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Marc
Ultra Nomad
Posts: 2802
Registered: 5-15-2010
Location: San Francisco & Palm Springs
Member Is Offline
Mood: Waiting
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I've been receiving SS for 9 years now. I think the government will have to get wise to people like me who really don't need it and require that
recipients have an income that requires assistance. The fund is going broke.
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mtgoat666
Select Nomad
Posts: 18122
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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[rquote=1003333&tid=80518&autho=DENNIS]
Social Security withdrawals from wages are a zero interest loan to the government.[/rquote]
You've been on the dole and milking the disability system since 'nam. Who are you to talk?
Btw, it's not a loan system, it a pay as you go system. If you live long enough you reap much more than you put in.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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I like SS and think it is a good deal for most people. But if you would have invested the same amount of money over the years you would have a lot
more. That's usually the argument some give against it. However very few would do it and would end up in the poor house. Most Americans like to spend
everything they make on toys and things they want not need.
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LancairDriver
Super Nomad
Posts: 1592
Registered: 2-22-2008
Location: On the Road
Member Is Offline
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Quote: Originally posted by Marc  | | I've been receiving SS for 9 years now. I think the government will have to get wise to people like me who really don't need it and require that
recipients have an income that requires assistance. The fund is going broke. |
You don't have to accept it. You can return it to the Government or donate to your favorite charity if you have a guilty concience.
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MrBillM
Platinum Nomad
Posts: 21656
Registered: 8-20-2003
Location: Out and About
Member Is Offline
Mood: It's a Zip-a-Dee-Doo-Dah Day
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FDR's Scam gone Awry
The plan was NOT designed to be "Pay as you Go", but "Pay and Go".
Before you got to 65.
The intended financial "safety-feature" (for the government) behind the ploy was to make the eligibility threshold (65) just beyond the average
expected lifespan (62) which would make today's recipients wait until about 80 or so.
BTW, IF we are going to "means test" the system, how about going BACK to the concept that eligibility is tied directly to WHAT the
recipient actually paid in and forget those "Alternate" computations ?
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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| Quote: Originally posted by MrBillM | The plan was NOT designed to be "Pay as you Go", but "Pay and Go".
Before you got to 65.
The intended financial "safety-feature" (for the government) behind the ploy was to make the eligibility threshold (65) just beyond the average
expected lifespan (62) which would make today's recipients wait until about 80 or so.
BTW, IF we are going to "means test" the system, how about going BACK to the concept that eligibility is tied directly to WHAT the
recipient actually paid in and forget those "Alternate" computations ?
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So, you sit in your single wide by the Salton Sea and collect social security and pontificate?
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Bob53
Senior Nomad
Posts: 661
Registered: 2-24-2014
Location: Fallbrook, CA & Bahia de los Angeles
Member Is Offline
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I'll be eligible for SS this coming December and I will be taking it.
The bitterness of poor quality remains long after the sweetness of low price is forgotten.
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
Member Is Offline
Mood: chilly today hot tomale
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| Quote: Originally posted by TMW | | I like SS and think it is a good deal for most people. But if you would have invested the same amount of money over the years you would have a lot
more. That's usually the argument some give against it. However very few would do it and would end up in the poor house. Most Americans like to spend
everything they make on toys and things they want not need. |
This is a popular misconception and not true for most Americans. When you actually do the math on a defined contribution plan vs a defined benefit
plan like SSN that has a COLA, there are crossover ages where you profit immensely with the benefit plan. With the low interest rates, you have to
have $100k in savings to generate $4k per year (4% safe withdrawal rate). And there is no COLA. The length of time you draw is the key. Most
calculators will show a benefit to early claims until you're around 80 years old, then it would be better to wait and claim at full age or later (like
70) if you will live until your 90's.
Being married to a person with significant bennies is another twist in the game and if one person has higher income or is younger/older, it all needs
to be factored into the equation. There are multiple calculators on line, one that I've used is here: http://individual.troweprice.com/public/Retail/Retirement/So...
We're all just one Medical Adventure from ruining any calculator but having a plan is better than winging it, IMHO. I plan to use my SSN as wisely as
possible, I've paid in since I was 12 years old and feel that I've EARNED my reward, not an entitlement that I'll give up without a fight.
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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alacran
Nomad
Posts: 316
Registered: 9-22-2011
Location: Mulege
Member Is Offline
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Only the ones that paid in should receive the benefits.
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bajaunbob
Newbie
Posts: 13
Registered: 1-26-2015
Member Is Offline
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| Quote: Originally posted by bajabuddha |
HOW long have you been in Mexico? Haven't you noticed, every time the peso devalues, the price tags go up in the stores? As in, same day? Keep
dreamin'..... death and taxes. Grandma said, "Cheer up, 'cause things will get worse"....
So I did, and they did. You actually think you're gonna get ahead, or just break even, huh.   |
All I know is that I'm
saving about $40 usd on my monthly rent. And saving about .60 usd per gallon on diesel cost vs last year at this time. That works for me!
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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| Quote: Originally posted by Sweetwater | | Quote: Originally posted by TMW | | I like SS and think it is a good deal for most people. But if you would have invested the same amount of money over the years you would have a lot
more. That's usually the argument some give against it. However very few would do it and would end up in the poor house. Most Americans like to spend
everything they make on toys and things they want not need. |
This is a popular misconception and not true for most Americans. When you actually do the math on a defined contribution plan vs a defined benefit
plan like SSN that has a COLA, there are crossover ages where you profit immensely with the benefit plan. With the low interest rates, you have to
have $100k in savings to generate $4k per year (4% safe withdrawal rate). And there is no COLA. The length of time you draw is the key. Most
calculators will show a benefit to early claims until you're around 80 years old, then it would be better to wait and claim at full age or later (like
70) if you will live until your 90's. |
Sweetwater you got me thinking so I went into my SS files and found that in 3 more years (I'll be 73) and I will have drawn all the money I and my
employer paid into SS over the years. After that it's gravy so to speak. Not a bad deal after all, if I live for a while.
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
Member Is Offline
Mood: chilly today hot tomale
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TMW.....thinking for your self is dangerous to many who rail against big government and have no stake in their own future. They often claim to be
'victims of circumstance' without any influence on their destiny or outcome. Stay healthy, live long and prosper.
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
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That's the ticket....however doesn't always work that way.
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Whale-ista
Super Nomad
Posts: 2009
Registered: 2-18-2013
Location: San Diego
Member Is Offline
Mood: Sunny with chance of whales
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If you were/are a teacher with a pension, or were/are married to a person with a government pension, this bill might be of interest.
Right now: even if you have paid into Social Security, and are eligible to receive payments upon retirement, if you or your spouse also receive a
government pension you will lose a portion of your SocSec each month- about $400 under current rates.
This may have made sense when SocSec was first introduced 70 years ago, but given the low amount of most teachers' pension and salary it doesn't make
much sense today.
Details:
2/13/2015--Introduced.
Social Security Fairness Act of 2015
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to repeal the government pension offset requirement
applicable to and reducing husband's and wife's insurance benefits, widow's and widower's insurance benefits, and divorced mother's and divorced
father's insurance benefits with respect to federal, state, or local government employees who receive a government pension and did not pay Social
Security taxes during their years of government service, and so did not earn entitlement to Social Security benefits for those years.
Repeals also the windfall elimination requirement with respect to computation of an individual's primary insurance amount under which OASDI retirement
or disability benefits are reduced if the individual receives a federal, state, or local government pension, did not pay Social Security taxes during
the years of government service, and so did not earn entitlement to Social Security benefits for those years.
\"Probably the airplanes will bring week-enders from Los Angeles before long, and the beautiful poor bedraggled old town will bloom with a
Floridian ugliness.\" (John Steinbeck, 1940, discussing the future of La Paz, BCS, Mexico)
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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So, I wonder if this is passed, will it be retroactive???....
| Quote: Originally posted by Whale-ista | If you were/are a teacher with a pension, or were/are married to a person with a government pension, this bill might be of interest.
Right now: even if you have paid into Social Security, and are eligible to receive payments upon retirement, if you or your spouse also receive a
government pension you will lose a portion of your SocSec each month- about $400 under current rates.
This may have made sense when SocSec was first introduced 70 years ago, but given the low amount of most teachers' pension and salary it doesn't make
much sense today.
