I recently signed up for My Social Security where anybody can track their Social Security benefits online. Even though I don’t count on Social Security in my passive income calculations, I still expect SS benefits to be there for all working Americans who contributed to the system. There would be a civil war if Congress decided one day to stop paying Social Security benefits!
After signing up for My Social Security, I could see the same paper statement form they mail to all of us, but now in PDF form. Here’s what my benefits say:
* $2,566 a month in benefits at full retirement age of 67
* $3,182 a month in benefits at retirement age of 70
* $1,803 a month in benefits at retirement age of 62
* $1,917 a month for my child or spouse if I die today.
* $2,533 a month in disability benefits if disabled right now! This is probably the biggest surprise. What’s really stopping someone from taking a leap of faith if they have health insurance and disability benefits to back them up?
Not enough to live entirely on, but better than mud in the face. In fact, I just realized this is the maximum Social Security benefits one can receive after checking with a couple other friends who all have more or less the same figures.
The caveat emptor written in the Social Security statement is: “At your current earnings rate, if you were to work until age………” In other words, what if I can’t continue earning what I’m earning now? Furthermore, what if I want to no longer work and just live off passive income for the rest of my life? What benefits will early retirees get?