Posted on 10/24/2015 1:43:58 PM PDT by knarf
I got this in my FB page and it is good enough to remind us ... again
I seem to remember 2% ... but it doesn't matter ... my memory sucks and the idea was terrific
I’m beginning to think I ain’t no Republican after all.
Wait’ll they start talkin’ Waban and Woburn ....
I took the hit at 62 ... learned to live off of it .... now 68 ... everything’s alright
take it while you can (IF you can afford to) ... and stop putting another man's kids through college
They're just gonn'a be snot nosed commies anyway.
My wife started it this month at 62. She retired at 53 from teaching school. She’s older than me... so I’m not there yet. But I plan to start at 62 also.
It’s my understanding that if you start collecting before your “full retirement age” (nominally 65-66 years) you lose from your social security payment half of everything you earn above ~$20000 per year.
Once you hit your “full retirement age”, it’s my understanding that you take no hit (other than the standard income tax hit) even if you keep working.
If you make more then the SS is eventually reduced by a small amount, I think it is 2:1 or something like that. That reduction is eventually added back in when you turn 66.
At 66 there is no limit to what you can make outside of SS with no penalty.
That is my understanding after researching this topic. I started to take it at 62 but am still working part time.
“”but I want to work and need to work a little longer...plus my SS would build up some if I work a couple more years...isn’t there a big penalty if you keep working after taking SS when you’re 62?””
My husband and I both took SS at age 65 and worked until age 70 and our benefits were increased each month. I do understand that there is a penalty if you do the same thing at 62...
The problem is that any fix now means PAIN and no politico can face the music and survive. The Democrats, with the happy assistance of the MSM, keep flailing the GOP for ‘threatening’ when all that is happening is that the system is no longer maintainable under current rules. Remember in 2000, VP Al Gore, the Presidential Candidate of the Dems, INSISTED that the Social Security ‘Lock box’ / Trust Fund was real and safe! Almost as disable as his climate predictions!
The 85% is repeated and reported so often, but remember that is misleading... A lot of people assume their entire benefit(s) will be subject to taxation because of the way that is worded..
“”When is Social Security taxable?
Social Security benefits become taxable when your income rises above a certain level. In determining your income for Social Security tax purposes, you take half your Social Security benefits and add in other sources of income, including not only taxable items like wages and dividends but also any tax-exempt interest income you have.””
We can afford SS just not for everybody and their brother who isn’t a citizen or retirement age.
After my sister died my BIL who had remarried took my two nieces fulltime. He and his wife between the two of them made almost $200,000 per year. He still got SS survivorship benefits for both kids. That’s the kind of thing that has to be stopped.
There has only been 3 times when Social Security failed to have a cost of living increase. All three happened on Democrat President Obama’s term. Next year is the third time.
Donald Trump is the only man I know that will call a spade a spade if the spade IS a spade
Can you collect SS at 62 and still work full time?
It MAY be a sliding scale
If you go over ... they catch it at the end of the year and adjust on the second year following (Yes .. I DID ... I know)
thanks
I agree Georgia Girl- I know several people, both elderly and disabled, that get the absolute minimum on SS and SSD, and it’s just pitiful what they have to live on- $650 or so per month- and that has to go towards low income rent- electricity, heat, and food etc (although they get a little help for heat- but it aint much- they do get their medical taken care of fortunately)- I was told they don’t go for SSI because it would mean getting even less even though they would be eligible for food stamps on SSI- In the end they would end up with less
It’s sad to think that our nation’s most vulnerable people, disabled, vets and elderly are living basically in squalor, while able bodied illegals come here illegally, break our laws, and some get welfare and SS and other government help that add up to a whopping $45,000 per year- nearly $4000 per month, or $133 PER DAY while many of our Seniors only get $20 per day
[[There has only been 3 times when Social Security failed to have a cost of living increase. All three happened on Democrat President Obama’s term. Next year is the third time.]]
Amazing isn’t it? They blame it on the fact that gasoline prices did not rise past last year’s prices
BUT, in the years previous to dear leader’s term, gasoline prices remained steady for many years in a row and seniors ALWAYS got cost of living increases-
I remember gasoline prices being around $1.25 per gallon for quite a number of years- Heck, I remember it being around .75 cents all through my highschool years, and seniors always got cost of living increases-
Good post!
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