But it was "The Law!" so we took advantage of it!!! OK, so if Congress say it is no long "THE LAW!!!!" what is your moral argument?
Posted on 10/29/2015 6:55:32 PM PDT by SkyPilot
When Congress passed the Senior Citizens Freedom to Work Act in 2000, it introduced a new concept called “voluntary suspension†of benefits, allowing those who had already started Social Security benefits to stop their payments and earn delayed retirement credits. In the process, however, the new voluntary suspension rules unleashed several additional Social Security claiming strategies, including various “claim now, claim more later†tactics involving File-and-Suspend and Restricted Applications for spousal benefits.
Those may be going away. Under this week’s two-year budget agreement between Congressional leaders and the White House, Congress will close these loopholes in the Social Security rules. While it remains to be seen whether the agreement will become law in its current form, the new rules mean that anyone receiving spousal benefits under file-and-suspend would have them terminated next spring
The agreement actually extends the rules for deemed application, making it no longer be possible to file a restricted application for just spousal benefits. In addition, by also extending the “suspension†rules that stipulate that suspending an individual’s benefitsalso suspends any benefits to other people based on the same earnings record, Congress will negate the various “File and Suspend†strategies that permit spousal and dependent benefits to be paid while the primary earner still receives delayed retirement credits.
Perhaps the most notable aspect of this new Social Security crackdown, though, is the effective date. While the new limits to Restricted Application will not apply to anyone who is already age 62 or older in 2015, the new crackdown may suspend current spousal or dependent benefits in 6 months for those who are only receiving those benefits thanks to File-and-Suspend! In other words, those who already engaged in the File-and-Suspend strategy may find it terminated mid-stream, and no benefits will be payable until the individual...
(Excerpt) Read more at nasdaq.com ...
I wager many who express outrage on spending have done it or were planning on exploiting this.
But it was "The Law!" so we took advantage of it!!! OK, so if Congress say it is no long "THE LAW!!!!" what is your moral argument?
“Well, first we seize everybody’s 401(k). Then, we take 80% of that money and put it in the Social Security lockbox. Then we spend the money in the lockbox to buy votes from the poor people. The other 20% of the money we spend blaming Conservatives for why the Social Security problem still hasn’t been fixed.”
The GOP cuts Social Security benefits while giving a blank check to crony capitalists AKA the resurrected Ex-Im Bank.
Whoever Congress is working for, it certainly isn’t working for us.
Undoubtedly. The tragedy of the commons
is that it is so common.
When it comes to paying out Social Security, I think folks are dreaming if they think the government accidentally provides loopholes.
This was done intentionally to help folks out.
Now they’re reneging.
That’s all this amounts to.
SS recipients got very little COL raise for 2015, and nothing for 2016. Meanwhile food costs have gone up considerably. Utilities know no limits. Cable and telephone services are taxes out the kazoo. So is the gas bill.
Now they want to start toll roads and increase the gas tax again.
Certain states have raised their tax rates.
Meanwhile seniors are expected to scrape by on the premise they aren’t paying out more this year and next on services they purchase.
It may occur to some folks to trash cable rates as if they are not a necessity. Truth is, older folks don’t get out as much. The cable service is their link to the world around them. And some folks wouldn’t be here on the forum without cable access.
It never ceases to amaze me how people on welfare are the truly untouchables, but our seniors or military members are fair game.
So help me out here..
If I try to retire early and draw SS...but find out it isn’t feasible...suspend benefits and go back to work...I’ll be penalized in some way??
Poor people getting $800 payments aren’t exactly living in the lap of luxury.
They aren’t going to get a COLA increase in 2016 just like veterans and senior.
On the other hand, Wall Street can’t do business abroad without taxpayer handouts - that’s why its used its donor clout to reopen the Ex-Im piggy bank.
Its all about priorities. No wonder Congress has underwater approval ratings.
but the workers expecyting to get a pittance of what they paid in?.....free targets....
Yup. If you aren’t a corporate titan, you’re screwed out of what you worked for all your life.
People in Washington think we’re cheating them when in reality, they’re cheating us.
And they have the chutzpah to lecture us about gaming the system!
If the rest of us got what Wall Street got, we could live stress-free lives.
Memo to the GOP: If welfare is evil, don’t make any exception for your country club buddies.
It doesn’t make you look compassionate; it only makes you look hypocritical and self-serving.
“Meanwhile food costs have gone up considerably. “
True, but older folks can get a 60” TV, phone cheap! And, pay 0% interest for 72 months on a car and put $2.00/gal gas into it!
</sarc>
Without getting more specific, I find myself in general agreement with you. Our older citizens and ex military come first IMO.
I’m on SS, so folks will know, but I try to be even handed. This is a policy I had long before I was on SS.
Exactly! Good call.
With zero percent inflation - budget discipline in Washington is a thing of the past.
You had me going there, and then “/s”.
I was so disappointed! LOL
Good one.
.
Do you understand the concept of constitutional prohibition of ex-postfacto legislation?
They cannot do what they want to do, constitutionally.
Social security is like any other welfare program. If the politicians want to limit it or eliminate it, they can do so. You don’t have a property right to social security like you would with a 401 (k). Naturally the political class is going to use that power to squeeze the yokels when and whete they can.
Retirees better be nice, or the kleptocrats will start making them dance for their welfare checks.
well, I don’t know who I get madder at....they sloths who won’t work and taking my tax money and living free with no responsibilities, or the rich cats that own congress and the white hut and get every advantage....
Welfare is welfare and it looks like retirees aren’t giving the politicians enough love. So, the politicians are squeezing them.
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