October third Wednesday will begin our fourth year of Social Security (begun at age 67) direct deposits.
I just multiplied our current (two) rate for a three year period and found that the total for three years is already
about nine percent of the invested assets we two have in retirement funds (indexed and heavily into equities).
The amount of money in three years is impressive to me (looking back, looking ahead) and is roughly
equivalent to the pension of my spouse, which is quite generous. The fun is in deciding and figuring out how to enjoy such largess.
BoBraxton, thanks for starting a discussion thread!
Not quite sure what you are trying to say. Are you saying that the annual income from SS is equivalent to about 3% of your retirement assets? I guess that is good if your assets are high (but maybe not-so-good if your assets are modest)?
I am trying to avoid revealing exact and actual numbers. The lower the interest rate one can expect, the higher the total assets invested would be required. So, my waxing eloquent about how generous Social Security is to my spouse and myself (we began drawing at age 67, very close to her 68th birthday) to count on equivalent income (if we had to get it completely on our own) I calculate would require us to have a grand total principal invested of as much as $1,700,000 (and that certainly is beyond our actual totals, even with the good / excellent performance in recent times).
I started social security in 1993 at $1078 a month with $36.60 being withheld for Medicare. Now it is $1810 a month with $104.90 withheld for Medicare. This has been a retirement plan which I contributed over many years. It has helped out in my retirement.
The market after September was down (a trough). Since then for the two of us the increase in value (through 11 November) from that bottom (year to date) is enough to cover the Social Security direct deposits (totals) for our first three years of retirement (year 2011, September-October). I am very happy with Social Security - after paying into it almost fifty years. My first federal income tax return filing was for the tax year / calendar year 1960 (when I turned age 16).
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