How much will Social Security benefit be when you Retire
So do you think Social Security will be around when you are ready to retire? I know a lot of my friends feel it won’t and don’t plan on it. I do think it will be around when I want to retire in 20 plus years. I have Faith in our Government. But I still want to be Financially Free and have enough money to live off of instead of using Social Security. So below is some great stats and a place to go find your estimated Social Security benefit.
In it for the Long Run
Americans are living longer than ever, with life expectancy reaching 78 years for the first time. It’s no surprise that we’re working longer, too. In fact, employment of people age 65 and older rose 101 percent from 1977 to 2007, even though that group’s share of the population rose just 60 percent, according to the Bureau of Labor Statistics. While the number of working men age 65 and older rose 75 percent, employment of women soared 147 percent.
A Healthy Trend
Life expectancy for Americans has hit a record 78.1 years, according to the latest data from the National Center for Health Statistics. Women is 80.7 years, Men is 75.4 years and overall 78.1 years.
Social Security By the Numbers
A new calculator makes it easy to see how your social security benefits are affected by your retirement age. What will your Social Security Benefits be if you retire at 62? How about 66? Or even 70? A new calculator at the Social Security Administration Web Site lets you see what your benefits will be, based on your own forecast of your future income and the number of years you plan to continue working. The annual Social Security benefits estimate you receive in the mail estimates your future benefits but assumes that your salary stays the same until retirement. The Retirement Estimator is at socialsecurity.gov/estimator. Once you identify yourself online, the calculator will search the Social Security database for your earnings history to forecast your future benefits. Source: Principal Financial Group newsletter
So are you Saving or Spending?
I hear a lot of people saying that they aren’t going to save anymore in their retirement accounts until the Economy and Stock Market comes back. They are discouraged over the drop of their accounts on paper. I am still putting into my 401k and the rest working on paying down my debt. At work we have a 6% contribution 50% match from our Employer, so it would be silly not to do at least the 6% contribution. What are your thoughts?
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