Comments on: Your Social Security statement http://www.bluntmoney.com/your-social-security-statement/ Thu, 20 Nov 2008 21:15:41 +0000 http://wordpress.org/?v=2.3.2 By: Paul Petillo http://www.bluntmoney.com/your-social-security-statement/#comment-35955 Paul Petillo Fri, 28 Mar 2008 13:35:40 +0000 http://www.bluntmoney.com/your-social-security-statement/#comment-35955 If you use that cash as it was supposed to be used, not as the stool but a leg, you could offset taxes, help with housing upkeep, pay for some insurances, and have some left over for groceries. Will it fund a trip to Aruba? Probably not. Will it be enough to live on without any other income? Probably not. Will it help deter a future life of homelessness and begging for a few coins from a stranger? Only if you built the rest of the stool. If you use that cash as it was supposed to be used, not as the stool but a leg, you could offset taxes, help with housing upkeep, pay for some insurances, and have some left over for groceries.

Will it fund a trip to Aruba? Probably not. Will it be enough to live on without any other income? Probably not. Will it help deter a future life of homelessness and begging for a few coins from a stranger? Only if you built the rest of the stool.

]]> By: bluntmoney http://www.bluntmoney.com/your-social-security-statement/#comment-35940 bluntmoney Thu, 27 Mar 2008 22:50:01 +0000 http://www.bluntmoney.com/your-social-security-statement/#comment-35940 Thanks for pointing that out about the estimate being in today's dollars, Debbie. I missed that, and will update my post. But still, I'd like to have more than $957 a month to live on. Thanks for pointing that out about the estimate being in today’s dollars, Debbie. I missed that, and will update my post. But still, I’d like to have more than $957 a month to live on.

]]> By: Nan Patience http://www.bluntmoney.com/your-social-security-statement/#comment-35932 Nan Patience Thu, 27 Mar 2008 19:24:28 +0000 http://www.bluntmoney.com/your-social-security-statement/#comment-35932 Social security, guh! As a topic, it turns my mind to a pile of fly-infested compost. And those stupid statements scream out to me: Yeah Right! Whatever. Ya think?... And other mean stuff that all points to the fact that by the time I retire (at age 96), there won't be any social security. There is already no social security, and the poop hasn't even hit the swirly cooling thing yet. Social security, guh! As a topic, it turns my mind to a pile of fly-infested compost. And those stupid statements scream out to me:

Yeah Right!

Whatever.

Ya think?…

And other mean stuff that all points to the fact that by the time I retire (at age 96), there won’t be any social security. There is already no social security, and the poop hasn’t even hit the swirly cooling thing yet.

]]> By: Debbie M http://www.bluntmoney.com/your-social-security-statement/#comment-35931 Debbie M Thu, 27 Mar 2008 19:12:10 +0000 http://www.bluntmoney.com/your-social-security-statement/#comment-35931 Actually, that estimate is the amount in today's dollars. From what I recall it's based on the assumptions that you'll keep working every year until retirement and that each year your salary will be the same as the latest year they have on record. So, since even if you're doing the same type of work, like they are assuming, you will likely get raises, which will increase their estimate over time. Second, they use a multiplier for all your earlier salaries to turn your real salaries into inflation-adjusted numbers. Those multipliers get updated each year. So that's going to increase your estimate also. What I'm wondering is what exactly they mean by salary. All my numbers are basically right, but they don't exactly match any numbers I can find. I'm pretty sure I have checked my gross income, my net income, and my social security income. Their website says they get their numbers from your W-2 forms from your employer and your Schedule C tax return forms for self-employment income. Actually, that estimate is the amount in today’s dollars. From what I recall it’s based on the assumptions that you’ll keep working every year until retirement and that each year your salary will be the same as the latest year they have on record. So, since even if you’re doing the same type of work, like they are assuming, you will likely get raises, which will increase their estimate over time.

Second, they use a multiplier for all your earlier salaries to turn your real salaries into inflation-adjusted numbers. Those multipliers get updated each year. So that’s going to increase your estimate also.

What I’m wondering is what exactly they mean by salary. All my numbers are basically right, but they don’t exactly match any numbers I can find. I’m pretty sure I have checked my gross income, my net income, and my social security income. Their website says they get their numbers from your W-2 forms from your employer and your Schedule C tax return forms for self-employment income.

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