Social Security Baby Boomers Tarpon Springs

spacerKnowing when and how to start your social security benefits could be the most important decision of your life. There are 81 different options to choose from. The Social Security Administration will not explain all of these to you and determine which is best for you in corelation to your other assets. They will only process your paperwork on your choice or you.You do not get a second chance with this.

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   Financial Planning
 

Benefits vs. Taxes

Refer Tampa Bay Times August 8, 2012

Here is a look at lifetime Social Security taxes and benefits for people turning 65 in different decades. The lifetime value of taxes is based on the value of accumulated taxes paid, as if those taxes were put into an account that earned an annual 3 percent interest rate, plus inflation. The examples are for a married couple in which both spouses earned average wages ($43,500 in 2011). Projected benefits assume that both spouces have average life spans after turning 65. Want more benefits? Live longer.

If you turned 65 in 1960:
Lifetime Social Security benefits: $259,000
Lifetime Social Security taxes: $36,000

 

If you turned 65 in 2010:
Lifetime Social Security benefits: $555,000
Lifetime Social Security taxes: $588,000

 

If you turned 65 in 1980:
Lifetime Social Security benefits: $452,000.
Lifetime Social Security taxes: $192,000
If you turned 65 in 2030:
Lifetime Social Security benefits: $699,000
Lifetime Social Security taxes: $796,000

 

In 1960, a 65 year old woman could expect to live 16 more years, on average, and a 65 year old man could expect to live 13 more years. In 2030, a 65 year old woman could expect to live 20 more years, on average, and a 65 year old man could expect to live 19 more years.