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Average lifetime Social Security donation??? #6701678
12/21/19 08:23 PM
12/21/19 08:23 PM
Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
G
Gary Benson Offline OP
trapper
Gary Benson  Offline OP
trapper
G

Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
I know, there's a website you can register with and find this out supposedly, but I feel I may be setting myself up for something if I register.
Just wondering if anyone knows what the average working stiff (and his employer) pays into SS over a lifetime.?
And millions pay in their whole life, then die before they can collect anything back.


Life ain't supposed to be easy.
Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6701728
12/21/19 09:10 PM
12/21/19 09:10 PM
Joined: Nov 2017
Posts: 11,194
Maine, Aroostook
Posco Offline
trapper
Posco  Offline
trapper

Joined: Nov 2017
Posts: 11,194
Maine, Aroostook
SS should be payable on demand in full at retirement age. If someone wants to retire at sixty and take what they paid into the "Trust Fund" there should be no reason to deny them their claim.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6701755
12/21/19 09:21 PM
12/21/19 09:21 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
SNIPERBBB Offline
trapper
SNIPERBBB  Offline
trapper

Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
Last article Ive seen shows about 800k(inflation adjusted) for an average income couple, though I think that's including the half paid by the employers(if your self employed you get to pay all of it). Older generations, the ones that have been collecting for a while already will get back more than they paid but not by much. Medicare however, nobody is getting more than they paid in benefits unless they die early.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6701756
12/21/19 09:22 PM
12/21/19 09:22 PM
Joined: Jan 2018
Posts: 4,526
MN
D
Donnersurvivor Offline
trapper
Donnersurvivor  Offline
trapper
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Joined: Jan 2018
Posts: 4,526
MN

Re: Average lifetime Social Security donation??? [Re: Posco] #6701761
12/21/19 09:25 PM
12/21/19 09:25 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
SNIPERBBB Offline
trapper
SNIPERBBB  Offline
trapper

Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
Originally Posted by Posco
SS should be payable on demand in full at retirement age. If someone wants to retire at sixty and take what they paid into the "Trust Fund" there should be no reason to deny them their claim.

Youd think so but pensions and SS are just legalized pyramid schemes and they'd collapse if people took their money in lumpsums. Thats why people need to have their own retirement accounts seperate from SS or pensions so you can always get your money back..well most of it after you pay the tax penalties for early withdrawals.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6701816
12/21/19 09:58 PM
12/21/19 09:58 PM
Joined: Jun 2015
Posts: 4,951
rogers city mi.
J
jeff karsten Offline
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jeff karsten  Offline
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Joined: Jun 2015
Posts: 4,951
rogers city mi.
And then they want part of it back cant imagine what theyed tax you on a lump sum


olden tyred
Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6701831
12/21/19 10:05 PM
12/21/19 10:05 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 10,421
mn north of blakely
Originally Posted by Gary Benson
I know, there's a website you can register with and find this out supposedly, but I feel I may be setting myself up for something if I register.
Just wondering if anyone knows what the average working stiff (and his employer) pays into SS over a lifetime.?
And millions pay in their whole life, then die before they can collect anything back.


It's a good idea to check you SSI statement at least once a year. If for nothing else to ensure whomever you are working for has paid in the correct amount in your name. Mistakes can and do happen.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Average lifetime Social Security donation??? [Re: Steven 49er] #6701927
12/21/19 11:02 PM
12/21/19 11:02 PM
Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
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bblwi Offline
trapper
bblwi  Offline
trapper
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Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
The SSI will send you statements several times prior to your retirement age dates, showing your lifetime total earnings, and SSI and Medicare paid and when and if you reached the maximum. If you are self employed your whole life the amount will be double what those are for W-2 earners. Employers pay the same as the earners. You will also get an estimate of what your monthly stipend will be up to that point and what it would be if you qualified for disability payments instead of regular payments, (almost always higher). For W-2 earners the average recipient gets all the money they paid in within about 6.5 to 8 years. The main reason for that is that lower incomes have higher percentages then higher incomes and when you retire your early years are inflation adjusted upwards to the current time.

