My point is to prove that the entire program is a rip off and that Elon and Doge are doing good work. If anyone here is on social security your input will be beneficial. This will all be done off national average and the results will be posted here once done. I hope it helps someone or at least opens minds to how Governments are not good at investing your money. Of the which, I am sure you already know. But this will be shared with libs too. Numbers are facts and do not lie. Thanks in advance.
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I took mine at 62. It's additional income for me as I collect another pension. I'm investing that 24k per year into real estate. By year 4 the assets will exceed the 168k by over double. So I'll more than make up for the smaller payment over the life of the benefit. (If u can call it a benefit)
I'm in the same situation as you (not 62 yet, but getting close) and have a pension that basically covers my bills with a little left over plus I help my wife with her small business (She's claiming all the income, I do at least half the work). I've ran the numbers - I would be close to 79 before the total I will have taken out will be more if I wait until 67 vs taking at 62. I figure on investing it until at least the time my wife can start collecting (she's a couple years younger than I am). We'll both be able to retire comfortably by then with a decent sized nest egg plus we have not even tapped into our !RA's yet. We won't be rich by conventional terms but we'll have more than enough to go do some fun stuff without worrying about how we're going to pay for it. It's amazing how little money you really need once you pay off your house and don't have any car payments or credit card debt.
Wow I didn't know any companies were still doing pensions....
One of the reasons I kept working until 72 was my company did a buy out for retirement. We had yearly additions to our 401K in diminishing amounts for 5 years. Also, the plan required the company to start payments of annuity at a certain age. For these years I socked it all away in a simple savings account and when Joe was elected, I exited the stock market for tax free IRA. The one thing one can't do in old age is start over. So what you have is all you are going to get.
I had to cash in my pension. I had worked for an auto company that left Michigan. I was too broke to pay my bills after because finding another job took nine months. I have no savings because of Michigans failing economy. Although I’m skilled in tech, worked since I was 14. I have two degrees and worked for energy, automotive and education at the university level. It’s unconscionable that I can bearly hold on.
As I recall the payout is tied to the average of your top seven years of paying in. Someone else quoted a higher number.