Re: SS pushed back to age 70. - Jean/Carol
Not entirely accurate. If someone making the newly anticipated minimum $15/hr..they'd be making about $600/wk for a normal 40 hour work week. SS takes about 15 percent out of that. Normal retirement is after 30 years. If someone started covering themselves at age 25, at age 65, they'd have around $187,000 without calculating how much more would be accumulated with interest being added in, raises over the years and any other savings accumulated. At the roughly $20,000 per year, the average person gets today. at disbursement age, it would last about ten years. A lot of variables are involved I know, but it is a reasonably conservative projection for a low income person.
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