would like to phone a friend...
Kinda behind the times?......................
Nope..just into classic references...:)
Bookmark
Regis was like, 4 hosts ago!.....................
[...it works if you think you’ll live, the gov’t is betting you die.
Yep. Now, don’t let that make you nervous about the government taking over your health care...]
Winner. Who could forget that Uniparty tool Arlen Specter doing Obama and Pelosi’s bidding?
What Is The Most I Can Receive From My Social Security Retirement Benefits?
Have multiple identities : )
.
>> “If you invest it, you’re far better off taking it at 62 and plowing it into an IRA.” <<
Except for the fact that 80% of it will be taxed at the rate applicable to your regular income.
That could send half or more of it down the sewer.
You’re right. I forgot about that. Glad I waited until my full retirement age.
#14 Only as a supplement to your regular savings and investing and any pensions you might earn
The problem is gov’t has taxed us so we cannot have savings!
I see so many variables in this. Is there any firm specializing in this that has a reputation for being the final say on the best strategies?
only the professionals, and they charge big $$$$.
My wife and “I went to Merrill and they won’t talk to you unless you hAVE AT LEAST 100Gs...............
The biggest issue for me and most people I know is not SS but health insurance. We all want to retire early but who can afford health insurance anymore?
Not me. I have none.
I had BCBS thru my employer until Obamacare came in and they couldn’t afford it any more.
So I LOST my healthcare because of obozo.
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