Earning the 60 Blog

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Dwight D. Eisenhower (November 8, 1954):  Should any political party try attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history.  There is a tiny splinter group, of course, that believes you can do these things.  Among them are Texas millionaires, and an occasional politician or business man, and they are stupid.

I recently checked my Social Security statement online (ssa.gov).  I think you’re supposed to check it every six months to make sure that your earnings are listed correctly, and to figure out what your prospective retirement sum will be at that magic age.

Looking at my statement, I’m reminded that I’ve been in the work force since 1976.    In that year, I made $702.  Yes, I was raking in the dough at 20 years old.  Granted, I was still living at home and just about to get my college degree, and I don’t recall ever feeling that I didn’t have spending money.  Because, at the time, what did a 20-year old New Yorker really need?  I didn’t own or need a car, so no gas or insurance costs.  I took a bus to school and work, and the bus pass was likely a few bucks a month.

The next year, I made almost $5,500.  Still living at home, still not owning a car, and I must have thought I was rich at the time.  1977 was the year I spent a month traveling through Europe, so I must have used my earnings to pay for the trip ($1,000 total).   Young and stupid, before I had a credit card in my name.

Over the years, my salary has steadily increased, thankfully.  Last year, however, being unemployed for six months, made a dent in my earnings and contributions, but I’m okay with that.

My full retirement age is 66 and 4 months.  Or I could work until 70 and get the big money.  At age 62, it’s a smaller sum of money, but one that looks attractive to me at the moment.

What do you think?  Will you work until 70?  What did you earn during your first year of “official” employment?

 

 

 

 

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2 thoughts on “Earning the 60 Blog

  1. I’m looking at my SS earnings…my very first year of employment, 1973, I earned $994.55! Wow I was rich! It goes steadily up from there until 1983 when all of a sudden I go up quite a bit, to the five figure range! Yippee skippy! Most of my jobs before 1973 were babysitting, working during the summers at dad’s office. My first year of college at Loma Linda University, a minister who lived in the neighborhood came to the Business School and asked them for their best typist. The teachers gave them my name, and thus began my real working. Dr. Nelson was translating the Bible into Japanese and Chinese and wrote scads of letters. I walked to his house every Monday, he would dictate to me, I would get it all down in shorthand, and take everything back on Thursday for him to sign. He had the most fascinating stories to tell! My typewriter would clack away into the late hours of the night. I had a long suffering roommate who put up with all that. Between Dr. Nelson, classes, homework, typing term papers for $10 each, it was a busy, busy year!

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