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SS your top 35 years

mogley98mogley98 Member Posts: 18,297 ✭✭✭✭
edited January 2018 in General Discussion
Interesting calculations

In order to replace one of the 35 years in your SS benefit calculations after adjusting for inflation.

If you made 15K a year in 1983 you would have to make over 38K in 2018 dollars to have actually made more. 75K in 2008 would need more than 86K today.

When I was a wee lad in 1976 during HS working for Continental Can planting trees on the weekends I made 679 dollars today that is worth 2,943. :)

an Ounce of Gold was $133. equals -$576 today, not even close!

Gallon of gas .59 Today would be $2.56 That is about right.

Average new car $4100. Today's cost should be-$17,774

Looks like the "inflation calculator" isn't too accurate on some things at least. Wonder what the true rate would be?
Why don't we go to school and work on the weekends and take the week off!
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    Horse Plains DrifterHorse Plains Drifter Forums Admins, Member, Moderator Posts: 39,391 ***** Forums Admin
    edited November -1
    Yeah I got into a similar thing a couple weeks ago. I was trying to find out how much a dollar in 1867 would equal today. The calculator I found showed $29 and change.

    I had been reading an article about my wife's great great great grandfather, and it said that in 1867 he had amassed a sum of $6100. The calculator showed that would amount to a bit more than $179K today.

    My opinion is that is way off. I think $6100 in 1867 would have bought more than $179K would today. My main reason is looking at wages. Seems that back in the mid-late 1800s many jobs paid about a dollar a day. So that would mean we would be working for $30.00 a day now.
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    droptopdroptop Member Posts: 8,367 ✭✭
    edited November -1
    The calculation posted is why S.S. has never been more solvent.

    The money YOU paid before turning 65 IS NOT the money you will collect. Your money went to pay people who retired in 1965 (?)

    The money being paid to S.S. retirees is always one generation behind. That's why it works as well as it does.

    The big costs were paid the first 15 years after inception. The millenials need to quit f'n around and get good paying jobs. OK that's not going to happen, now what[:D]

    Bought a new fully loaded El Camino in 1976. 400 ci, two tone paint, bucket sets, alloy wheels, dealer just kept checking off the list until there wasn't anything else. $4000 drive out.
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    Rocky RaabRocky Raab Member Posts: 14,203 ✭✭✭✭
    edited November -1
    Yup. Your SS deduction is spent immediately after it comes out of your check. (It becomes my monthly walk-around money!)

    My thanks to all you worker bees. May there be even more like you when it's your turn.
    I may be a bit crazy - but I didn't drive myself.
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    HandLoadHandLoad Member Posts: 15,998 ✭
    edited November -1
    Timely Discussion, for me. I begin getting SS next Month. Of interest is "How Much?", as I began accruing Quarterly Credits in 1968, but Quit working entirely in 2003.

    Now at Full Retirement Age, I would have qualified for ~$2500.00/Month, Had I worked till this Month. Buuuut, with Fifteen Gooseggs tween Now and 2003, I'm not expecting much. This, in spite of "Topping Out" my contributions nearly every Year I did work.

    It will be interesting!
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    armilitearmilite Member Posts: 35,483 ✭✭✭
    edited November -1
    I've worked for 50 years and am still working albeit part time. I'm sure glad they do the 35 years as those first 15 were kind of paltry by todays standards.
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