Posted on 12/26/2017 9:36:29 PM PST by Kaslin
They ramped up the minimum for full benefits from age 65 to age 67 gradually, over a number of years. They should continue that ramp at the same rate to go up from age 67 to age 70, 71, or even 72 for full benefits. It’s a simple question of math - too many people to support at the 67 age.
As for social security disability, they should (1) reevaluate annually, and (2) check for fraud aggressively. Those of us who work despite challenges should not be supporting democrats who golf but claim a disability.
Social Security became a straight-up Ponzi scheme once the baby boom generation was born and the numbers no longer made sense.
“Cold (demographic) equations” have no room for ideology or politics.
When they added “disability” the politicians poured gasoline on the raging insolvency fire.
At the end of the day inflation will be the weapon of choice for .gov.
It buys time for .gov while they lie and lie and lie about how much they “care”...
They “care” the way a farmer “cares” for his cows before he slaughters them.
Thus has it always been, and thus it will be....
I wish Trump would adjust the system, i just turned 61 a couple weeks ago and would really want to semi retire but what i would get just won’t pay the bills.
My wife and I took SS at 62 It us OUR money. We had NO choice in the matter and we want it back!The govt gives SS to illegals who don’t do a damn thing.They are spending OUR money
Guilty as charged. And loving it.
Retirement is not Biblical.. but it sure does create a class of entitlement and a great government ponzi scheme so we have lots more chuck n Nancy spending..
Even a few of the most Constitution loving folks I know line up at the govt trough. Complaining the whole time.n talk about earning it and so on. I know I won’t be able to physically work full time, but I will work til I die.
O and after they retire and gain a bunch of weight they want more healthcare with their mai tais.
As of November 2017, the total labor force is 160,529,000 million.
In 1945, it was 41.9 workers per 1 beneficiary.
Now, it’s just below 2.6 workers per beneficiary.
As of June 2017, The average social security check is $1,413.08.
This means that, on average, every worker has almost $550, taken from their check EVERY MONTH, just for Social Security.
Then, you add the Medicare portion of FICA, Medicaid, FUTA, SUTA, Federal Income Tax, State Income Tax, Sales Tax, Gas Tax, etc.
This is crushing the working class, and one reason, why they will be thrilled to see this upcoming tax cut.
I suggest that it’s time for an audit of recipients to weed out those who don’t legally qualify for benefits. I believe we would be surprised at how much fraud has impacted the system.
“Retirement is not Biblical..”
The Temple workers in Biblical Israel were retired out at age 60. They worked 40 years. (The singers had to train for 20 years before they could sing in Temple worship).
Wife and I both started when we retired at 62 (she’s a 2-1/2 year older than me ‘cougar....;-)) because the odds of getting more by waiting are like using a slot machine in a casino...once one stops a full time job, not much reason to wait even if some of it becomes “forfeit” due to earnings.
“Finally, at 67 years old....I be one of em.”
Me too. The number of people on the rolls that never paid a dime is staggering. Kid has trouble paying attention at school? $650 from the taxpayers every month.
“Collecting about $32K/year SS plus still working full time. Prolly do this a couple years before I quit working.”
I’m 67 and just stated collecting. I still work full time but the wife keeps trying to get me to retire. I don’t know what I’d do if I did.
Please explain for me. Thanks.
"The added cost of employing an individual is 12.4 percent, plus some administrative overhead. Splitting hairs about who's paying which half is FDR's great deception."
Terry Jeffrey, whoever you are, you're welcome.
Exactly. I say that all the time. I was forced to pay it since I was 16 and plan to begin taking it at 66. You better dang well have it there for me since you never gave me a choice about it.
Good question.
Why is my supplemental BC/BS insurance available in 18 different languages and dialects?
Just curious, but what would those deductions have amounted to at, say, 3% compounded interest?
“....I’m 67 and just stated collecting. I still work full time but the wife keeps trying to get me to retire. I don’t know what I’d do if I did....”
Hi dl,
That was the boat I was in just prior to retiring; what would I do as I’ve done nothing by worked almost my whole life. I started paying in to SS at age 16 and did so right up to 2016: 50 years of my life I paid into it and most of those years was to the maximum limit.
At the end, I had my own business and doing quite well but the stress was starting to take its toll on me and my wife wanted me to retire. But I think what really got to me was my tax liability for year 2014. It was almost six figures!! When I went to my tax attorney’s office to sign the return and saw that number versus what I actually made and thought about what it took to make it, I just stood there in shock. He even asked me if I was OK. On the way back home, I went thru the downtown section to get back on the interstate. Going thru there, I saw a bunch of baggy-assed pants, pants hanging down around their ankles types sitting around on the curb listening to a boom box and drinking wine at 10:30 in the morning. I said to myself: “That’s it. Enough is enough. I’m not working myself to death to pay that much in taxes anymore.” Over the next couple of months, I shut down the business and retired. But I held off collecting SS for another year though as I didn’t need it and wanted to get a little more/month when I started. I stay busy here in my shop, we travel a little, do a little fishing and just relax and enjoy life. Going from stress to nest wasn’t as bad as I thought....and I haven’t looked back since. Do it. You’ll can find things to keep you plenty busy. Life is short...learn to enjoy it.
Our money is being stolen and the gov’t is the thief.
Look what you could have had.....
How Three Texas Counties Created Personal Social Security Accounts and Prospered
https://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/#6f2c92143283
How Privatized Social Security Works in Galveston
http://www.nytimes.com/2011/09/18/us/how-privatized-social-security-works-in-galveston.html
The contributions are pooled, like bank deposits, and top-rated financial institutions bid on the money. Those institutions guarantee an interest rate that won’t go below a base level, and could go higher if the market does well. Over the last decade, the accounts have earned between 3.75 percent and 5.75 percent every year, with an average of around 5 percent. The 1990s often saw even higher interest rates, 6.5 to 7 percent.
And those who retire under the Galveston model do much better than Social Security. For example:
A lower-middle income worker making about $26,000 at retirement would get about $1,007 a month under Social Security, but $1,826 under the Alternate Plan, according to First Financial’s calculations.
A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.
And a high-income worker who maxed out on his Social Security contribution every year would receive about $2,500 a month from Social Security vs. $5,000 to $6,000 a month from the Alternate Plan.
Although both programs offer disability insurance, life insurance and retirement benefits, experts agree the methods and benefits provided by the programs are difficult to compare.
In a hypothetical calculation, Mr. Gornto said, an employee who earned $25,000 annually for 40 years could retire with a 20-year payout of $2,297 a month under the Alternate Plan. Under the same circumstances, an employee making $125,000 annually could retire with a payout of $11,490 a month.
Social Security benefits change depending on the yearly adjustment for inflation, the year of retirement, and the age of the worker. But at a maximum, a worker who retires in 2011 at age 66 could receive $2,366 a month in Social Security benefits.
“Do it. You’ll can find things to keep you plenty busy. Life is short...learn to enjoy it.”
Like you I started at 16 and I think I’m kind of scared to quit.
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