How much retirement pension does one get?
Tuesday, September 7th, 2010 at
10:42 am
If someone came to America 10 years ago . and they are at their retirement age next month, How much will he get for retirement ? Please let me know ASAP.
I am trying to figure out if this person will have enough for cover for a 200,000 mortgage per month.
Filed under: Retirement Planning
Like this post? Subscribe to my RSS feed and get loads more!
There are a number of factors that would determine the amount of income one would receive in a retirement pension and 10years of work is only one of them. If you are the person that will hold the mortgage you should require that the potential debtor provide that information with proof of their claim.
that depends on how much they have saved in those 10 years. We have no idea
Pretty much none.
1. Social Security requires that you have 40 quarters of coverage. That means legally working at a job and paying into fica/mc for 10 years. If they earned $30K a year for all ten years, maybe a monthly benefit of $650.
2. Defined Benefit Plans/Private pensions are few and far between. At 10 years, someone lucky enough to have one *might* get a pension of $300 a month.
3. Defined Contribution Plans are pretty much based on personal savings and people tend not to save.
As for paying on a $200,000 mortgage, no it’s probably not going to cover it, let alone insurance, tax, etc.
It depends on the plan, if there is one. If you are asking about Social Security only, 10 years coverage won’t be enough to buy groceries.
Not much. It will depends on what YOU paid into social security, but with only a 10 year working history, you will not make enough to come near a 200k mortgage. Probably only a few hundred a month at most.
A person with a $200,000 mortgage and no assets to pay it off, should keep working until they pay it off, or downsize into something they can afford.
Almost no one should retire with an outstanding mortgage they can’t afford to pay off.