I recently came across someone who was talking about their lifetime earning calculated by the SSA.
I signed up with them - it shows estimated SS income, etc. I just zoomed in on the Lifetime Earnings - I started working in 1996. During the last 19 years (from part time high school to today), I have earned (per their calculation of Taxed Social Security Earnings), $582,582.
Very interesting to think what I have earned over all this time and where I am financially today!
Interesting Tidbit - Lifetime Earnings from Social Security Administration
July 5th, 2015 at 02:37 pm
July 5th, 2015 at 05:10 pm 1436116206
Knowing how much taxed SS income was earned thus far is very pertinent for anyone looking at how much was retained to be saved/invested.
As I see it, employers and government are making it the individual's responsibility to save for the future. With enough notice, future governments can adjust/modify/change that governs the SS legislation. With life expectancy rising dramatically it's possible that retirement may be raised to age 72 for example.
So many of us who are approaching retirement wonder if we will outlive our savings now that we need to reduce risk to become more 'savers' than 'investors.'