Bryce

Re: Average lifetime Social Security donation??? [Re: Posco] #6701953
12/21/19 11:18 PM
12/21/19 11:18 PM
Joined: Dec 2006
Posts: 62,658
Minnesota
330-Trapper Offline

trapper
330-Trapper  Offline

trapper

Joined: Dec 2006
Posts: 62,658
Minnesota
Originally Posted by Posco
SS should be payable on demand in full at retirement age. If someone wants to retire at sixty and take what they paid into the "Trust Fund" there should be no reason to deny them their claim.

Amen


NRA and NTA Life Member
www.BackroadsRevised@etsy.com




Re: Average lifetime Social Security donation??? [Re: 330-Trapper] #6701979
12/21/19 11:51 PM
12/21/19 11:51 PM
Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
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Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
There are many options for us to utilize for saving funds we can use earlier in our lives and also transfer if, when and as needed. Several successful persons I know are using the monies they saved in retirement and not collecting SSI until they are 70. That gives them an 8% raise every year passed age 62 or 65 and that gives them a very good stipend after they reach 71 or so.

Bryce

Re: Average lifetime Social Security donation??? [Re: bblwi] #6701989
12/22/19 12:01 AM
12/22/19 12:01 AM
Joined: Nov 2018
Posts: 264
Winona MN
B
Birdman382 Offline
trapper
Birdman382  Offline
trapper
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Joined: Nov 2018
Posts: 264
Winona MN
SS also pays you medical bills once you retire or start taking benefits. So far for me both hips a plugged artery in my neck, then back surgery and recently a stent. Just my medical bills were over 250K and I still get a check. Yes they are going to take out $144.00 per month in 2020 to cover my med bills if needed. Yes I could have done better in mutual funds thru American Funds. I may not be 100% correct in the above but close. Try and buy health insurance now for your age over 66 and two months for $144.00 per month. My wife's cost is $1000.00 per month for health insurance with a high deductible. Just my two cents worth

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702044
12/22/19 01:24 AM
12/22/19 01:24 AM
Joined: Aug 2010
Posts: 10,787
Asheville, NC
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charles Offline
trapper
charles  Offline
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Joined: Aug 2010
Posts: 10,787
Asheville, NC
Don’t forget Social Security also pays widows and young children when a young parent dies, and also pays income for total disability. SS is more like insurance than a pension.

Don’t confuse Social Security with Medicare. Two different products. Medicare Part B can be deducted from Social Security. My wife is Medicare eligible but has not started her SS benefit. She pays her Part B Medicare premium by check every quarter. She will be 70 next June, and it will then be deducted from her SS when she starts her max income.

Medicare and SS are not the same program. Medicare came about much later.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702077
12/22/19 04:18 AM
12/22/19 04:18 AM
Joined: Dec 2006
Posts: 10,994
Oregon
beaverpeeler Online content
trapper
beaverpeeler  Online Content
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Joined: Dec 2006
Posts: 10,994
Oregon
I'm way too young to worry about such things.


My fear of moving stairs is escalating!
Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702126
12/22/19 08:04 AM
12/22/19 08:04 AM
Joined: Dec 2006
Posts: 4,330
Fairbanks, Alaska
Pete in Frbks Offline
trapper
Pete in Frbks  Offline
trapper

Joined: Dec 2006
Posts: 4,330
Fairbanks, Alaska
I'm a retired State of Alaska employee. Thank goodness the State of Alaska pulled all its employees out of SS in 1986. Federal government required State to take out of our checks every month the amount that would have gone into SS. Our Government can't stand letting you keep your own money. Nor does it consider you smart enough to make your own investments for the future.

Net result was that every dollar I would have paid into SS from that time until I retired went into an annuity account. When I retired, I had a ton of money accrued that I was able to just roll over into my own choice of accounts. I have done WAY better this way than I would ever have done had I been forced to remain in the SS system.

