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-   The Villages, Florida, Political talk (https://www.talkofthevillages.com/forums/villages-florida-political-talk-88/)
-   -   Did Mitt Forget? (https://www.talkofthevillages.com/forums/villages-florida-political-talk-88/did-mitt-forget-45433/)

Guest 11-28-2011 12:41 AM
Quote:
Posted by Guest (Post 422928)
Always blows my mind when I hear of the naysayers of Social Security say they put more into it than they will ever withdraw.

I believe I read the average Social Security payment is $1400 per month. Multiply that by 12 and you get $16,800 per year. Assume you start getting that at age 62 and collect for 25 years, you will have pulled out $420,000 without counting COLAs.

In your 40 years of work, can you say that the 7.5% you put in Social Security equalled $420,000? In 2011, the maximum salary subject to Social Security was $106,000.
You might want to consider the matching employer contributions. Certainly any private sector employer includes this as a part of your compensation package.

Guest 11-28-2011 06:19 AM
The current average lifespan of an American may be 77.6 years but there's another figure out there and if I can figure out how I found it, I'll post it, that is more relevant.

I'm trying to remember the details - but it basically said that *if* you make it to 65, *then* your expected remaining lifespan was certainly more than the average.

That average figure includes, for instance, everyone who dies before 65 so the numbers are somewhat skewed.

Guest 11-28-2011 12:15 PM
No, do not add in employer matching contributions. I do not think any employer advertises a job as "salary will be $56,700 per year + Social Security employer contributions". I stated what YOU contributed.

Chances are that the retiree will draw MORE out than what THEY contributed.


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