I'm 45. Will Social Security still be around when I'm ready to collect?

[:) Smiley]

Lancer, by the time I get to retirement age, there's a good chance that such large international differences in purchasing power will be gone, give the rate they've diminished in the last 4 decades.

This is a self correcting problem though, as the USA is a democratic nation. When the people paying for SS get fed up enough and outnumber those recieving it or soon to recieve it, SS ends.

Already, the de facto retirement age is increased past the SS age as people keep working since the SS check is insufficient.

[DanS]

Very true. Although SS is sufficient for most who don't live in high cost of living areas. What does a recipient get at the low end? $1,000? $1,500 a month?

[:) Smiley]

Regardless of what amount one gets from SS, it is significantly less than what they would get working, as in less than half. So basically SS keeps people from starving even if they have no savings.

[JohnT]

Originally posted by DanS
Very true. Although SS is sufficient for most who don't live in high cost of living areas. What does a recipient get at the low end? $1,000? $1,500 a month?

Less than that... the "lowest" you can go is a one-time death benefit of appx. $250.00. Monthly checks average (iirc and I don't have time to look up a cite) around $900.

Actually, I did a quick google and came up with the following:

In general, individuals must contribute for a minimum of 40 quarters (10 years) to receive Social Security retirement benefits, or 20 quarters to receive disability benefits. In return for these contributions, individuals generally can expect:

A monthly check after retirement, with the average check being $697 in December 1994.

These are 1994 figures, though. In a 2002 Business Week article, the following is quoted about the maximum payments:

For example, a 62-year-old who garners the maximum benefit, based on wages earned over a 35-year career, must consider whether it's better to take $1,248 a month now, $1,767 a month starting at age 65, or a larger sum starting later.

[pchang]

Max

In order to get Max benefits, you have to be making over $70,000 per year or so (it is adjusted for cost of living increases every year). For at least 10 or so quarters of SS contributions. Anything less gets you proprotionately less.

[Lancer]

I have a friend getting $550 a month! He has to work under the table in order to 'retire'. My notice says I'll get around $700. They actually have been sending me info papers telling me what I'll recieve. Yet, you guys are telling me there isn't much chance of that. Well damnit, they should be getting my hopes up if they're going to go back on it. These notices should obligate them to do what they say they'll do.

****ing politicos

[Lancer]

"Lancer, by the time I get to retirement age, there's a good chance that such large international differences in purchasing power will be gone, give the rate they've diminished in the last 4 decades."

Smiley, don't bet on it. It keeps getting more affordable over there because their politicians are so corrupt, and the culture is that the more kids you have the more security you'll have in old age. When I was a kid the Sullivans down the street from me had 11 children. These days, in this country, that doesn't happen, In the Philippines, there is a family down the street with ten kids, and still at it. Endless labor there. I have a maid! I'm not even there and I have a maid, costs $40 a month, and getting less, because the Philippine peso keeps falling against the dollar.

The last thing I'd want is to get really old in this country where the old are not people, they're an industry. I'm getting old among people who will look after me untill the day I die, with love in their hearts. First however, I'm going to learn how to sail. Love those little sandy tropical islands.

Some just exist at low tide.

[:) Smiley]

Even still I wouldn't peg my retirement on the corruptness of a foreign government..