Well, some success to report. After months of hassling with the Social Security Administration, my first Social Security check ever arrived this last week and magically was auto deposited into my bank account. I decided to pull the trigger to begin receiving benefits at the age of 62, for “reasons”.
Agreed, start taking the government money ASAP when the gubmnt gives it out. I waited a couple years past 62 for mine, but didn’t have a good reason for that really.
I'm 6 years in and still working on the money I put in. So I don't really consider it government money.Originally Posted by iris lilies
You don’t have to consider it the government’s money.
Because the gubmnt controls how much is in “My” fund and how it is paid out, because they can decide not to pay it to me or can cut it any time, and because they will keep it if I drop dead tomorrow, I consider it not-my-money.
I just looked up my statement. Since I "retired" when I was about 36, my total contributions were fairly minimal, though maxed-out some of those working years. Looks like if I total my contributions + employer contributions, I'll get those funds back in 5 years, and then it'll be "pure profit"...
Now, if I'd taken that same sum of money and bought an S&P500 index fund in 1999 when I "retired", I'd have about $1 million in cash today, assuming dividend reinvestment. That cash, invested boringly, would yield me nearly twice the yearly income that Social Security will be providing me, without much risk of principal depletion.
Bother. I probably shouldn't have just done that math.
You can see why the younger folks at my workplace voted AGAINST
joining the Social Security system when we put it to a vote in the year 2013.
There was rumbling and grumbling at this attitude around the administrative table, apparently from those who cannot math.
Librarians aren’t especially strong at numbers.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote