For those on Social Security

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  • spec4

    Master
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    1   0   0
    Jun 19, 2010
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    My wife got her SS letter today. Next year she will receive exactly the same amount as this year. The increase was offset by the increase in Medicare.

    Not the end of the world, but so much for expecting a COLA increase on Social Security. In her case, Medicare went up $19 a month.
     

    Mgderf

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    43   0   0
    May 30, 2009
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    Lafayette
    I turn 60 next year.
    I don't expect to be able to collect social security, despite having paid in my entire adult life.
    I fully expect the federal government to be incapable of paying social security benefits to ANYONE by the time I would be eligible.
     

    PistolBob

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    4   0   0
    Oct 6, 2010
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    Midwest US
    Hell with that...I've been paying in for almost 50 years...when I turn 62 I am eligible and I will begin drawing that check immediately.
     

    nra4ever

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    25   0   0
    Dec 19, 2011
    2,372
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    Indy
    Hell with that...I've been paying in for almost 50 years...when I turn 62 I am eligible and I will begin drawing that check immediately.

    I agree with that. Give it to me now before I fall over dead or its gone.
     
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    hoosierdoc

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    8   0   0
    Apr 27, 2011
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    Galt's Gulch
    I agree with that. Give it to me know before I fall over dead or its gone.


    I wish I could opt out and still make a partial payment just for being a good citizen. They can keep the $150k or so I've paid in if I can opt out moving forward. Heck I'll still pay 1% if I can opt out and they can still keep everything.

    the s&p has about tripled in that time. I wonder how the social security trust fund has done over that time period :xmad:
     

    amboy49

    Master
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    5   1   0
    Feb 1, 2013
    2,293
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    central indiana
    But . . . But . . . But. . . . But. . . Thom Hartman, on the progressive channel of satellite radio, says S.S. is solvent - well at least thru 2031. Well, that’s what he said. Should I not believe him !
     

    indykid

    Grandmaster
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    4   0   0
    Jan 27, 2008
    11,859
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    Westfield
    Yes, being on social security, you are made to feel like you are special when you get an extra penny in your monthly stipend. But I know better, and it is not the government giving me government money to supplement my retirement, it is the government giving me back MY money that they stole from me in every paycheck I earned.

    I do like how they boast about the monthly increase, but don't tell you that your medical insurance payments are going up by the same amount, which I guess is better than Medicare going up more. But I thought they stole some money from each of my paychecks for medicare as well?!?!?!?!
     

    DRob

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    20   0   0
    Aug 2, 2008
    5,869
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    Southside of Indy
    The 26 years I worked on IPD was covered by a pension law so we did not pay into SS. Didn't even have the option to do so. Thus we ran afoul of the "Windfall Elimination Provision". I retired from IPD in Sept. 1993 and went back to work for the city the next day drawing the IPD pension and a salary. Worked another 14 years which made me eligible for a second pension through the Public Employees Retirement Fund as well as a small SS benefit. Due to the WEP, the meager SS benefit which I earned during those 14 years is reduced by 40%. After Medicare Part B and a prescription plan are deducted, my SS benefit pays for a few rounds of golf each month. I started drawing it as soon as I could and consider myself lucky to have drawn almost 10 years of it now. Bear in mind your SS benefit is taxable income and they will not withhold taxes any unless you ask them to do so. SS is the world's largest Ponzi scheme.

    The typical COLA increase so far has been less than breakfast. :)
     
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    actaeon277

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    4   0   0
    Nov 20, 2011
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    Well, just wait till the government takes over healthcare.
    Everyone seems to think it means everything will be free.
    But I keep looking around, and the government keeps saying it doesn't have enough money. Needs to cut spending and raise taxes.
    Why would healthcare be different?
     

    churchmouse

    I still care....Really
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    187   0   0
    Dec 7, 2011
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    Well, just wait till the government takes over healthcare.
    Everyone seems to think it means everything will be free.
    But I keep looking around, and the government keeps saying it doesn't have enough money. Needs to cut spending and raise taxes.
    Why would healthcare be different?

    It will not be. But try and convince a snow flake of this.
     

    Libertarian01

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    3   0   0
    Jan 12, 2009
    6,006
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    Fort Wayne
    Here is the REAL rub regarding social security.

    When it was designed, sold to the American people, and later implemented it was sold as one (1) leg of a three (3) legged stool. It wasn't supposed to support the whole weight of retirement, but only a third of it.

    One (1) leg was social security, one (1) leg was personal savings and investment, and one (1) leg was the company pension. How many folks here remember this analogy?

    So, if a retiree was to make $2k a month on SS, he was to ALSO make $2k a month from his own personal investments along with $2k from his company pension. This would insure that he would be living comfortably on $72k per year with most all debts being eliminated.

    How many people do you know that can or will match this? As most companies now do not offer a pension, that means personal savings and investments should equal 67% of expected revenue during retirement. I doubt most young people are anywhere near that investment capability.

    Of course, no one talks about the three (3) legged stool stool anymore as most Americans would freak at the percentage of their income required to fund the missing pension. And of course looking at their massive credit card debt, student loans, car loans, etc etc etc that would need to be sacrificed would horrible, horrible I tell you!:crying:

    Regards,

    Doug
     

    churchmouse

    I still care....Really
    Emeritus
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    187   0   0
    Dec 7, 2011
    191,809
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    Speedway area
    Here is the REAL rub regarding social security.

    When it was designed, sold to the American people, and later implemented it was sold as one (1) leg of a three (3) legged stool. It wasn't supposed to support the whole weight of retirement, but only a third of it.

    One (1) leg was social security, one (1) leg was personal savings and investment, and one (1) leg was the company pension. How many folks here remember this analogy?

    So, if a retiree was to make $2k a month on SS, he was to ALSO make $2k a month from his own personal investments along with $2k from his company pension. This would insure that he would be living comfortably on $72k per year with most all debts being eliminated.

    How many people do you know that can or will match this? As most companies now do not offer a pension, that means personal savings and investments should equal 67% of expected revenue during retirement. I doubt most young people are anywhere near that investment capability.

    Of course, no one talks about the three (3) legged stool stool anymore as most Americans would freak at the percentage of their income required to fund the missing pension. And of course looking at their massive credit card debt, student loans, car loans, etc etc etc that would need to be sacrificed would horrible, horrible I tell you!:crying:

    Regards,

    Doug

    It amazes me when people complain they are broke. They drive a 60K SUV, sport a 1K phone and dress to the 9's.....................but they are broke.
     

    Thor

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    Jan 18, 2014
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    We did not either but the insanity in 06/08 changed all of that for us.

    Not to mention the inflation of the '70's. I remember the money I was saving being worth less the next month. I had a goal in mind back then that I never reached; it cost you money to keep money.

    Doing much better now...as far as SS goes...I'm prepared to try balancing on the two legged stool.

    When / if the government takes over our medical care there won't be any. We should be prepared to survive without doctors. The only medicine available will be mandatory.
     

    churchmouse

    I still care....Really
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    187   0   0
    Dec 7, 2011
    191,809
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    Not to mention the inflation of the '70's. I remember the money I was saving being worth less the next month. I had a goal in mind back then that I never reached; it cost you money to keep money.

    Doing much better now...as far as SS goes...I'm prepared to try balancing on the two legged stool.

    When / if the government takes over our medical care there won't be any. We should be prepared to survive without doctors. The only medicine available will be mandatory.

    We are on a stool with 2 legs right now as to fixed income. The crash in 06/08 took out one of the legs. If I was more responsible and actually watched I could have averted a lot of the losses we suffered but I was not. Life was dishing out enough to keep me focused elsewhere at that time.
    I do still work when I can. So call it 2 and a half legs.
     

    Thor

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    2   0   0
    Jan 18, 2014
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    We are on a stool with 2 legs right now as to fixed income. The crash in 06/08 took out one of the legs. If I was more responsible and actually watched I could have averted a lot of the losses we suffered but I was not. Life was dishing out enough to keep me focused elsewhere at that time.
    I do still work when I can. So call it 2 and a half legs.

    Yeah, that Hoovered. The wife almost had a nervous breakdown watching what happened. I told her that it was all monopoly money anyway until we had our hands on it. It's why I'm still working...
     
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