Posted on 10/28/2015 3:35:55 PM PDT by taildragger
A budget agreement reached by congressional leaders and the White House would kill popular Social Security claiming strategies shortly after the measure becomes law, cutting off payments in midstream for beneficiaries, according to experts.
(Excerpt) Read more at investmentnews.com ...
Without trimming back these benfits, we have no hope of balancing the budget. Or even getting close.
Read my post #12. The people affected by it are two spouses that worked and have their own Social Security benefits.
It's currently possible for one to collect spousal benefits based on the other's Social Security, and delay collecting their own (as it will increase by 8% each year).
Check with your accountant or a financial advisor. You may be able to do so, but it might be reduced by your income from working.
This is a really complex calculation. It literally requires a computer program to evaluate all the alternatives and find the strategy with the best return.
I will probably be on Social Security Disability in a month or two. I am already on Medicare early. In July, I suffered a life-changing illness and became instantly disabled worked 41 years, and many of them, I paid at the top rate. I’ve been working , on the books, since I was 14. Should they cut my disability? My Medicare?
“isn’t an entitlement something you never paid into?”
Everyone pays federal taxes, so every one has paid into every program.
Social Security pays out more than a person has “paid into” it.
it’s doesn’t matter.
they will just print more money.
You will get what are suppose to, you just wont be able to buy my with it.
I does not affect SSI...
There are a number of gimmicks being touted on the internet to receive extra benefits..
On one of them you piggyback US social security onto the Canadian system. They say you can receive over 1k extra per year...So there are a number of these things...several in fact where you submit certain paperwork at specified times to obtain extra cash ..
Not knowing exactly what they did here, I don’t want to say that it’s either good or bad, but to close exploits of the SS system, or Medicare, or food stamps or any federal program is generally a good thing.
However the bill is very bad in any number of ways..other than this..
Social Security isn’t an entitlement though
And yet you feel entitled to it?
It is THE entitlement program from which all others derive their form.
Social Security can't print more money.
The US Government can print more money and give it to Social Security. That may be what happens, but it's going to be a hard sell -- Congress has to actually write that legislation and vote on it.
Yes, it is. It meets the exact definition: benefits provided by law.
I always hate to burst this bubble, but you deserve to know the truth.
See my post #25.
It depends.
For people below the median income (averaged over their lifetime), it pays more than the value of their contributions, even after accounting for the time value of money.
For people above the median income, it pays less than their value of their contributions. If you are at the top end of the wage scale (i.e. contribute the maximum every year), you really get hosed.
However, that's assuming average life expectancy. If you live longer or shorter than average, the outcome changes significantly.
And it also depends on WHEN you started contributing to Social Security. If it was before the mid-80's, the payroll tax rate was much lower, and therefore your effective return on those contributions is much higher.
Whoever is president can just declare it by executive order based on Obama’s actions :)
Can an individual turning 66 in 2016 and working full-time still claim and suspend?
I don’t know enough to give you advice. You should direct your question to justlurking. He seems very informed about this subject. Good luck!
Yes, but I don't see the point, unless you mean to suspend and claim spousal benefits.
But if you do that, I think your benefit will be reduced by your income.
You really need to hire a professional to figure this out. There are too many moving parts.
I don’t think you should be kicked to the curb, but not sure that you should be on Medicare until 65 and collect Social Security unit 67 (or 66 depending on where the change happened). If you have a problem and you can’t work, the state should take care of you, not the federal government.
I would never draw other than a pittance under what little I worked. When I applied for disability, took 4 years, I was told the most I could draw was $350 per month out off my own. IF I waited until 665. I was 57 and disabled to the point I could not work. And all I’ve done is gain more health issues. Latest is a leaky heart valve, which is a wait and see if it gets worse to replace.
I draw off my now deceased spouse’s.
My pastor waited until he turned 65, dropped dead of a heart attack before his first check came in. His wife of 40 years, now draws off his. But SS keeps the extra %. And they kept what she earned and she worked the whole time they were married. In fact she was still working when he retired..age difference.
This is for a specific set of cases where both spouses worked, and are eligible for their own significant benefit.
I don't think it will really work for anyone except double-income families, where both spouses are still alive.
I paid Old Age and Survivor and Disability Insurance to the Federal Government for many years. Now I am diabled.
Insurance is like a reverse lottery. You pays your money and you takes your chances, and you hope you lose. You pay for your lottery ticket every month, and every month, you hope you’ve wasted your money. That you bought a losing ticket. But I got “lucky.” I won the “Big Prize.” So, now, you’re saying, even though I paid for my ticket, I’m not entitled to my “prize?”
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