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SS your top 35 years
mogley98
Member Posts: 18,297 ✭✭✭✭
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?
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!
Comments
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.
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.
My thanks to all you worker bees. May there be even more like you when it's your turn.
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!