social security

[brin]

In case you haven't noticed, the media is fawned of half truths. It makes sense to wait if one is employed because there is a SS penalty (aka tax) for earning more than $15,000. That penalty is 50% !!! On the other hand if one isn't employed then it makes sense for most folks to start at 62. The SS "Trust" Fund is nothing but government IOUs. The #$%^& politicians have stolen all of it!

rekees4300, You are exactly right and the congressional record should be examined and all those politicians over the years that are responsible should be prosecuted and stripped of all pensions , benefits and made to pay restitution from their personal assets while they are serving their prison terms...That is the only way to stop this.

 

[rekees4300]

rekees4300, You are exactly right and the congressional record should be examined and all those politicians over the years that are responsible should be prosecuted and stripped of all pensions , benefits and made to pay restitution from their personal assets while they are serving their prison terms...That is the only way to stop this.

+1 However, in order to prosecute someone there must be a violation of the law. Guess who makes the laws.

 

[brin]

+1 However, in order to prosecute someone there must be a violation of the law. Guess who makes the laws.

Point taken but we the people need to change the laws and make them retroactive, anyway they are guilty of fraud now that I think about it...Were we not told the money was in a lock box...? Was there not a contract with the citizens ? See what I mean...they need to be held to account...

 

[Travelover]

Google "social security calculator". Depending on your situation there are ways to game it. For example, a spouse is entitled to 1/2 the other's benefit. You can have your spouse take her SS and you claim your 50% of hers, but wait on filing for yours. Your own benefit grows and she collects that higher amount even if you pass away first. This provides her with more lifetime income.

 

[Redneck in training]

Now that I am getting close to being able to collect SS, there seems to be a lot more advice in the media telling us baby boomers we should wait until our full retirement age to maximize our monthly benefit check. And I wonder sometimes:

Has there been an increase in advice like this, or is it just that I am more aware of the issue and therefore pay more attention to such reporting?

They are assuming that you contribute to 401K etc. SS is not enough money to live and have fun in the same time. As the saying goes: SS is too much money to die and not enough to live.

 

[Mickey_Fx]

Point taken but we the people need to change the laws and make them retroactive, anyway they are guilty of fraud now that I think about it...Were we not told the money was in a lock box...? Was there not a contract with the citizens ? See what I mean...they need to be held to account...

Lots of comments can be made here.

Individual citizens have no direct voice in laws being passed. The only "voice" we have is through the representatives we elect in congress and the WH. Pay attention who you vote for. Pay attention to any voter fraud in the area where you live. We don't need illegal voters. Not paying attention can and does come back and bite you in the butt.

It is illegal to invoke laws retroactive, i.e. expo-facto.

No, we were not told our SS contributions were physically kept in an account just for us. There is NO trust fund and hasn't been for many decades. Just promises of benefits that doesn't have to be honored.

The Supremes decided a long time ago that individuals have no right to collect SS benefits based on the fact they paid into the system.

SS was never set up to provide one with a income one could live on. It was set up to insure no one would be totally broke. Again, you've been listening to politicians that will lie to you and say what ever it takes to get you to vote for them. Refer to above, PAY ATTENTION.

Couple other comments. Income beyond a specified point makes SS benefits taxable regardless of age ( I won't see 70 again). This past tax season 2/3's of our SS benefits were taxable. Next yr our Medicare premiums will go up for at least a yr. This is not the first time out SS and Medicare have been affected by our income.

Lastly, IMO anyone nearing retirement and is still in debt, has been doing something wrong in my estimation. Planning on retirement yrs should begin in your mid-40's or sooner. Personally have been debt free since my late 30's - early-40's. Made retirement in my late 50's possible.

These comment were not intended on being a sermon, just a wake-up call to some. Hope your retirement yrs will be pleasant ones.

 

[rekees4300]

There is NO trust fund and hasn't been for many decades.

Then somebody should tell the SSA.

Old-Age & Survivors Insurance Trust Fund

 

[LazySusanFarms]

If SS benefits are reduced for someone contemplating taking SS right now then we all much more to worry about then getting SS. SS, in my opinion, will not be reduced for those currently receiveing benefits, or about to, unless the US is about to default on its debt.

SS is not owed to any one specific individual but is a bloated, misunderstood safety net for all taxpayers who reach a specific age or become eligible for other reasons. Anyone who thinks that they are paying into an account is sorely mislead and uninformed.

Early commencement of benefits require a benefit reduction that is, more or less, actuarially correct. In other words, there is no gaming the system from a funding stand point. On ther other hand, an individual trying to decide on whether or not to start benefits early should realyy consider their personal situation, especially their current health and family medical history.

The real advantage is to defer benefits past the full retirement age. The annual benefit increases (8%) are slightly more generous than actuarially required and you can benefit from postponing if your personal history suggest you may live a long time.

Expect the following to "solve" SS and Medicare problems:
Extend fullretirement age to age 70
Extend eligibility for Medicare to a later age (67?)
Means test SS much more strictly
Ration services under Medicare, especially those in terminal years

 

[Travelover]

Then somebody should tell the SSA.

Old-Age & Survivors Insurance Trust Fund

While this is technically correct, it is sort of like you taking out a second savings account in your name and declaring it a trust fund. Then taking the money out of this "trust fund" and loaning it to yourself to pay the mortgage. Is the money really still in the trust fund or is there just an IOU?

 

[beppington]

While this is technically correct, it is sort of like you taking out a second savings account in your name and declaring it a trust fund. Then taking the money out of this "trust fund" and loaning it to yourself to pay the mortgage. Is the money really still in the trust fund or is there just an IOU?

A lack-of-trust fund?