Punishing Bidenflation Has 1 in 6 Retirees Considering Unretiring

Althea said:
This can't possibly be a quality link.

I didn't see the term 'Bidenflation' anywhere.


Having said that, I'm not impressed with the way TRP addresses the issue of SS benefits. At no point do they admit that if you are eligible to start collecting at 62 and opt to do that, the money you get until your full retirement age is substantial.

Many would have to live into their 90's to break even if they wait for the somewhat insignificant hike in benefits 4 years later.
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This is the main reason for unretirement. People find that the benefit is too small so they stop collecting it and go back to work. You can’t do both until full retirement. The link is a to a partisan agenda driven opinion piece untethered from the truth.
 
Concart said:
This is the main reason for unretirement. People find that the benefit is too small so they stop collecting it and go back to work. You can’t do both until full retirement. The link is a to a partisan agenda driven opinion piece untethered from the truth.
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Or, if I were in that position, I would work completely of a 1099 as a subcontractor, make as much as I could or wanted, and not have to worry about SS being reduced. Social Security only gets reduced if you are working at a job that uses a W-2 and you are an employee.

I know, because I still do quite a bit of work as an electrician and get 1099's from the GC's that hire me. That is, I am not an employee, not paying social security (FICA) on my earnings as a self-employed person. Income from things like investments, being a land lord, etc., also don't count. It's only if you take a job, like greeter at Walmart, that you get hit if you make too much money. Your age doesn't matter. What matters is if you are working on a W-2 and having FICA taken out or not.
 
Concart said:
This is the main reason for unretirement. People find that the benefit is too small so they stop collecting it and go back to work. You can’t do both until full retirement. The link is a to a partisan agenda driven opinion piece untethered from the truth.
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The T.Rowe Price link?

They addressed SSI payments, but never addressed the tens of thousands of dollars left on the table if you wait until full retirement. I know people in the public sector who retired at 62 and take early payments.

My one buddy would leave $90,000+ on the table if he waited 4 years for full retirement. I believe he would have gotten about $400/month more by waiting.Maybe less.

We did the math and he would have had to live to 90 before he broke even.
T.R.P never even addressed that.
 
T. A. Gardner said:
Or, if I were in that position, I would work completely of a 1099 as a subcontractor, make as much as I could or wanted, and not have to worry about SS being reduced. Social Security only gets reduced if you are working at a job that uses a W-2 and you are an employee.

I know, because I still do quite a bit of work as an electrician and get 1099's from the GC's that hire me. That is, I am not an employee, not paying social security (FICA) on my earnings as a self-employed person. Income from things like investments, being a land lord, etc., also don't count. It's only if you take a job, like greeter at Walmart, that you get hit if you make too much money. Your age doesn't matter. What matters is if you are working on a W-2 and having FICA taken out or not.
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Nope
 
T. A. Gardner said:
Yep.

https://smartasset.com/retirement/w...r,the total annual benefit gets reduced by $1.

The only income from work that counts is that where you are an employee on a W-2 and FICA is taken out. I can earn unlimited income as a self-employed subcontractor being paid on a 1099. I know because I already do that to the tune of well into 5 figures a year.
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Incorrect. All income earned as a sole proprietor is subject to self employment tax.

You essentially pay the employee/employer share of Fica...about 16% including Medicare.
 
T. A. Gardner said:
Yep.

https://smartasset.com/retirement/w...r,the total annual benefit gets reduced by $1.

The only income from work that counts is that where you are an employee on a W-2 and FICA is taken out. I can earn unlimited income as a self-employed subcontractor being paid on a 1099. I know because I already do that to the tune of well into 5 figures a year.
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You really must love getting your ass kicked here. Once again, you didn't even read your own citation.





Not all income is equal when it comes to Social Security earnings caps. Generally, any income that comes from employment counts against the earnings cap. Here are examples of the kinds of income that count against the cap:

  • Wages and salary paid by an employer
  • Net income from self-employment
 
Althea said:
Nope
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Gardner is a tax cheat too. He doesn't pay FICA or Medicare on his 1099 iMISC income, even though by law he is required to pay not only his portion but the employer portion as well. So basically, Gardner is screwing the US Government, and by extension, you and me. You are correct, income is income, regardless of how it's made. Someone should turn this guy in, he probably owes tens of thousands in back taxes.

https://www.irs.gov/businesses/smal...oyment-tax-social-security-and-medicare-taxes
 
Althea said:
The T.Rowe Price link?

