I am trying to figure out the yearly withdrawals for the various retirement ages 55, 60 plus the SSN years 62, 67, & 70. I know there might not be any left after you folks milk it all up for yourselves but its still worth calculating out including 401k, pension, etc...

Question is do you and your spouse collect a SSN withdrawal or does only the highest contributor get a withdrawal?

Thanks

 

George, not sure what you mean. Generally both parties/husband/wife are eligible for SS, until death.

You are only allowed a specific amount of earned income once receiving SS until you attain a specific age. If you exceed the income you have to pay back some of the SS benefit. You may be surprised at what counts for income.

If a spouse dies, the surviving spouse may get a SS adjustment.

Edit: We've got a WAYS to go before we can collect. The older Vintage folks will get there first.

Some of the "accountants" of Vintage can clarify this for you.

 

Hmm clarification then. My wife and I both work and contribute to SSN today. When retirement comes will only one of us get SSN or do we both collect SSN?

 

If both of you "qualify", which is a minimum of 40 quarters, then both of you can draw seperately. Either spouse can chose to draw theirs or 1/2 of the other spouses', whichever is higher. If one spouse dies, then the other can draw 80-100% of the highest payout to either one at the "full" qualification level (presently meaning at age 65,66, or 67, whichever qualifies). A spouse never has to work one day in their entire life and still get 50% of their spouses SS at retirement age, and can collect 80-100% if the qualified spouse should die. There really are not that many rules, and the program is quite generous.

We need you to make losts of money though and pay lots of SS taxes, because we're looking forward to having and spending it. Keep that spouse of yours working too; every little bit helps.

 

Good info, John.

George, do what John says, and you and Tracey keep adding to the kitty for us, OK?

 

Forget about it. I'm spending mine as fast as I can.

Maybe there will be a little left when you start to draw yours.

 

RC is correct, you both collect and there are variences on the amount based on age, if both are alive, etc........

I plan to SKI (Spend Kids Inheritance)

 

you guys crack me up. Well if we want to continue having kids and if they want college paid for well we will both still keep plugging away.

I have been maxing the 401k since day one in my career and my wife has been doing it for a while as well. We recently started a Roth IRA. So SSN will only be bonus in my book. Who knows what SSN will look like in 30years.

 

What does the letter N stand for in SSN?

 

Social Security Number?