why does a guy who has a rich wife need SS?

Superfreak said:
Not to be overly critical... but I think you need to look up just what "insurance" does. Insurance IS the guarantee. They are synonymous
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puhlease, I'm well aware of the function of insurance. While SS is named as such and in it's original inception it did indeed act as insurance in case you couldn't take care of yourself, as evidenced by McCain recieving SS payments, IT'S NO LONGER AN INSURANCE PROGRAM

But to the delight of the internets, I will admit to being wrong.

IT'S INSURANCE!!

there! I'm done

LOL
 
Chappy actually thinks our employers would give us that 7% or so if they did not have to pay it to the feds.
 
tinfoil said:
puhlease, I'm well aware of the function of insurance. While SS is named as such and in it's original inception it did indeed act as insurance in case you couldn't take care of yourself, as evidenced by McCain recieving SS payments, IT'S NO LONGER AN INSURANCE PROGRAM

But to the delight of the internets, I will admit to being wrong.

IT'S INSURANCE!!

there! I'm done

LOL
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:lmao:

ummmm, ok......

http://www.ssa.gov/pgm/links_disability.htm


"The Social Security disability insurance program (sometimes referred to as SSDI) pays benefits to you and certain family members if you worked long enough and paid Social Security taxes. "
 
BTW the "rich wife" thing is really meaningless.

The guy made nearly 500K last year. He too is "rich" by any usual measure.
 
tinfoil said:
Is it still insurance if you have no choice in the matter?
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It is insurance any time a payment is guaranteed. Like SS benefits. You get your SS notice in the mail each year telling you what your payments would be should you start drawing on them today (or what future benefits would be if you are too young to take bene's yet)

Those are guaranteed payments. The only way you don't receive them is IF the guarantor defaults/goes bankrupt.

So if you have a life insurance policy with Pac Life and Pac Life goes belly up.... you lose your benefits and what you paid into them. (assuming they do not have reinsurance)

Same holds true with SS. The only way you don't get your payment is if the US government goes bankrupt. (which the idiots in DC are trying their best to do)
 
Superfreak said:
It is insurance any time a payment is guaranteed. Like SS benefits. You get your SS notice in the mail each year telling you what your payments would be should you start drawing on them today (or what future benefits would be if you are too young to take bene's yet)

Those are guaranteed payments. The only way you don't receive them is IF the guarantor defaults/goes bankrupt.

So if you have a life insurance policy with Pac Life and Pac Life goes belly up.... you lose your benefits and what you paid into them. (assuming they do not have reinsurance)

Same holds true with SS. The only way you don't get your payment is if the US government goes bankrupt. (which the idiots in DC are trying their best to do)
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Not to mention annuities are types of insurance contracts. So if you are getting your payments at 65 or 70 or whatever, its still a fvcking insurance contract.
 
Tin...

Put it this way... when you are guaranteed payment upon the occurence of a certain event... that is insurance. Whether the event is that you wrecked your car, had damage to your home, turned 65/67 etc...

When those events occured for which you are insured, you receive the corresponding benefits decribed by the insurance policy. Do you have to accept the money? No, you could turn it down.... but that does not change the point that they are required to pay it to you (assuming solvency)
 
Superfreak said:
Tin... Typical Conservative

Put it this way... when you are guaranteed payment upon the occurence of a certain event... that is insurance. Whether the event is that you wrecked your car, had damage to your home, turned 65/67 etc...

When those events occured for which you are insured, you receive the corresponding benefits decribed by the insurance policy. Do you have to accept the money? No, you could turn it down.... but that does not change the point that they are required to pay it to you (assuming solvency)
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that's better
 
LadyT said:
Not to mention annuities are types of insurance contracts. So if you are getting your payments at 65 or 70 or whatever, its still a fvcking insurance contract.
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Exactly. The way annuities are designed today, you can create a personalized pension plan with guaranteed growth until you start taking withdrawals and guaranteed payments upon retirement.... and NOW you can do so without losing control of your principal and investments. Which means they kick the shit out of the SS plan.

:)
 
Superfreak said:
It is insurance any time a payment is guaranteed. Like SS benefits. You get your SS notice in the mail each year telling you what your payments would be should you start drawing on them today (or what future benefits would be if you are too young to take bene's yet)

Those are guaranteed payments. The only way you don't receive them is IF the guarantor defaults/goes bankrupt.

So if you have a life insurance policy with Pac Life and Pac Life goes belly up.... you lose your benefits and what you paid into them. (assuming they do not have reinsurance)

Same holds true with SS. The only way you don't get your payment is if the US government goes bankrupt. (which the idiots in DC are trying their best to do)
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I get that.

But traditionally insurance is voluntary. That was my point.

Anyway, I already agreed I was wrong
 
tinfoil said:
I get that.

But traditionally insurance is voluntary. That was my point.

Anyway, I already agreed I was wrong
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In that you are also incorrect. Some insurance is voluntary, some is not. SS has been a mandatory contribution. Car insurance (at least liability) is mandatory in most states.
 
look, we were talking specifically about retirement payments from SS when the discussion began.

By traditional insurance I meant stuff like health, life, flood, etc...

Of course there are insurance that is mandated by law. I didn't dispute that.
 
tinfoil said:
look, we were talking specifically about retirement payments from SS when the discussion began.

By traditional insurance I meant stuff like health, life, flood, etc...

Of course there are insurance that is mandated by law. I didn't dispute that.
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LOL. You were out of the woods when you ended it with, "I was wrong".

Don't try to back peddle now. You didn'd understand what insurance was and now you've been schooled. Just walk away man hopefully this thread will die down and people won't even notice.

'kay?

kay.
 
LadyT said:
LOL. You were out of the woods when you ended it with, "I was wrong".

Don't try to back peddle now. You didn'd understand what insurance was and now you've been schooled. Just walk away man hopefully this thread will die down and people won't even notice.

'kay?

kay.
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you are like.... mean... :eek:
 
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