Posted on 09/07/2022 9:39:16 AM PDT by simpson96
According to President Biden’s tax return for last year, the first couple received a whopping $4,555 a month in Social Security benefits alone which put them well above what the average retired American brings home each month.
And that doesn’t include all of their other streams of income.
Social Security just celebrated its 87th birthday. It was signed into law in August 1935 and payouts began on Jan. 1, 1940. It has become the safety net for more than 48 million retired Americans and many depend on a monthly check from the agency to survive. The average Social Security check is $1,670.95, according to The Motley Fool.
According to President Biden’s tax return for last year, the first couple received a whopping $4,555 a month in Social Security benefits alone which put them well above what the average retired American brings home each month.
And that doesn’t include all of their other streams of income.
Social Security just celebrated its 87th birthday. It was signed into law in August 1935 and payouts began on Jan. 1, 1940. It has become the safety net for more than 48 million retired Americans and many depend on a monthly check from the agency to survive. The average Social Security check is $1,670.95, according to The Motley Fool.
A Gallup poll reports that 89 percent of surveyed retirees count on Social Security as a “major” or “minor” source of income. That means only one in 10 Americans aren’t reliant on Social Security income to get by during retirement. The Bidens are in that group.
The reliance on Social Security has provided a ripe opportunity for Biden and the left to fearmonger over it.
The Biden household’s taxable income for last year was $568,412. Many believe that their income on or off the books far exceeded that amount but that is the official filing number.
Ads by According to Biden’s tax return, which was jointly filed with his wife Jill Biden, the figure denoting Social Security income can be found on line 6a of Form 1040.
The Motley Fool reports that “Last year, the Biden’s claimed $54,665 in Social Security income on a joint basis, which works out to about $4,555 each month. Even taking into account that this $4,555 figure is the combination of Joe’s and Jill’s monthly payout, this is well above what the average retired worker brings home each month from Social Security.”
“Furthermore, with the U.S. inflation rate hitting a more than four-decade high of 9.1% in June, the 2023 cost-of-living adjustment (COLA) for Social Security should be sizable — i.e., the largest in decades. Following a 5.9% COLA that was passed along to beneficiaries in 2022, it wouldn’t be a surprise to see the Biden’s taking home well in excess of $60,000 a year, jointly, from Social Security come their 2023 federal tax filing,” the outlet noted.
The private financial and investing advice company went on to delve deeper into the numbers.
“According to archived tax returns, the adjusted gross incomes (AGIs) for the Bidens fluctuated between $210,797 and $407,009 from 1998 through 2016. The president and his wife brought home a staggering $11,031,309 in 2017 and $4,580,437 in 2018, on a combined basis.
“CSRS is much, much better than FERS”
That is a very controversial subject—and the correct answer is “it depends”.
The reason is because of the TSP-government match (government equivalent of 401K) portion of it.
Many federal retiree baby boomers “rode the wave” of a red hot stock market over recent years—and if they were heavily invested in stocks (in their TSP) then they outperformed CSRS.
And many got burned in 1995-7, just like we all did.
Is that really what it means?
Are you reliant on a minor source of income?
And the only reason it isn’t 100% is 10% of the retirees surveyed must be too young.
The intention was to have a fund that everyone paid into, so as to provide low- and middle-income people some added money to help them in their retirement. It was not originally designed as a retirement program where you pay in to get a guarantee on how much you get back.
I am perfectly fine with means testing, as long as that means is in the Joe Biden income range. Social Security is going broke and if we cap eligibility based on income, we could help save the program for those who need the money.
Biden is worth tens of millions of dollars and currently earns, as President, about $8,000 a week. He does not need the money, give it to those who do.
I just received my Social Security Statement and I'll get a little less than that. I've been a high income earner for many years.
So, "so what?"
I can't stand Dementia Joe and think he's a damn' crook. Still, if that's what SS says he gets, that's what he gets.
As for the rest of us who worked hard, played by the rules, paid our taxes and did what we were supposed to do, what's with the jealousy? Sheesh. We worked for it. It's ours and if I had my way, I'd make the damn' crooks at the FedGov cut me one big ass check and pay me out up front instead of the dribs and drabs they do, hoping I'll die before I get my money back.
It was. The CIA had what it called CIARDS before FERS which was the agency’s CSRS equivalent. Everyone after a date in the 80’s had to be on FERS and the older ones had a choice at that point to switch. CIARDS was a pension and maybe a few had odd reasons to switch but who would to a 401k type deal?
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