Social Security calculator

[furie]

Here is a link to a calculator that will figure out W's social security reform as it relates to your dollars. just put in your income and age and it will tell you what you will get in return (http://www.daveramsey.com/etc/social_security/index.cfm?FuseAction=dspSocialSecurity&strMode=calculate#)




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[HBox]

Personal retirement accounts would be protected from sudden market swings on the eve of retirement.
Hidden Wall Street fees would not eat up personal retirement accounts. Personal retirement accounts would be low-cost.

This guy is gonna have to explain how they are going to do the first part, and he's also gonna have to define "low cost." if he doesn't know, he's not taking it into account on his calculator, making the whole thing invalid, even a a estimate.

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[HBox]

Wait a second. This is fucked up anyway. I put in that I make 28000 a year, I'm 23 and I'm supposedly going to get:

By investing 4% of the 12.4% you already pay into social security in privatized account, you should have approximately $998,395.04 available to you at retirement in addition to a smaller traditional social security benefit.

Privatizing Your Retirement Breakdown

* Your max privatized account contribution per year is 4% of your annual income - $93.33 per month for a total annual contribution of $1,120.00.

* Invested over 42 years from age 23 to age 65.

* Your monthly draw after retirement will be approximately $6,647.65. This draw accounts for an inflation rate of 3%.

* This plan should leave your privatized retirement nest egg, $998,395.04, untouched to pass along as inheritance for your family.

This guy's gonna have to work on this.

Let Us Trim Our Hair In Accordance with Socialist Lifestyle!

[mdr55]

BUSH math...got to love it.

[mdr55]

I wonder what happens if the market crashes. Or the stuff you pick don't do so good.

[mdr55]

What's the retirement age set at or going to be when I get there???

[HBox]

I did some more research, and according to this guy, under Bush's plan after retiring you get to live in a gumdrop house on Lollipop Lane, your mailman will be made out of chocolate and you can take a bit out of him whenever you like! That's much better than the current system, where you will be turned into Soylent Green only after being force fed raw oats for two years to make you tender.

Let Us Trim Our Hair In Accordance with Socialist Lifestyle!

This message was edited by HBox on 2-11-05 @ 5:29 PM

[Kevin]

I want a damn Lockbox!!!!!!

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Jimmy Fallon kissing Drew Barrymore -- on the field, on live TV -- right after the Red Sox won their first World Series in 86 years. In fact, they were shown in a closeup within 60 seconds of the final out. And every Red Sox fan is determined to pretend that this never happened, and that it didn't taint the moment even a little bit ... so it wasn't a huge deal.

[42nd-delay]

There's too much unknown here to make this useful. I'd love to see
the calculations he makes to arrive at these numbers, since he has to
make some big assumptions, including what fees are charged, how
long "you" will live, not to mention the idea of getting a return of
10% over a 40 year period (or less). There's also the question of
whether he adjusts for inflation - $1 million 40 years from now isn't
the same as $1 million today. In any case, based on the past 50
years, an inflation rate of 3% is too low.

According to my calculations, my investment returns would come out
to far less than $1 million, more like $150,000 (adjusted for
inflation). Try it yourself: investment
calculator (http://www.dinkytown.net) - click on "investment returns" on the right.

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This message was edited by 42nd-delay on 2-11-05 @ 5:40 PM

[furie]

I imagine this is going to work much the way the government's Thrift Savings Plan works.


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[mdr55]

Here's my retirement plan:

$1 a day for lotto x 365 days a year x #of years till retirement

[HBox]

This guy is using inflated dollars, which makes his figures a little less insane.

But if you click on the link that will show you what Social Security estimates you will get under the current system, it estimates it in current value, making the gap seem ridiculously huge. Which tells you how much you should trust this, even if you ignore the link to GOP.com on the bottom of the page..

Let Us Trim Our Hair In Accordance with Socialist Lifestyle!

This message was edited by HBox on 2-11-05 @ 5:55 PM

[furie]

.

This message was edited by furie on 2-11-05 @ 5:57 PM

[42nd-delay]

Thrift Savings Plan is different, since it sits on top of Social Security, making it essentially a government 401(k).

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"42nd-delay is the only person who's making sense." - Ron, 3-12-02

[Bulldogcakes]

This guy is using inflated dollars, which makes his figures a little less insane.

He should have something in todays dollars, to aviod this critcism.
Figure those dollars are roughly around triple what they would be today, so your calculation would yield about $330,000 in todays dollars. Which is still $330,000 more than you acrue now.

Another problem. Not many people maintain a fixed income over a lifetime. Many start around 25k and move up to 50, 60k or more by the time they retire. Others work a few years, have kids and never return to the workforce. Some self employed types (like me) see our income go way up and way down many times over the course of our lives.
But again, whatever it is its more than you keep now, which is nothing.

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This message was edited by Bulldogcakes on 2-11-05 @ 7:39 PM

[42nd-delay]

330K assumes only 3% inflation, which is a little low I think. In any case, the amount you have at the end is not $330,000 more than you would have had - it's the amount replacing what you would have had if you had kept those percentage points in SS. If you do less well, you'll end up with less thsn those who stayed in SS fully.

And the money isn't really yours at the end - it goes into an annuity and paid off over the rest of your life. What ever is left at the end, if anything, goes to your heirs. If you live long, there could be nothing left. Essentially, its the same system with more risk and reward built in. There's a place for taking investment risks, but a program designed as an insurance is not the place.

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"42nd-delay is the only person who's making sense." - Ron, 3-12-02

[Bulldogcakes]

In any case, the amount you have at the end is not $330,000 more than you would have had - it's the amount replacing what you would have had if you had kept those percentage points in SS. If you do less well, you'll end up with less thsn those who stayed in SS fully.

The money should go into a variety of Bonds, that's the only plan I'd support. The can be Federal, State, Local, AAA Corporates. These are fixed investments not subject to market swings (Only to being called) You will not do worse than Social Security. You will get far higher returns, and again the money belongs to you, not Uncle Sam.

And the money isn't really yours at the end - it goes into an annuity and paid off over the rest of your life. What ever is left at the end, if anything, goes to your heirs. If you live long, there could be nothing left.

Wrong. There will be rules on the money. You will not be able to touch the principal. You live on the interest. And you can do the indefinitely. And when you do die, you can pass the money on to heirs or charity. Which could be a boon for private charities

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Ow! Hey! Get that net offa me! Ouch! Help!! Somebody HELP!!!!

This message was edited by Bulldogcakes on 2-11-05 @ 8:03 PM

[Snoogans]

as a test, i put 10 grand a year, and i would stand to recieve something like 3200 a month. so in 4 months id make more on social security than i do at work.

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