Author Topic: $417,145 Contributed to Retirement w/o Much Effort...Maybe  (Read 411 times)

Simpli-Fi

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$417,145 Contributed to Retirement w/o Much Effort...Maybe
« on: June 23, 2022, 11:00:11 PM »
so, I just logged onto the Social Security website and at the bottom of my earnings record there is a small table that shows what I've paid into Social Security and Medicare and then what my employers have paid on my behalf.

My career tips 20 years next month, however I"ve been working since 1995 with only a single year during college where I finished up my degree and didn't work an hour on record.

I know everyone plans to not use this as retirement money, but damn that is a lot credited to my name...I sure hope I get some benefit from that.

felt like that was badass enough to share

ATtiny85

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #1 on: June 24, 2022, 04:08:56 PM »
Just glanced at mine. You’ve made good money for a bit longer than me. I am around $280k or so all in.

I have some zero years, grad school and a few years working overseas (non expat).

Simpli-Fi

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #2 on: June 24, 2022, 07:45:48 PM »
@ATtiny85 Interesting forum name…I take it you do a bit of programming and DIY hacks all around you house.  What’s the coolest gadget you’ve built that optimizes something?

Yeah, I never knew this[SSA] info was available…anyone know how inflation is handled with this?



MDM

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #3 on: Today at 12:25:13 AM »
Yeah, I never knew this[SSA] info was available…anyone know how inflation is handled with this?
The average wage index adjusts previous years' earnings, and the Cost-Of-Living Adjustment is applied to the calculated benefit amount.

ATtiny85

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #4 on: Today at 06:30:29 AM »
Not sure if you can get it directly online, but the downloadable program provides a great table of the adjustments. You can see what credit you get for the $3k you made bussing tables in '82. It took me some time to find it on the SSA site, but it was cool.

@Simpli-Fi I have a lot more interest than talent, but have all sorts of sensors around, and a couple little projects that have been good efficiency improvements. The sump pump run tracker and depth sensor has brought me some peaceful vacations and nights.

slackmax

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #5 on: Today at 07:28:19 AM »
Simpli-Fi, you say it was without much effort. Are you sure?

Anyway, I just started taking social security, full benefit, age 66. I know I have contributed over the years, and it is 'my' money, but it feels like free money every time the check goes into my savings account. I *feel* like I am getting a good deal.

This feeling applies to my medicare also.   

And the fact that SS can get a COLA bump for inflation is amazing to me. I love it.

iluvzbeach

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #6 on: Today at 12:00:44 PM »
@slackmax, your comment reminds me of something my mother says. She retired about 8 years ago and gets SS + a pension. Every month when the direct deposits post to her account she marvels at the fact that she is being paid to NOT return to work. I can only imagine that it must be a terrific feeling.

MDM

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #7 on: Today at 12:11:57 PM »
Not sure if you can get it directly online, but the downloadable program provides a great table of the adjustments. You can see what credit you get for the $3k you made bussing tables in '82. It took me some time to find it on the SSA site, but it was cool.
Aside from the tools on the SSA site, a couple of spreadsheets and a web tool that work well for calculating an individual's benefit:
 - The 'SocialSecurity' tab of the case study spreadsheet.
 - The Downloadable Social Security Benefit Estimator
 - Social Security Calculator

A web tool that evaluates SS benefit start dates, particularly useful for a couple:
Open Social Security: Free, Open-Source Social Security Calculator

Simpli-Fi

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Re: $417,145 Contributed to Retirement w/o Much Effort...Maybe
« Reply #8 on: Today at 01:27:26 PM »
Simpli-Fi, you say it was without much effort. Are you sure?

Anyway, I just started taking social security, full benefit, age 66. I know I have contributed over the years, and it is 'my' money, but it feels like free money every time the check goes into my savings account. I *feel* like I am getting a good deal.

This feeling applies to my medicare also.   

And the fact that SS can get a COLA bump for inflation is amazing to me. I love it.
thanks for this info!  I bet it is a terrific feeling…hoping to experience it some day.  RE: effort…I mean all I did was report to work on a w2 paying job for 20 years.  I feel that I was compensated for the headaches and stress via the direct cash.  It was a surprise to me that the government has another $400+k credited to my name…would I rather have that now?  Absolutely!  Let me take my own chances…however I understand some people need the assistance.  What a country!?!

The sump pump run tracker and depth sensor has brought me some peaceful vacations and nights.
I laughed out loud at this, but very awesome!