Details:
2/13/2015--Introduced.
Social Security Fairness Act of 2015
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to repeal the government pension offset requirement
applicable to and reducing husband's and wife's insurance benefits, widow's and widower's insurance benefits, and divorced mother's and divorced
father's insurance benefits with respect to federal, state, or local government employees who receive a government pension and did not pay Social
Security taxes during their years of government service, and so did not earn entitlement to Social Security benefits for those years.
Repeals also the windfall elimination requirement with respect to computation of an individual's primary insurance amount under which OASDI retirement
or disability benefits are reduced if the individual receives a federal, state, or local government pension, did not pay Social Security taxes during
the years of government service, and so did not earn entitlement to Social Security benefits for those years. |
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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| Quote: Originally posted by Sweetwater | | Quote: Originally posted by TMW | | I like SS and think it is a good deal for most people. But if you would have invested the same amount of money over the years you would have a lot
more. That's usually the argument some give against it. However very few would do it and would end up in the poor house. Most Americans like to spend
everything they make on toys and things they want not need. |
This is a popular misconception and not true for most Americans. When you actually do the math on a defined contribution plan vs a defined benefit
plan like SSN that has a COLA, there are crossover ages where you profit immensely with the benefit plan. With the low interest rates, you have to
have $100k in savings to generate $4k per year (4% safe withdrawal rate). And there is no COLA. The length of time you draw is the key. Most
calculators will show a benefit to early claims until you're around 80 years old, then it would be better to wait and claim at full age or later (like
70) if you will live until your 90's.
Being married to a person with significant bennies is another twist in the game and if one person has higher income or is younger/older, it all needs
to be factored into the equation. There are multiple calculators on line, one that I've used is here: http://individual.troweprice.com/public/Retail/Retirement/So...
We're all just one Medical Adventure from ruining any calculator but having a plan is better than winging it, IMHO. I plan to use my SSN as wisely as
possible, I've paid in since I was 12 years old and feel that I've EARNED my reward, not an entitlement that I'll give up without a fight.
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all that to say no COLA this year for the third time in 40 years! all hail Obama!
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Whale-ista
Super Nomad
Posts: 2009
Registered: 2-18-2013
Location: San Diego
Member Is Offline
Mood: Sunny with chance of whales
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| Quote: Originally posted by bajaguy | So, I wonder if this is passed, will it be retroactive???....
| Quote: Originally posted by Whale-ista | If you were/are a teacher with a pension, or were/are married to a person with a government pension, this bill might be of interest.
Right now: even if you have paid into Social Security, and are eligible to receive payments upon retirement, if you or your spouse also receive a
government pension you will lose a portion of your SocSec each month- about $400 under current rates.
This may have made sense when SocSec was first introduced 70 years ago, but given the low amount of most teachers' pension and salary it doesn't make
much sense today.
Details:
2/13/2015--Introduced.
Social Security Fairness Act of 2015
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to repeal the government pension offset requirement
applicable... |
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Great question- not sure. It would be a great benefit for many famlies.
There is an identical companion bill in the Senate, SB 1651. Both are in committees. In the House: Ways & Means (Paul Ryan chairs); in Senate:
Finance.
Bills have been there, since February, with no action taken.
\"Probably the airplanes will bring week-enders from Los Angeles before long, and the beautiful poor bedraggled old town will bloom with a
Floridian ugliness.\" (John Steinbeck, 1940, discussing the future of La Paz, BCS, Mexico)
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
Member Is Offline
Mood: chilly today hot tomale
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Yes, thanks to steady leadership and a totally obstructive GOP Congress, the inflation rate which erodes senior buying power has been negative. You
can actually buy more (especially pesos) with your USDollar this year vs last year.
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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tripledigitken
Ultra Nomad
Posts: 4848
Registered: 9-27-2006
Member Is Offline
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The primary cause of this year's low inflation is the price of gasoline. Steady leadership or the Congress can claim no credit for that. Most
everything else we purchase has increased this year! Food, automobiles, rents, real estate medical costs, etc. all have increased.
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mtgoat666
Select Nomad
Posts: 18122
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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Is you like SS, then vote democrat. If you want to see SS and Medicare gutted, taken away, then vote for GOP and tea baggers. The choice is clear.
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