Posted on 12/31/2017 7:23:49 AM PST by SeekAndFind
I think I had it a little wrong. If you were born before 1954 it applies to your spouse who can retire at 62, but it looks like it is going away.
I just emailed our advisor to find out if this is what he was talking about.
It's "found" money.
Well, the legality of it aside there is this:
Have you ever heard that LBJ began spending the SS funds and that it had been exhausted by early in Reagan’s time?
Well, it’s both true AND false.
It’s “true” because LBJ did start spending something and that something did in fact fun out early in Reagan’s time; however, it is false because there had never been a trust fund in the first place, the money in excess of pay outs had always been turned over to Congress and promptly spent.
What followed, an FDR era deception, is that the government pretended that the same entity could both own a debt (counting it an asset) and owe it as well: they kept two sets of books.
The very sort of thing the government will throw you or I in jail for. They may even just take our stuff via civil forfeiture by alleging we’ve not been paying or reporting taxes (and we have no due process, no assumption of innocence).
I will hear say that I believe that Social Security was, no matter how it was sold, ultimately so Congress could have money to spend. It was about growing government.
So LBJ’s corruption that I’ll here propose isn’t really out of line with FDR’s, only LBJ found a new even more corrupt twist.
If I understand it correctly, on the surface what LBJ did might seem a reform: he and Congress stopped the double books, the money was turned over to Congress to spend and all was counted a liability. These were unsecured promissory notes.
He didn’t stop there. What he did, indeed the only thing he could have done, was to basically lay hold of the book of “assets”, completely ignoring the matching liabilities that negated them, and started creating money out of nothing based on them. Poetically we might say he was spending the money twice.
It is perchance not a coincidence that about this time that inflation began to creep upwards and it remained high until about the time this corrupt expansion of the money supply stopped, and it has remained low ever since.
Anyway, those are my thoughts.
Thanks E.
“run out” ... I hate typos.
The break-even tables are calculated ignoring the time value of money, almost as if the government skipped class that day. But, if I am even one day late paying them a tax, that department knows all about the time value of money and I am charged interest for making a late payment.
If one accounts for any realistic interest rate, the break even dates get later and later...
They explain that away by pointing to the cost of living (COLA) adjustments made to SSA payments. That makes up for part, but not all, of the time value you mention.
What did you do about health insurance ?
What plans did you sign up for?
Oh Alex, I missed this last incomprehensible clouded diatribe. I’m not usually in the habit of addressing opaque Poindexters. But to answer your inquiry, no I don’t sell used cars. But I wouldn’t be ashamed if I did, I don’t look down on those that do. I guess the fact you find disdain in that or any that don’t rise to the level of your lofty delusions, says a lot about you.
You’ll forgive me if I don’t attempt to live up to your expectations. After all, any that would throw around statements such as “logical argumentation could be tighter” must be really smart. Or that few so clueless who continually heap their insecurities on all, waiting desperately with clutched white knuckles for affirmation that never meet expectations.
A street performer of sorts in the scheme of things. Staring angrily into the worn hat of meager change. Those foolish pedestrian peasants that don’t see your brilliance. And you, never realizing it was never there. That pretentiousness doesn’t greet admiration ever, only rolled eyes and conclusions cemented correct well beyond a second look.
I’ve been asking the early-retirers what do they do for health insurance.
What did y’all do?
Pretty much as I see it. No need to wait on it.
My wife tuns 62 in late Feb. so I’ll probably move from there.
That was beautiful.
What did you do for health insurance between 62 & 65?
Did you get retirement health coverage thru your employer ?
I am one of the federal retiree scum. Had my fed insurance until 65 then medicare. Also am military retired and got Tricare For Life. Magnificent system and wish everyone could have it. By the way, I planned that out in my 20’s and when I started out with feds it was actually an honorable way to go. Today it is a scam on the taxpayers.
Since you took social security at 62, what health insurance did you use?
Not sure if this has been covered, but my 15 YO son qualified for a dependent care benefit, 1/2 of my benefit until he graduates from HS. That same month I reach full retirement age, the earnings limitation goes away.
I paid into SS for over 40 years. Thanks to that and my 401k, I can do what I want to do.
I’m 63, and both grandfathers and my dad all passed away before their 60th birthdays. The decision was easy.
I'm not the one you posted to but here's our situation. My husband took SS at 62, both parents died at 60 so he thought he'd better take it while he can. He is 65 and in great health now.
In our case, I was working and had insurance that covered him till he was 65 at $250 a month. Or in a case where health insurance cannot be provided by a spouse, you could consider on working your income to be low enough to qualify for obamacare, if it's low enough - you can get the silver plan free. Since we moved and I went to work part time, that's what I've done with insurance since my job doesn't cover insurance for part time.
However, last week I had sinus issues, went to the hospital seeing an ENT, was prescribed 5 medications for 10 days, cost was $60 without insurance. So not a big issue here.
Vietnam vet. I go to the VA. Great care.
I go to the VA. Great care.
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