And how much can you earn before you pay income taxes? I know that each state has its own rules. Say, on Michigan, you can earn about 65 thousand before its taxed. Fed taxes? What is it? 6500?
You miss the point. Your retired. I aint. I got 12 years to go and I dont expect I will be able to collect ONE PENNY because these programs will be BANKRUPT. Yet not one retired person I talk to would take a cut in his/her benefits to help save the system. And that is what it will take. A rise in the retirement age to about 75, a cut of 50% in benefits and rising the FICA to 100% of its present levels and we will be able to offer the same benefits.
I got about 28 grand invested in SS. Yet I wont see one penny of it. So, why dont they give me my 28 grand back so I can invest it into another retirement account? Because there isnt anything left in there thats why! By the year 2019 we will have to pay back those IOUs. The present national debt will increase to around 20 to 22 trillion dollars...more like over 30 trillion at the way this government spends. Who’s going to pay for it? You? Me? Anybody else here?
Fact is..that money is gone and I and those my age are NOT ever going to see it. So now..who’s getting screwed? At least you and those your age are collecting some of it. I (and those my age and younger) are going to get to see ours sucked up and left with zip...the 2nd greatest theft ever committed in the history of man-the first is the present tax system.
Now tell me..whats your plan? Keep the present course and watch it all go to hell or what?
We got a reason to cry dontcha think?
I am still working and paying income taxes, SS and Medicare taxes. I’m just not working full time. If you made less than $9150 in 2006 you didn’t even have to file. If you make less than $25K as a single person you don’t have to pay taxes on your SS income.
I understand your frustration. However, you are sending it in the wrong direction. Those of us who paid into the system back in the day could not know how things would be so screwed up 50 years later. I don’t know how old you are but my son is 32 so he’s probably in the same boat. But he also makes 5 times the income I ever did in my whole lifetime so he should be smart enough to save a good chunk of it. I tried to teach him to do so.
I don’t doubt that benefits will have to be cut in the future as well as the retirement age increasing. But I didn’t make the rules and since the Feds aren’t going to give me back my money with interest, I’m going to take my monthly check and be very grateful for it.
Now I’m off to Christmas Eve mass. Merry Christmas to all my fellow Freepers - retired or not.