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Slim King Eternal Order Orlando 18012 Posts |
Anyone here retired? I'm looking into it and it seems that I started paying into this system at 15 years old. So I've been paying in over 46 years now. I'm eligible to retire in less than a year but the amount offered is insanely low. I've been told that the money set aside was spent on something else. Of course they want me to continue working and promise almost twice as much if I do so in another 8 years. This doesn't seem to be the same promise they made 46 years ago. No one could retire on this, especially if you have dependents still living at home.
THE MAN THE SKEPTICS REFUSE TO TEST FOR ONE MILLION DOLLARS.. The Worlds Foremost Authority on Houdini's Life after Death.....
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0pus Inner circle New Jersey 1739 Posts |
Are you talking about a pension plan, 401(k) or similar plan, or Social Security?
With regard to the promise made 46 years ago, what was that promise and who made it? You might be entitled to more than you think. |
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Dougini Inner circle The Beautiful State Of Maine 7130 Posts |
I'm retired. VA Pension. Doable, but I had to scale MASSIVELY back!
Doug |
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Slim King Eternal Order Orlando 18012 Posts |
Yes .. Social Security. The 401K options didn't even exist until the late 70's and it's just another version of pensions involving larger corporations and their employee retirement options.
I did read in the beginning it was supposed to be 100% voluntary. And that if you passed away before you turned 65 your surviving relatives get 3% of your gross income back. Like a savings account of sorts. I just want to focus on what was promised to myself and others and what we are actually going to get.
THE MAN THE SKEPTICS REFUSE TO TEST FOR ONE MILLION DOLLARS.. The Worlds Foremost Authority on Houdini's Life after Death.....
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Dannydoyle Eternal Order 21219 Posts |
Didn't you make plans on your own for your retirement?
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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Slim King Eternal Order Orlando 18012 Posts |
Yes Danny!!!!I (LIKE MILLIONS OF OTHERS) believed the government. I wasn't expected to live past 30. It's a miracle I made it this far
.ROTFLMAO.... BTW.. Funny Danny .. was that supposed to be some kind of a back handed attack? If so it made me smile.
THE MAN THE SKEPTICS REFUSE TO TEST FOR ONE MILLION DOLLARS.. The Worlds Foremost Authority on Houdini's Life after Death.....
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rockwall Special user 762 Posts |
Why retire Slim? You seem to have a pretty good gig and I assume you enjoy it. Keep on truckin and get that twice as much in a few more years.
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NicholasD Inner circle 1458 Posts |
Don't even know where to begin on this one. Sounds like you may have fallen for one of the far left scare tactics about Social Security. First of all, anyone who is about ready to take Social Security within the next few years or is already getting Social Security will receive the amount they are entitled to regardless of how much the Government has tapped into Social Security funds. It's been earned and it can't be taken from you. It's been possible to calculate how much you would receive monthly based on your income for decades. Just Google Social Security benefits to figure out how much you'll receive when you begin to take benefits.
I'm a little confused about "promises" made regarding Social Security. No one could promise you anything without knowing how much you would earn each year until you retire. |
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Dannydoyle Eternal Order 21219 Posts |
Quote:
On Jun 24, 2015, Slim King wrote: Wow paranoid much? Attack? It was a question although I admit without a lot of exclamation points and capitol letters. But speaking of attacks this entire thread seems like an attack by YOU against the social security program.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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rockwall Special user 762 Posts |
Well, you got to admit that the SS program has always been a bit of a money making venture for the government. I think it's pretty common knowledge that the amount you get back is nothing compared to the amount you would have gotten if the money had been invested. (And no, I'm not claiming that the government ever said it would invest it for you.)
I'm not sure what Slim thinks was promised 46 years ago but I suspect that the amount you get out of SS now is probably more than what was originally promised seeing as how the program has morphed into something completely different than what it started out as. |
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Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
Quote:
On Jun 24, 2015, rockwall wrote: Apparently, the average American gets a resonable rate of return on Social Security, at least according to this Reuters report. In part: Quote: Could workers make their money grow more quickly with personal accounts? The actuaries at the Social Security Administration (SSA) ran an analysis recently that simulated real (after inflation) annual rates of return on payroll tax contributions for beneficiaries who were born between 1920 and 2004.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
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Dannydoyle Eternal Order 21219 Posts |
I think the problem is that when devised people dis not lve quite as lng. Now also baby boomers are retiring at a fast pace.
I have no dog in the fight. I do jot plan on using it as when I am eligible it will be long gone. Already have it worked out without it. I have no idea who promised what to whom. No idea if it is good or bad. I know it needs help, and many depend upon it. Beyond those absolute facts I know little.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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rockwall Special user 762 Posts |
I hope you don't consider, "when I am eligible it will be long gone" as one of your absolute facts as I suspect you would be wrong.
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balducci Loyal user Canada 227 Posts |
Quote:
On Jun 24, 2015, Slim King wrote: Seems you missed quite a bit in those 46 years. http://www.ssa.gov/history/stool.html "Social Security benefits are considered to be only one part of a complete approach to retirement planning. In contemporary parlance, Social Security benefits are described as the 'foundation' upon which individuals can build additional retirement security through company or personal pensions and through savings and investment."
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci Loyal user Canada 227 Posts |
Of course, if you failed to save and exercise your private initiative to prepare for retirement, you can become one of your minority impersonators and reap those sweet benefits you mentioned elsewhere.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Dannydoyle Eternal Order 21219 Posts |
Quote:
On Jun 25, 2015, rockwall wrote: Even the optimistic projections have it being insolvent long before my qualification.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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rockwall Special user 762 Posts |
Well, you must be a lot younger than I thought. But even then, it's unlikely.
http://money.cnn.com/2015/02/10/retirement/social-security/ "The latest Social Security Trustees Report projects that the Social Security trust fund will run out of money in just 18 years, or 2033. But even if that forecast proves accurate, it doesn't mean payments will stop. The payroll taxes that Social Security collects from workers and employers will still be able to fund 77% of scheduled benefits." "For people who are more than a decade or so away from retirement, however, some sort of downsizing is more likely. The Boston College Center for Retirement Research's Social Security Fix-It Book outlines a number of possibilities for shoring up the system by trimming benefits, including raising the full retirement age (currently between 66 and 67 for anyone born in 1943 or later), means-testing and changing the cost-of-living adjustment." So, insolvent doesn't mean no one gets paid. It 'might' mean that people don't get as much as they thought they would. But more likely is that at some point Congress does something to adjust things. Either increasing the retirement age, collecting more, or just borrowing the shortfall from China! (Which solution will depend on who's in office I suspect.) |
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Dannydoyle Eternal Order 21219 Posts |
Not get as much as they thought. Not get what was counted on.
And yes I appear to be younger than you thought.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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rowdymagi5 Inner circle Virginia 3616 Posts |
In any event, our leaders in Congress manage to screw us yet again. Slim stated that they failed to keep promises. We were told a specific age for retirement. Pulling the rug out and raising the age of retirement is a promise not kept. Heck, I know a great way to save SS, raise the age of retirement to 100. Problem solved.
If you and I were a hundred thousand over on our bank account........were going to jail. Congress raises taxes. |
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The Hermit Veteran user 301 Posts |
Quote:
On Jun 24, 2015, NicholasD wrote: Hmmmm. The government can't pass a law and get rid of social security? You might check with a lot of state pensioners that have had their payments reduced. There is no 'social security' money anywhere. It is an IOU we hold with no recourse. |
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