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Annual Social Security Statement
I received my annual social security statement in the mail today. For the first time since I became eligible for social security (ie. worked for 10 years in the US) in 2006, I've compared the latest statements against the prior ones.
The curve in the earlier years seems to be steeper than later, probably owing to a lower inflation rate at the moment. My income also rose steeply some years ago but not so much just recently.
In any case, I'm still larding up my 401(k) as my primary retirement vehicle. If social security still exists in a recognizable form when I turn 67, it will be a happy supplement for my ice cream expenses rather than the core of my retirement budget.
Estimated Monthly Benefits:
2006 2007 2008 2009
If I retired at 62: $1,432 $1,489 $1,550 $1,620
If I retired at 67: $2,169 $2,257 $2,349 $2,455
If I retired at 70: $2,700 $2,810 $2,923 $3,056
The curve in the earlier years seems to be steeper than later, probably owing to a lower inflation rate at the moment. My income also rose steeply some years ago but not so much just recently.
In any case, I'm still larding up my 401(k) as my primary retirement vehicle. If social security still exists in a recognizable form when I turn 67, it will be a happy supplement for my ice cream expenses rather than the core of my retirement budget.