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  #11  
Old 12-08-2009, 11:12 AM
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The current NRA annual SS payout for someone 57 years old that has always earned above the limit is a shade under $30k, so not terribly unreasonable.

Still, rather shady that your employer is 'taking credit' for social security.
I am always amused by employee benefit statements that include that pitiful SS death benefit along with whatever life insurance coverage there is on the employee.
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  #12  
Old 12-08-2009, 11:37 AM
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Still, rather shady that your employer is 'taking credit' for social security.
Especially since it will likely be taxed away in my case.
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  #13  
Old 12-08-2009, 12:47 PM
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Especially since it will likely be taxed away in my case.
True, but I'd assume the forecast payout is a gross figure.

(taking the assumption that you're well over the threshold), you'd have to pay taxes on 85% of your SS benefits.
http://www.ssa.gov/pubs/10035.html#taxes
http://www.irs.gov/pub/irs-pdf/p915.pdf
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  #14  
Old 12-08-2009, 12:49 PM
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It's absurd. Do we have to spoon-feed every high school dropout and humanities graduate, who can't perform a trivial calculation? What's worse -- there are an infinite number of calculators available at mutual fund and personal investment websites.

Why should the employer or 401k TPA have to send out more paperwork?
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  #15  
Old 12-08-2009, 01:02 PM
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(taking the assumption that you're well over the threshold), you'd have to pay taxes on 85% of your SS benefits.
I know- we pay taxes on 85% of my husband's benefits. I'm guessing that by the time I get there it will be a dollar-for-dollar reduction if your income is over a certain level. But that's a whole 'nother thread.
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Old 12-08-2009, 01:30 PM
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I know- we pay taxes on 85% of my husband's benefits. I'm guessing that by the time I get there it will be a dollar-for-dollar reduction if your income is over a certain level. But that's a whole 'nother thread.
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Old 12-08-2009, 05:05 PM
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I love when my employer assumes a X% annual salary increase for each of the next 30something years when the average raise is considerably less than that. Also when they assume a return on the cash balance plan that is twice as high as it's ever paid out.
From last year to this year my projected retirement income from the cash balance plan dropped precipitously when they revised the assumed interest rate downward by one point. They didn't mention the change or why it happened. Of course, that was on the back of the page so probably 80% of the employees never looked at it.
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Old 12-08-2009, 08:25 PM
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I love when my employer assumes a X% annual salary increase for each of the next 30something years when the average raise is considerably less than that. Also when they assume a return on the cash balance plan that is twice as high as it's ever paid out.
From last year to this year my projected retirement income from the cash balance plan dropped precipitously when they revised the assumed interest rate downward by one point. They didn't mention the change or why it happened. Of course, that was on the back of the page so probably 80% of the employees never looked at it.
I am surprised that your employer sends out statements with an annual salary increase. We advise our clients not to assume an increase lest someone drag out a ten-year old statement and threatening to sue because the company "promised" that they would be earning thus-and-such.
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  #19  
Old 12-09-2009, 08:56 AM
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I am surprised that your employer sends out statements with an annual salary increase. We advise our clients not to assume an increase lest someone drag out a ten-year old statement and threatening to sue because the company "promised" that they would be earning thus-and-such.
The other approach to having a salary increase assumption is to report a percentage of final salary, rather than a dollar amount. (Not that I've done any benefit statements for a long long time.)
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My latest favorite quotes, updated Nov. 20, 2018.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
All purpose response for careers forum:
Quote:
Originally Posted by DoctorNo View Post
Depends upon the employer and the situation.
Quote:
Originally Posted by El Actuario View Post
Therapists should ask the right questions, not give the right answers.
Quote:
Originally Posted by Sredni Vashtar View Post
I feel like ERM is 90% buzzwords, and that the underlying agenda is to make sure at least one of your Corporate Officers is not dumb.
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  #20  
Old 12-09-2009, 11:01 AM
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The other approach to having a salary increase assumption is to report a percentage of final salary, rather than a dollar amount. (Not that I've done any benefit statements for a long long time.)
But you can't do that when you're trying to take credit for social security, which is income dependent
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