Social Security question

[5Stars]

Are there any tax experts out there? (theogt)?

I have tried to contact the SSN Administration but get put on hold for at least 20 minutes before I just hang up!

Any, I was looking over my SS Statement and have a question.

Under estimated benefits it states something like the following.

Under Retirement it states;

If you retire at 66 years of age you get such and such amount.

If you retire at 70, you get such and such amount.

If you retire at 6208 you get such and such.

What does the bolded part mean? At 62, but what is the 08? Months, days, hours, what? Anyone know?

TIA

 

[Tabascocat]

I "think" it is a certain form that contains a lot of varying information. Here is what it looks like:

6208
Classify Accounting Terms Activity Name: ________________
Objective 4.01 Class: ________________

Classify each set of terms on the right into one of these classifications:


Accounting Activities
Assets
Careers in Accounting
Deductions
Financial Statements
Items on Balance Sheet
Items on Income
Statement
Liabilities


Terms Classification
• Revenue
• Expenses
• Net Income or Net Loss
• Buildings
• Office Equipment
• Land
• Assets
• Liabilities
• Owner's Equity
• Balance Sheet
• Income Statement
• Statement of Changes in Owner's Equity

• Mortgage Loan Debt
• Accounts Payable
• Taxes to be Paid
• Accountant
• CPA (Certified Public Accountant)
• Bookkeeper
• Accounting
• Auditing
• Bookkeeping
• Social Security
• Retirement
• Taxes


I could be way off though.

 

[Tabascocat]

Or it deals with pension plans..

My most recent retirement income scorecard shows that $100,000 will buy an annual life annuity for a single woman age 65 of $6,208 and an annual annuity of $6,957 at age 70. (These amounts come from Hueler's Income Solutions, an annuity shopping service that provides competitive, institutional quotes on annuities.) If Bill's wife uses her death benefits to buy an annuity with the agent's insurance company or if she uses another agent to buy a retail fixed annuity, she'll most likely receive an income that's lower than these amounts.

Trying to help but probably making it more confusing, sorry

 

[5Stars]

I "think" it is a certain form that contains a lot of varying information. Here is what it looks like:


I could be way off though.

:drunk:

Thanks, but I have no clue what that is! I guess I will just have to wait until retirement.

 

[jobberone]

In a simple way you are betting on when you die. The earlier you die the better off you are to take the money at 62. If you think you're going to live longer then take the money later. Unless you need it then you're stuck. You can also look at putting all that money in a high yield fund and hope it makes you enough money to offset the risk of losing some of it and making a nice egg. Even if you play conservatively you can make $2k a month into about a quarter million over 20 years. Of course then you're betting on living into your 80s. You can always borrow against that money and invest in a nice home which you can basically use as a life insurance policy to your spouse or heirs. Just take out a policy to pay the home off on your death.

 

[jobberone]

Actually I meant $2K a month would net about $750K in 20 years at about 7-8% return annually. Not taking capital gains yada into account.