Originally posted by littled16
reply to post by schuyler
However the point still holds true that more and more seniors cannot afford to live on Social Security, and earning enough money to make it cancels
out Social Security payments ( at the minus $1 for every $2 you earn formula). They could make it quite well at the minus $1 for every $3 you earn
after $38K formula, sure. And absolutely working in addition to getting full benefits.
I'm really sorry, but the point doesn't hold at all. If you are full retirement age, you get full social security, just as the quote direct from SS
itself states. If you retire PREVIOUS to full retirement age, then those restrictions apply. I retired at age 62, so those restrictions apply to me
until I reach age 66. The only way your point holds is for someone retiring early.
Social Security was not designed to support someone completely. It was designed as a supplement, a base to prevent impoverishment, and it has largely
succeeded. Of course, for a variety of reasons, many people did not prepare for retirement adequately. My parents were in that position. Some lost
their money in poor investments. Some simply couldn't afford to put money away. So I'm not claiming it's their own fault. But the fact is, relying
on social security for ALL your income in retirement, is a mistake any way you play it.
The Social Security Administration estimates that retirees need 70 to 80 percent of preretirement income to live on once they retire. Social
Security provides about 40 percent of preretirement income if you retire at full retirement age. Full retirement age is 66 in 2011. If you retire
early, Social Security decreases benefits by approximately 25 percent.
Read more: The Average Percentage of Retirement Income That Is Social Security | eHow.com