Since I had my 40 paid up quarters BEFORE the St of AK bailed from SS, I still get a token SS check now, but it's less than $200 per month after Medicare premiums are taken out.

SS is basically a Ponzi scheme...

Pete

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702206
12/22/19 09:26 AM
12/22/19 09:26 AM
Joined: Mar 2010
Posts: 5,922
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
Posts: 5,922
2A Sanctuaries-W. OK & N. NM
Social security is a ponzi scheme and social security disability is welfare. I know some folks are truly disabled but, in my experience, most of them could get a job. Wal-Mart greeter or something.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702211
12/22/19 09:28 AM
12/22/19 09:28 AM
Joined: Mar 2013
Posts: 16,988
Fredonia, PA.
Finster Offline
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Finster  Offline
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Joined: Mar 2013
Posts: 16,988
Fredonia, PA.
I've been paying in for about 36 years now. I have no idea what I've paid in so far. I expect to see nothing back. It's a Ponzi scheme run by the government. Thanks FDR! Typical libtard, taking and taking from the people that earn it and giving it to the people that don't. They were never supposed to be able to touch that money. That was the deal when it first started. The government was supposed to keep their mitts off. However, they have robbed it so many times now their is nothing left. Think about it. There should be a huge surplus if anything. How many people pay into it for 50 years, collect for 15 or less than pass away. If they didn't give it to every jackwagon with a hangnail and all the others that haven't put squat into it, things would be fine. Look at the first word. "Social". Typical socialism at work. Take all your money, give it to everyone else so now everyone will be the same amount of poor. mad


I BELIEVE IN MY GOD, MY COUNTRY AND IN MYSELF.
Re: Average lifetime Social Security donation??? [Re: Finster] #6702233
12/22/19 09:50 AM
12/22/19 09:50 AM
Joined: Apr 2012
Posts: 2,892
new york
M
mike mason Offline
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Joined: Apr 2012
Posts: 2,892
new york
The statement you receive from SS has your total "donation" and your employers.

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702247
12/22/19 10:05 AM
12/22/19 10:05 AM
Joined: Aug 2012
Posts: 3,972
South Dakota
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Rat Masterson Offline
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Rat Masterson  Offline
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Joined: Aug 2012
Posts: 3,972
South Dakota
I'm collecting, so the important thing is you workers keep working. lol

Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702322
12/22/19 11:01 AM
12/22/19 11:01 AM
Joined: Dec 2010
Posts: 34,755
Central, SD
Law Dog Offline
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Law Dog  Offline
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Joined: Dec 2010
Posts: 34,755
Central, SD
Where has the cost of living gone in the last 50 years when was the last SS raise you heard of?


Was born in a Big City Will die in the Country OK with that!

Jerry Herbst
Re: Average lifetime Social Security donation??? [Re: Gary Benson] #6702356
12/22/19 11:44 AM
12/22/19 11:44 AM
Joined: Jan 2014
Posts: 3,211
Co.-Wy. part time AK.
W
wy.wolfer Offline
trapper
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Joined: Jan 2014
Posts: 3,211
Co.-Wy. part time AK.
Originally Posted by Gary Benson
I know, there's a website you can register with and find this out supposedly, but I feel I may be setting myself up for something if I register.
Just wondering if anyone knows what the average working stiff (and his employer) pays into SS over a lifetime.?
And millions pay in their whole life, then die before they can collect anything back.

Originally Posted by Gary Benson
I know, there's a website you can register with and find this out supposedly, but I feel I may be setting myself up for something if I register.
Just wondering if anyone knows what the average working stiff (and his employer) pays into SS over a lifetime.?
And millions pay in their whole life, then die before they can collect anything back.

The government takes 15.5% of what you earn as a social security/medicare tax, half from the workers pay and half from the employer. Make no mistake, the worker is really the one paying it. The maximum taxed income rate for 2019 is $132,900. That means someone making this amount this year pays $20,599.00 into the SS system this year. And, if you make more your benefits are reduced significantly.

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