Social Security not the deal it once was for workers

[BMT (RIP)]

http://www.ocala.com/article/20120805/WIRE/120809836/1454?Title=Social-Security-not-the-deal-it-once-was-for-workers

People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire.


BMT

[Pete]

".........."Social Security is what's carrying me," said Neta Homier, a 79-year-old retired hospital worker from Toledo, Ohio. "There's no way I would have made it without it. The kids, they're on their own, now, and I'm not going to be a burden for them. That's what it would have been if I hadn't had Social Security.".............."

She's only making $800 a month on SS.

I'd like to know the average person (two people) who paid in over $500,000 to SS in their lifetime. At 49 years (16-65) that's $10,204 per year or $850 a month. Even including both the worker and owner halves they would have had to be earning around $90,000 per year total the entire time.

I used to like getting the little SS summery in the mail each year that let you know how much you've paid in - now you have to go on line to see it. The Dish Washing and Early Army years were a joke to look at.

I think I projected out if things stay the same I'll have paid in around $180,000 when I retire and start to draw it out.

[Dusty]

I can't wait to start receiving SS: it will nearly cover my monthly reloading expenses. :D

[greenberetTFS]

That's all Maggie and I have to live on is our SS.........My 401 got completely wiped out on us,Katrina hurt us because Allstate did not reimburse us enough to cover our repairs........I had to take out a 2nd mortgage with a Small Business Loan....... Now that I can't work anymore our budget is very,very tight......... Thank God we do have our SS to carry us...:(

Big Teddy :munchin