Thank you Mathwizard,
I am bit slow, can you tell me what the above statement means?
When you say "projected benefits" are you talking about SS?
A sample of the Social Security Statement like the one I recieve annually can be found at:
At the top of page 2, the statement:
*Retirement You have earned enough credits to qualify for benefits. At your current earnings rate, if you
continue working until…
your full retirement age (67 years), your payment would be about.........................................................$ 1,619 a month
appears. This is an example of what I meant by "your projected benefits", I guess SSA uses the word estimated.
The pertinent line on what percentage I would estimnate actually getting comes from the later statement:
*Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2033, the payroll taxes collected will be enough to pay only about 77 percent of scheduled benefits.
The percentage has been hovering around 75% for as long as I have been recieving statements.
(I signed up with the SSA for annual statements a long time ago. For a while, everyone got one, but that chnaged when an online
tool became available. Some people say they don't get them anymore. Maybe I get them because I had actually asked for them.)
If you want one, do a google search with something like
"requesting Social Securit Benefit Statement"