Re: Interest rates
Trying to give you an explanation of how our Social Security benefits work would be like me explaining a chinese fire drill.* I think it's intentionally done the way written under the codex of "Bullshit baffles brains"
I don't think*I'm a stupid person.* I made my*living the*later*years of employment, composing and understanding contracts, which*were written by attorneys, and accountants employed by the major oil*companies,*military, construction companies, etc. etc. Looking for loopholes*or errors in a contract so we could get a change order and up the price of our services.
But the writers of our S.S. leave me bewildered.* Following is one of the opening paragraphs of the S.S. explanation of how to calculate*your pension:
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"Primary Insurance Amounts.The OIA is the sum of three separate percentages of portions of the AIME.* While the percentage of this PIA formular*are fixed by law,* The dollar amount is the formula*change annually*with changes in the national average wage index these dollar amount, called "Bend Po[nts,"* govern the percentage of the AIME....." (snooze!)
Consequently, one is forced to go to the nearest S.S. office to get them to figure out how much one would receive*each month .
However, the clever bastards who wrote that crap outsmarted*themselves.* The clerks employed*are on our side. My friends and I were helped through the maze, and they showed me I had chosen the wrong path and amended my*claim, so I received*about $50.00 a month more.* I said to the clerk on the side "You've cost the government money, buddy."* he told me the money wasn't "theirs" it's ours and you paid in for it."
Anyway, I'll give you the basics" You can receive a S.S. payment at age at age 65 and a reduced payment at 62 or an increased one at age 72.
The maximum monthly check is $3,200, based on 35 years of premium*payments paid by payroll deduction which are deducted monthly out of a base salary (based on year 2021) 0f $142,300. 00 P.A..* The deduction stops once you have paid through to $i42,300.* If you make more than that, you don't pay for the balance of that year.
The minimum monthly payment for retired low earners is $1,066.50 per month.
I came into the states at age 23, I retired at age 47, this was the time span of my contribution into the system.*
Due to my earnings, I always paid in at the maximum level.* My first job was as a hotel cook. it took me 11 months to pay the maximum in to the plan.* Two years later I was a head chef of a hotel, earning a good salary and reached my annual payment in say 9 months.* Then I became managing director and paid off in say 7 months this carried on and when I was President and CEO I paid it off in 5 months.* In other words, short of the first year or two I earnt greater than the top rate.* However I did not work the 35 years required to get the top rate at today's rate.* I get, based on my earnings and the years I subscribed, $1,745.00 per month. This is adjusted annually by the government's determination of inflation.* Which is a market basket of items, In addition I receive $830.00 from my late wife's teachers pension. $98.00 from mu UK pension.* And monthly interest on my savings and investments.* Should I run short I withdraw from my savings.
My wife and I planned on an income stream to last her*to age 120. sadly she didn't make it.* What is left when I kick the bucket will be shared between her niece*and my son.
I'm not sure if this answers the questions that quite a few of you asked, but our social security system is not the same rate for everyone, the more you put in the more you collect up to the maximum benefit.
If my wife was still alive she would have got an extra $300.00 a month over my teacher''*widower's benefit plus*about $1.400. a month social security pension. These ceased the day she died.
Cheers, Rodney.
Rodney David Richard Mills
R602188 Gravesend