Running out of money

[wittmeba]

My wife found this today. Thought it was worth sharing.

[smltooner]

[Viper21]

Personally, I find the subject of SS VERY frustrating. I started paying into it on my 15th birthday. I had faked my birth certificate to say I was 16 so I could get a real job. I've been paying into it now for nearly 33 years. A number of those years were, max contributions.

I also have the "luxury" of making full payments. Meaning, I don't have an employer match. As a self employed person, as I have been for the last 25+yrs, I pay the full 15.3% not the 7.65% most people pay, with an employer contributing the other 7.65%.

Now the best part (according to the notices they send)... After 33 years.... If I work & contribute for ANOTHER 17 years, which would put me at 50yrs of paying into it, I will draw monthly payments that are approx. HALF of what I could draw tomorrow if I claimed disability.


I would be happy to just have control of the money I've paid into it. However, even a simple interest of 3-4% would enable me to live a comfortable retirement at 65 & well beyond.

[Swampman]

Don't go getting all rational on us now, Andy! I've got 1 1/2 years til my Social Security birthday and 4 1/2 years until my medicare birthday. Can I afford to retire at 65? Who the hell knows. My financial adviser my be able to shed some light on it, but I'd bet it'll be dim!

[Viper21]

Don't go getting all rational on us now, Andy! I've got 1 1/2 years til my Social Security birthday and 4 1/2 years until my medicare birthday. Can I afford to retire at 65? Who the hell knows. My financial adviser my be able to shed some light on it, but I'd bet it'll be dim!

I hear ya ! Best of luck. I hope it works out in your favor.

I also hope it is still viable when I get there.

I'd like to see SS as the ONLY retirement available to Congressmen, & Senators. Guarantee it would be solvent forever.....