The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Retirement savings benchmark||Date: 1/22/2013 3:01 PM|
|Author: intercst||Number: 71296 of 75793|
How do you figure that amount? That's $2790/mo. But SSA says "a worker retiring at age 66 in 2012, the [maximum] amount is $2,513." To get that amount, you'd have had to hit the SS max income virtually every year of your working life.
I'm planning on retiring when I hit 70. (Not there yet, but somehow I get closer and closer without even trying). The last letter I got from the SSA says the benefit would be $2790 a month, so that's what I'm figuring on. (Seems high to me though -- I'm NOT a high earner!)
For 2013, the maximum Social Security benefit at age 70 for a worker who paid max FICA since age 22 is $3,350/month.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|