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?