Social security benefits

[DCCS Todd Holcomb]

I just received my annual statement of social security benefits and I'll be the first to admit I'm not well versed on the ins and outs of the system. I do find it strange that if I work until I'm 62 then stop my monthly benefits are around a little more than $1K but if I get disabled today my benefits are exactly $300 more than working until I'm 62. Then if I work until I'm 67 my benefits are only $184 more than my todays disabled amount. if I work until 70 I get $567 more than todays disabled amount. Also I get a stipend for each child and my spouse if, I'm disabled, and if I die this year my children each get more than my amount for working until 62. Plus my wife would get almost $400 more than my 62 age amount if she reaches full retirement age.:eek:


Looks like everyone would come out better in this deal than a person working to any of the ages required to qualify for retiree benefits...


Just doesn't make sense to me, I work all those years and get less than if I were disabled today, don't get me wrong I'm banged up enough as it is and don't ever want to be disabled. It just makes me wonder how they do those numbers. I know, I know, if the bread winner is gone there has to be something to help the family but I can't understand how any system can work in a way where I work for 23 more years, (62) and pay into the system but would earn less than if I were disabled today. I understand my amount of retiree benefits will go up as income does but is the same true for the disability and death amounts???:confused:


Hopefully someone can shed some light on the subject.
Todd

[BMCM Stuart S. Slesh]

Todd, I started scratching my head a couple of years ago. I saw where a kid was getting monthly benefits from his father who died about five months before he was born. His father would have been paying into the system for about six years....... and his son will be getting benefits for three times that ?

They just had a news story where the first baby boomer was eligible for benefits. If you listen to the media....... you're wasting your energy trying to figure out how they come up with thier numbers, because there won't be anything left when you're eligible to start collecting. Don't let that get you down though, just change the channel,.... because the other show is there to tell you that every one of our candidates has a plan to protect your future, and we're minutes away from universal health care that isn't going to cost you a thing. Your future is bright....... Don't worry, be happy.....

[BMCM Wray Gillette (Ret)]

This has been discussed on Military.com a few times... We didn't get into the disabled part of social security, but, the bottom line was take your money at 62 & run..... which I will be doing.

Wray... :cool:

[DCCS Todd Holcomb]

Master Chief Slesh,

Yes blue skies are in the future...

Master Chief Gillette,

That's exactly what I plan on doing, it would suck to pay in all those years and try and hold out til 70 and then croak.

That begs another question, what happens to all the money you pay into the system when you die?? Example, My uncle died a few years ago he had just started collecting benefits, by only a few months. My aunt hadn't started collecting yet but was set to start around the time my uncle died. They both worked and paid into the system all their lives, he only collected for a few months(<6) but once he died she was told she could either collect his amount or hers but couldn't collect both, crazy I tell ya!!!

I guess that's where the get the money to pay all the death benefits.

Todd

[BMCM Wray Gillette (Ret)]

That begs another question, what happens to all the money you pay into the system when you die??

That is the roll of the dice... it stays in the system... those that choose to wait until 70, should they die prior to that, the government wins.. if they live to 100, they win. Pretty simple game. You and I are the smart ones.. gettin it at 62.:D

Wray... :cool: