@beautifulblaquepearl wrote:
@thom02099 wrote:
@Anonymous wrote:
Hi, I'm 36 and I was wondering if there is a way I can predict how much SS I would be able to draw at 65 whe I retire or hopefully later
is there a specific magic formula or we cannot kno until the time comes
SocSocial Security benefits are based on earned credits over the course of your employment. You must earn a specific number of credits to qualify.
HERE is a link to the Social Security Retirement Estimator. Please note some of the caveats for using the estimator. You may be too young to get an estimation. Also note that the law can change and that, by 2033, the payroll taxes collected will be enough to pay only about 77 cents for each dollar of scheduled benefits. The law may also change and your full retirement age may (will likely) increase to 70 or more.
The advice to get an on-line account is a sound one. SSA did in fact discontinue the practise of mailing out the annual statement. One can set up their on-line account to get email alerts from SSA.
My husband received a statement in the mail last week. We live in FL.
Here's the reason why: http://www.reuters.com/article/2014/04/19/us-social-security-idUSBREA3I0GL20140419
Starting this September (2014), the Social Security Administration (SSA) will resume mailings at five-year intervals to workers who have not signed up to view their statements online, an agency spokesman told Reuters. The statements will be sent to workers at ages 25, 30, 35, 40, 45, 50, 55 and 60, he said, adding the agency would continue to promote use of the online statements.
The SSA stopped mailing most paper statements in 2011 in response to budget pressures, and saved the SSA $70 million annually - about 50 cents per mailed statement. But the decision has been a sore point with some critics, who argue the statement provides a valuable annual reminder to workers of what they can expect to get back from payroll taxes in the future.
