social security not as good a deal as it once was

FN FS2000 said:
Which is why I should be allowed to opt out.
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nope, just vote for congress critters that support social security and are willing to look beyond the next election

like maybe vote for the good of the nation instead of their own good or whoever 'donates' the most to their election/reelection war chest
 
Don Quixote said:
nope, just vote for congress critters that support social security and are willing to look beyond the next election

like maybe vote for the good of the nation instead of their own good or whoever 'donates' the most to their election/reelection war chest
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No, I'm pretty set on opting out. I could take that money and actual make a return on it, instead of a loss.
 
FN FS2000 said:
No, I'm pretty set on opting out. I could take that money and actual make a return on it, instead of a loss.
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unless you die or are disabled, ss pays benefits to surviving spouses and to those too disabled to work...what about them?
 
FN FS2000 said:
They could do the same...? Or they could get my benefits from my investments, just like now?
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are your investments sufficient to take care of you and/or them for the rest of your lives?

were they when you started or at all points during your life?
 
Don Quixote said:
are your investments sufficient to take care of you and/or them for the rest of your lives?

were they when you started or at all points during your life?
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Ok Don, how much is a 24yo going have in SS? About $2000? Yeah, that'll set my wife (23) for all of about a month. Great return there.
 
FN FS2000 said:
Ok Don, how much is a 24yo going have in SS? About $2000? Yeah, that'll set my wife (23) for all of about a month. Great return there.
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it does not pay determined by how much you have paid in but it is based on how much you earned during the last quarter and then pays for the rest of your/their lives

i found out about this because i had to take a disability retirement

i was paid disability benefits until it turned 65 then regular social security payments kicked in

however, it turns out they were the same as i had maxed out on what ss would pay (i was a software engineer and paid the maximum to ss each year)
 
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Don Quixote said:
it does not pay determined by how much you have paid in but it is based on how much you earned during the last quarter and then pays for the rest of your/their lives
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Except neither of us is eligible. Because of our age. And I just confirmed that on the SS website. So in the unlikely event that I die (I get military disability), SS won't be there for my wife for a good 50 years. My life insurance, and other investments will though. Because we were smart and got nice policies while we were young, and set up trusts for our investments, so if one of us dies we can't be taxed.
 
FN FS2000 said:
Except neither of us is eligible. Because of our age. And I just confirmed that on the SS website. So in the unlikely event that I die (I get military disability), SS won't be there for my wife for a good 50 years. My life insurance, and other investments will though. Because we were smart and got nice policies while we were young, and set up trusts for our investments, so if one of us dies we can't be taxed.
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at what age would you be eligible?

just curious
 
FN FS2000 said:
As of current isn't the eligibility age 67 for full benefits? That's 43 years from now. Without any anticipated age increases.
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what you need to search is 'social security survivor benefits'

these are payable to your wife and children if you die after you qualify (takes about one year or paying a bit more than $4100 during a one year period)
 
Don Quixote said:
what you need to search is 'social security survivor benefits'

these are payable to your wife and children if you die after you qualify (takes about one year or paying a bit more than $4100 during a one year period)
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From the website: (http://www.ssa.gov/pubs/10084.html/#a0=2)

The benefit amount is based on the earnings of the person who died. The more the worker paid into Social Security, the greater your benefits will be.

Social Security uses the deceased worker’s basic benefit amount and calculates what percentage survivors are entitled to. The percentage depends on the survivors’ ages and relationship to the worker. If the person who died was receiving reduced benefits, your survivor’s benefit is based on that amount. Here are the most typical situations:

  • A widow or widower, at full retirement age or older, generally receives 100 percent of the worker’s basic benefit amount;
  • A widow or widower, age 60 or older, but under full retirement age, receives about 71-99 percent of the worker’s basic benefit amount; or
  • A widow or widower, any age, with a child younger than age 16, receives 75 percent of the worker’s benefit amount.
  • Children receive 75 percent of the worker’s benefit amount.
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And since we have no children, SS will, once again Don, not pay a mother fucking thing.
 
Don Quixote said:
it does not pay determined by how much you have paid in but it is based on how much you earned during the last quarter and then pays for the rest of your/their lives

i found out about this because i had to take a disability retirement

i was paid disability benefits until it turned 65 then regular social security payments kicked in

however, it turns out they were the same as i had maxed out on what ss would pay (i was a software engineer and paid the maximum to ss each year)
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so asking you about your opinion on this is like asking a leech what it thinks about blood-sucking
 
tinfoil said:
so asking you about your opinion on this is like asking a leech what it thinks about blood-sucking
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as a veteran blood sucker you should know

our congress critters have kicked the ss can so far down the road that it will now take major fixing (which cannot happen until after the election, if then) to solve the ss problems

as for my opinion, ss is better than what we had before ss was started

now if we can just keep the congress critters from robbing it and actually take care of it...but i am not holding my breath

i paid into the system all of my working life and now i am collecting some of what i paid...for as long as it or i last

fortunately, my wife and i have investments that also pay us

i did not expect ss to last until i retired, but it surprised me
 
Don Quixote said:
as a veteran blood sucker you should know

our congress critters have kicked the ss can so far down the road that it will now take major fixing (which cannot happen until after the election, if then) to solve the ss problems

as for my opinion, ss is better than what we had before ss was started

now if we can just keep the congress critters from robbing it and actually take care of it...but i am not holding my breath

i paid into the system all of my working life and now i am collecting some of what i paid...for as long as it or i last

fortunately, my wife and i have investments that also pay us

i did not expect ss to last until i retired, but it surprised me
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Unfortunately, Ponzi schemes do not work.
 
tinfoil said:
hey DQ
I guess you missed the fact that SS will be an upside down deal for future participants.
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just like that repugs want it to be

as i said before, congress needs to act, but has not and cannot with the current gridlock

with an ever increasing aged population, congress will be forced to subsidize ss or raise payroll taxes or get voted out of office

trying to take away ss or medicare is political suicide no matter what the repugs want and if they keep trying to mess with either or both they will lose big time

the best that they could get away with is raising the retirement age and eligibility age for medicare, that and raise the payroll taxes

maybe a lame duck session of congress could do it, or congress could chicken out and try to kick the can further down the road until there is no further road

i will probably be dead before there is a problem

oh well
 
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