On Sun, 23 Jan 2005 05:53:59 -0800, the inscrutable Larry Jaques
ADDENDUM: This just in from a friend. I thought it very apropos
for you. http://home.pacbell.net/sneaks2/ijdlgnam.mp3
Please return Stewardess to her original upright position.
http://www.diversify.com Tagline-based T-shirts!
Bubba, I done seed your pixture with clothes in the Roanoke paper one day. No
thanks. I'll look at pixture of ME nekkid first.
"One of the common denominators I have found is that expectations rise above
that which is expected." George W. Bush
ya know, you'd prolly do better around here selling nekkit pitchers of
Robin's butt. Iffen I wanted to see a nekkit wooddorker, I'd look in
the mirror. Since I don't do that too often, I guess I must not.
This assumes you are not dependent on SS or do not need all of the SS check
Lets assume you will draw $950 a month at age 62 and $1250 per month at age
Basically you will be drawing $950 per month, 48 months earlier than if you
wait until age 66 to draw $1250. That equates out to $45,600 that SS will
pay you between the age of 62 and 66. You will continue to draw that amount
until you die.
If you wait until age 66 to start drawing you will get $300 more per month
but basically you will be $45,600 behind in payments compared to having
started receiving payments at age 62.
With these figures it will take 16 years and 4 months for the age 66 SS
payments to "about" equal the total amount paid out from the age 62 payment.
The age 66 SS payments total payout benefits start becoming better if you
live longer than 78 years and 3 months. Up until that age the $950 per
month for 16 years and 3 months is a greater amount, ($185,250.00) than
starting 4 years later at age 66 and getting 12 years and 3 months of
payments of $1250 per month., ($185,000).
That said, I know that your father has passed that age and you may very well
do that also. My father is 82 and in great health. But will SS be around
that long and or will you need as much income at age 79 as you will in those
years leading up to that age?
BTY I have a good friend/neighbor that I have known for about 24 years that
works for the SS office in SW Houston near Fondren and the SW Freeway. I
can ask her to keep an eye out for you if you would like.
You're not really 45k behind if you continue working though are you? If
you make more than $950/mth then you'll still end up with more in the
end. SS is also in no danger of imploding, here is a well researched
article about it
On Fri, 21 Jan 2005 12:21:20 -0800, damian penney wrote:
Ah, you're one of the lucky ones that not only gets to pay the excess
SS taxes now, but will also get to pay increased income taxes starting in
about 12 years to pay off those "investments" Uncle Sam is buying with
those excess contributions for the trust fund. We're enjoying spending
those excess contributions on ourselves now and appreciate that you
and your kids will pick up the tab later. And it will only get better
for us older guys if the SS tax is increased now so even more can be spent
on us and even more "investments" can be placed in the trust fund for you
and your kids to pay off :-)
To escape criticism--do nothing, say nothing, be nothing." (Elbert Hubbard)
Gonna be hard to live on $12.41 a month innit? Especially in 2042 when a
new econobox with a 2 cc engine will cost $147,300, a 2,000 sq. ft. home
will cost $397,000, the economy lunch special at Burger King will cost
$175.81, oh, and gas will be $24.82 a gallon.
Or maybe I'm being pessimistic.
Michael McIntyre ---- Silvan < firstname.lastname@example.org>
Linux fanatic, and certified Geek; registered Linux user #243621
HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.