Quote:
Originally Posted by kgoerz
I saw that also. How is something a hand out when I paid into it my whole life. That like saying our Military pensions are Handouts. Do all people receive the same SS amount? Or do's it go by how much you put in over you lifetime.
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There is a basic level and a maximum level. The statement you get every year lists the money you've paid in and the estimated payment you'll get if you retire early or wait for full retirement.
My max rate varies some each year with my earnings.
But waiting for max retirement if you take what you paid in and divide by your monthly payment you'll exhaust "your money" in less than 5 years (+/-).