Social Security & Medicare

Shermann

(8,725 posts)

61. The Social Security benefits formula is what it is

Mon Jan 29, 2024, 04:16 PM

Jan 2024

My point is that is hasn't changed much over time, and it is all sort of set in concrete. If you are on the losing side of something, you always were. It's not like you had something yesterday that was taken away today.

Maybe I should have said "you can't lose a benefit you never had".

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Social Security: The Best and Worst Years To Be Born [View all] Shermann Jan 2024 OP

Sounds about right, I was born in 1949 and I'm very happy with my Social Security Walleye Jan 2024 #1

1949 for me as well,,, KarenS Jan 2024 #2

Me as well. NoRethugFriends Jan 2024 #6

Me too! LovelyStuff Jan 2024 #13

49er here. mwb970 Jan 2024 #18

Ditto! William Seger Jan 2024 #22

Good grief. What a bunch of old farts. Wink Wink flashman13 Jan 2024 #32

'52 here and I have no complaints. Chainfire Jan 2024 #29

"The best birth year in the modern era? That would be 1949".. me too. My buddy who was born the same year mitch96 Jan 2024 #40

Born in'47. MOMFUDSKI Jan 2024 #3

Interesting. Is there a link? Thanks. enough Jan 2024 #4

There isn't a lot of awareness about this Shermann Jan 2024 #19

IIRC, SS benefits were not taxed until St. Ronnie Raygun went on his mission to destroy the middle class. OMGWTF Jan 2024 #25

He and Greenspan gouged out a big chunk of Social Security Farmer-Rick Jan 2024 #37

That's that basis value that I referred to in post 19 Shermann Jan 2024 #48

Thanks for that explanation Farmer-Rick Jan 2024 #50

You can get indexing information from SSA here... Peer Gynt Jan 2024 #24

Cool, thanks. 2naSalit Jan 2024 #41

Actually, its not the best and worst years to be born... LakeVermilion Jan 2024 #5

Your primary benefits filing age doesn't affect the calculus here Shermann Jan 2024 #12

Born January 1. You've got me curious KPN Jan 2024 #20

I guess we're going there Shermann Jan 2024 #23

Lol. Thanks! Not sure whether that's a benefit or cost. I was curious mostly because in my younger years, KPN Jan 2024 #42

It is sort of a scale from 0 to 15 with zero being the best and 15 being the worst Shermann Jan 2024 #44

So 1960 was a bonanza? wolfie001 Jan 2024 #7

1960/1962 are only half as bad as 1961 Shermann Jan 2024 #10

C'est la vie..... nt wolfie001 Jan 2024 #47

Social Security & Medicare The Butler Jan 2024 #8

Raises hand LittleGirl Jan 2024 #9

Penalty isn't the right word Shermann Jan 2024 #30

That's a good term LittleGirl Jan 2024 #46

I'm waiting until 70. The highest you can get. jimfields33 Jan 2024 #11

For that reason my wife wants me to keep working until 70 Martin Eden Jan 2024 #14

We're one month apart in age Auggie Jan 2024 #21

Good luck to you as well, fellow Boomer! Martin Eden Jan 2024 #36

I totally get that. Enjoy. jimfields33 Jan 2024 #53

The retirement simulators tend to support your strategy Shermann Jan 2024 #15

Most people don't realize how long they actually will live. PoindexterOglethorpe Jan 2024 #58

Yes and every year you live extends your life expectancy Shermann Jan 2024 #60

It depends on what year you are looking at. PoindexterOglethorpe Jan 2024 #62

Right and if and when you make it to 76, it extends to 12.29 years instead of 11.97 Shermann Jan 2024 #63

There was also a phase in period Joe Nation Jan 2024 #16

Joe I'm the same age and plan to do the same thing. Good luck to you chicoescuela Jan 2024 #27

My wife was born in 1961 Joe Nation Jan 2024 #35

I was born in 1948, PoindexterOglethorpe Jan 2024 #17

My situation is almost exactly the same as yours. llmart Jan 2024 #28

Good for you. PoindexterOglethorpe Jan 2024 #59

I was born in 1952 DFW Jan 2024 #26

I, too, was born in '52. My social security was reduced by the amount I receive from Japan for the national pension Martin68 Jan 2024 #33

I'll bet!! DFW Jan 2024 #39

I was born in 1950 calguy Jan 2024 #31

High on the hog? LOL! Martin68 Jan 2024 #34

Uh oh, I was born in 1961.... FM123 Jan 2024 #38

On a sorta kinda positive note, you can't really lose money that you never had! nt Shermann Jan 2024 #45

You're right about that! FM123 Jan 2024 #49

Wait... Think. Again. Jan 2024 #54

For the last 49 years, it has come out of mine, anyway! DFW Jan 2024 #57

The Social Security benefits formula is what it is Shermann Jan 2024 #61

Happy 75th birthday to 49'ers. usonian Jan 2024 #43

Recently retired and started my SS Beachnutt Jan 2024 #51

είναι ελληνικό για μένα Goonch Jan 2024 #52

I'm glad that so many are playing the numbers game w/ their SS benefits, it's a good thing to know what one is SWBTATTReg Jan 2024 #55

Great point! Joe Nation Jan 2024 #56