They addressed SSI payments, but never addressed the tens of thousands of dollars left on the table if you wait until full retirement. I know people in the public sector who retired at 62 and take early payments.

My one buddy would leave $90,000+ on the table if he waited 4 years for full retirement. I believe he would have gotten about $400/month more by waiting.Maybe less.

We did the math and he would have had to live to 90 before he broke even.
T.R.P never even addressed that.
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No, HIS link to his idiotic Bidenflation article.

I actually collected my deceased spouses SS until retirement age, and got the full amount at that point.
 
ptif219 said:
Only stupid people will vote for The Biden Inflation and the Biden Recession
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There is no such thing as the Biden Inflation, and there is no recession.

What the entire world experienced was the historic WORLD-WIDE POST COVID RECOVERY INFLATIONARY PERIOD.

And, this historic recovery was eclipsed with another historic event that compounded the World's recovery process- Russia's Scorched Earth Invasion of the Ukraine- that led the entire world into an instant Energy crisis at the same time.

And that WORLD-WIDE Energy Crisis was even further compounded by Saudi Arabia's decision to majorly cut back drilling and exporting Crude Oil in October 2022, and now even again with the Saudi's announcement that they and other OPEC nations to cutback even more just last week. Cutbacks of another 500,000 barrels a day of Crude Oil in just Saudi Arabia alone and the cutbacks to remain in place through the end of the year. While Russia working in alignment with the OPEC countries also announcing cutting back 500,000 barrels of crude oil a day until the end of the year also in an effort to raise their own prices to their Asian Markets.

So, all of these factors are slowing down the world's ability to fully recover from the inflation caused by the Covid Pandemic that officially ended just this last month!

So before all of you Biden haters start blaming Biden for the inflation, ALWAYS CHECK WITH ME FIRST BEFORE SHOOTING OFF YOUR MOUTHS, so that I can cut through all the BULLSHIT and explain what the real reasons are for the INFLATION. Because I can save you guys a lot of embarrassment for falsly blaming Biden for everything under the sun for TOTALLY POLITICALLY MOTIVATED REASONS!

Next!
 
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Concart said:
Gardner is a tax cheat too. He doesn't pay FICA or Medicare on his 1099 iMISC income, even though by law he is required to pay not only his portion but the employer portion as well. So basically, Gardner is screwing the US Government, and by extension, you and me. You are correct, income is income, regardless of how it's made. Someone should turn this guy in, he probably owes tens of thousands in back taxes.

https://www.irs.gov/businesses/smal...oyment-tax-social-security-and-medicare-taxes
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Gardner was simply opining about how to avoid the reduction in SS benefits by some magical self employment scam. Evidently, if you don't have FICA deducted from your earnings by your payee, it magically disappears from your wages.

Clearly, Gardner isn't qualified to manage self employment, let alone conduct research on any topic that a 4th grader could ace. Notwithstanding his claim about earning 5 figures as a contractor

What I find fascinating is the consistent offering of links that directly disproves his claims.
 
There's no such thing as Bidenflation.

America no longer has, if it ever had, the ability to either cause or alleviate the present global inflation.

Conservatives are too naively provincial to view things from a global perspective,
but that, unfortunately, doesn't seem to stop them from running off their mouths.
 
Concart said:
No, HIS link to his idiotic Bidenflation article.

I actually collected my deceased spouses SS until retirement age, and got the full amount at that point.
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LOL. That link wasn't even worth clicking. The T.R.P link that was cited here addresses the issue of returning to work, and then goes into an in depth (albeit lacking) discussion of retirement strategies with respect to SS.

If you were collecting wages over the allowed amount while getting your spouse's SS benefits, did the $1 for $2 holdback apply until you reached full retirement? Or was there no limit? Or were you relying solely on investment income at the time?

That worked out well for you, as you didn't suffer a reduction in monthly benefits as you didn't collect on your account.
 
NiftyNiblick said:
There's no such thing as Bidenflation.

America no longer has, if it ever had, the ability to either cause or alleviate the present global inflation.

Conservatives are too naively provincial to view things from a global perspective,
but that, unfortunately, doesn't seem to stop them from running off their mouths.
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There is trumpflation, though. Evidently, he was lying to Iowa voters at his comedy routine last night.

He claimed that China pays the trump taxes, and he gave the money to farmers.

In reality, soy farmers were starving due to his tariffs. We paid higher prices for appliances (initially), and he bailed out the Big Agra farms while ignoring the family farmers.
 
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