IN THE US: What would a person, who retired at the maximum Social Security benefit in 1969, be receiving as his benefit today?
Yes I realize this is slightly of topic but there are a lot of people experienced with Social Security on this forum and I can not find a good answer in my online searches.
------------------------------------------ I don't know, but they would be 109 doing it assuming they retrired at
Lew
On Wednesday, April 17, 2013 9:23:07 PM UTC-5, keith snipped-for-privacy@sbcglobal.net wrot e:
y benefit in 1969, be receiving as his benefit today?
I think it would depend on the amount the person earned, was put into the s ystem, and available to be withdrawn.
Apparently, the system was changed in 1969, but from what to what may be ha rd to find online. Might have to search specific gov't documents. See the last listed item, here.
Is your question pertaining to prior to or after the change? The benefit a mount may be different for the before vs the after, if the change took plac e on a date other than on January 1st of '69.
Sonny
That is correct, but a much younger widow could still be receiving his benefit. I am working on the assumption that he retired in 1969 and was receiving the maximum benefit at the time.
Keep in mind that that what you get at retirement is not necessarily a fixed amount also, there have been numerous adjustments through the years for inflation.
Too many variables involved in the question.
It depends on:
How much did this person work(years) ? How long did they contribute ? How much money did they make annually and did they hit the Max ? How many COLA raises did they receive since 1969 ?
Thar entire program has been tinkered with quite a bit since 1969, so coming up with a off the cuff amount is going to be tough, if not impossible.
The current max is $2513 per month I believe and you have to be in the much higher brackets to get there. That assumes you retired at age 66 in 2012.
I'm sure that number was much smaller in 1969.
The widow has access to the bank account that has the numbers. She also has access to the tax statements that has the numbers.
Lastly the SS office has the numbers.
Martin - Clinton had the SS taxed. I find it a poor decision.
First the laws constantly change - trying to prevent default.
The old way was the average of the best 5 years.
Now it is the average of the last 25 years. Any year you didn't make money or limited amount is a docking year. This catches some that work several jobs at the last 5 years trying to kick in the higher numbers.
Mart> >> IN THE US: What would a person, who retired at the maximum Social
I can't either. Mostly I find tons of obfuscation and lots of "it depends...how long worked, age at retirement...etc" just as you have gotten here.
Your question seems to me to be straight forward and require no addtional info other than the maximum possible to be paid in 1969 and a history of the COLA adjustments.
Here's a list of COLA but only back to 1975.
And here is a list of SS benefits paid from 1940 - 2011 but it is *average* benefits, not maximum.
Sorry, best I could find.
The OP stated "maximum" benefit. That removes the variables.
Of course it was, but what would it be now? I bet the actuaries at the SS office could tell you to the penny.
Is it any different than the maximum benefit of someone retiring today ($25.13/mo assuming age 66)?
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