Social Security One leg of Retirement stool

[Dave]

I couldn't retire early and collect the pension from the job until I had 20 years in. That put me to almost 65. So I waited to 66 to get full SS and full pension from the job. We had options on the survivor benefits on the pension. Went with 50%. The wife had a cousin who retired and said he was going to get every possible dime out of the pension. He took the the no survivor benefit option. Died 2 months later. Left his wife with only SS, a couple of newer vehicles, and a smallish house in town. No other benefits or finances as they had spent it all living pay check to pay check.

 

[Jeanne - Simme Valley]

When hubby was alive and working, every time he got a raise or bonus, we put it immediately back into a retirement account. I figured we had been surviving on the amount of money coming in prior to the raise, we would just continue to make do.
That was a blessing for me now. He died at the age of 65. Planned on retiring the following year.

 

[ClodHopper37869]

[/quote]
That's my concern when people talk about wanting to eliminate SS and letting people manage their own money. 50% of the people will do so, the other 50% will buy a new truck.
[/quote]

I beg to differ, Its more like 75% - 25%

 

[farmerjan]

75% will spend it now, only 25% will manage it for the future.

 

[Caustic Burno]

75% will spend it now, only 25% will manage it for the future.

I know it has been figured by someone at sometime. I wonder what elder care would cost the government per person,
without SS.

 

[TexasBred]

We dont need to do away with it but we do need to privatize it. The govt can set up a mandated retirement plan with low risk investments and group it just like IRAs. Make it part of your taxes with penalties for not paying or just pull it like they do now.

The problem is it's become mandated welfare that is in the hole and the ponzi scheme only continues if you get new money in.

That's SS 2.0.
The problem is the government.
Ike went into SS to bail out the post office. LBJ tore the lid off and emptied it to pay for the Great Society.
Had politicians left it alone it would be flush with cash.

Here in lies the problem politicians and our cash= mismanagement and corruption every time.

The SS trust fund at the end of 2018 had 2.8 trillion in it. The money used for other government operations was borrowed and a special interest bearing bonds were placed in it. These bonds are drawing about 2.5% interest at the time. There are short term bonds and 20 year long term bonds.

True but most won't accept that.

 

[tom4018]

As a KY teacher, we don't get SS; we get the KTRS. I plan to retire at 55, which is three years away, and just roll with it.

Hopefully it is still there for you. That system is a mess and some of the hardest people I ever dealt with. sad to say the Federal government was easier to deal with.

 

[Caustic Burno]

As a KY teacher, we don't get SS; we get the KTRS. I plan to retire at 55, which is three years away, and just roll with it.

Hopefully it is still there for you. That system is a mess and some of the hardest people I ever dealt with. sad to say the Federal government was easier to deal with.

Texas teachers don't either.
There is like a half dozen states that teachers got screwed over in a federal law. At one time Senator Cruz was trying to get that legislation amended.

 

[Brute 23]

As a KY teacher, we don't get SS; we get the KTRS. I plan to retire at 55, which is three years away, and just roll with it.

Hopefully it is still there for you. That system is a mess and some of the hardest people I ever dealt with. sad to say the Federal government was easier to deal with.

Texas teachers don't either.
There is like a half dozen states that teachers got screwed over in a federal law. At one time Senator Cruz was trying to get that legislation amended.

It can go either way in Texas. Some schools do TRS and some take out SS. There are people who started in the private sector and will try to go back to a SS school after they qualify for full TRS to get both and vise versa.

 

[backhoeboogie]

I've been paying 47 years now with my employer matching my tax. Imagine all that money in a mutual fund.

I agree with money management issues. People can't afford things like rent, but they have new furniture and new cars and they gotta have the best cell phones too. So far the government hasn't cut welfare. But they always say SS is at risk.

 

[Caustic Burno]

I've been paying 47 years now with my employer matching my tax. Imagine all that money in a mutual fund.

I agree with money management issues. People can't afford things like rent, but they have new furniture and new cars and they gotta have the best cell phones too. So far the government hasn't cut welfare. But they always say SS is at risk.

Reason I never had a problem with SS it was pay to play. Every program has issues. The welfare program has become a lifestyle versus a helping hand, we are now on the third or forth generation that the Great Society spawned. When everything from food,housing, medical and pay to stay are involved, what incentive is there to work and pay. This is a growing demographic of our population.
We want to open the gates for illegals to come in to get on these programs
We should be cranking up CCC campaigns again putting Americans to work if they want to eat.

"Today, they are Americans under 18 years of age growing up in a country where the majority of their peers live in households that take "means-tested assistance" from the government.

In 2016, according to the most recent data from the Census Bureau, there were approximately 73,586,000 people under 18 in the United States, and 38,365,000 of them — or 52.1 percent — resided in households in which one or more persons received benefits from a means-tested government program.

These included the Supplemental Nutrition Assistance Program (food stamps), Medicaid, public housing, Supplemental Security Income, the Special Supplemental Nutrition Program for Women, Infants and Children, Temporary Assistance for Needy Families and the National School Lunch Program."

 

[herofan]

I agree with money management issues. People can't afford things like rent, but they have new furniture and new cars and they gotta have the best cell phones too.

I never understood that type of thing either. Even people who are making their own way with good jobs still like to complain about how tough it is, but they don't seem to be short on big-screen TVs, vehicles, dining out, vacations, and home remodels.

 

[Brute 23]

The one I dont understand is how much some of these people blow on their kids. Marketing has done a great job of making parents think if their kids are not #1 they are bad parents. There are adults ruining their futures, their marriages, and more to give their kids every thing they never had.

 

[Son of Butch]

My financial guy says take your SS as soon as you can. I agree if you wait till full retirement age you will have to draw until 82 to break even.

I was reading an article by Maurie Backman a senior life financial adviser.

She says 1 reason Not To Delay taking SS retirement payments is IF your spouse will be receiving a spousal benefit check. Spousal benefit checks = 1/2 the amount their spouse receives.
example:
you are 61 and spouse 59
then you should plan on taking your SS payments no later than the year in which the youngest spouse turns 62.5
So in this example don't delay taking SS past age 64

 

[faster horses]

The one I dont understand is how much some of these people blow on their kids. Marketing has done a great job of making parents think if their kids are not #1 they are bad parents. There are adults ruining their futures, their marriages, and more to give their kids every thing they never had.

We have robbed our kids of the feeling of accomplishment. Things have come too easy for them. If things get really hard in this country, they won't be prepared. I know this isn't 100% true, but it is true for the majority.

We live at the foot of the Big Horn mountains. You should see the fancy RV trailers, big one-ton dually pickups, side x sides up there owned by young people. It would be interesting to know how many are fully paid for. The whole mountain is full of them. And many have more than one side x side.

 

[Brute 23]

We have robbed our kids of the feeling of accomplishment. Things have come too easy for them. If things get really hard in this country, they won't be prepared. I know this isn't 100% true, but it is true for the majority.

We live at the foot of the Big Horn mountains. You should see the fancy RV trailers, big one-ton dually pickups, side x sides up there owned by young people. It would be interesting to know how many are fully paid for. The whole mountain is full of them. And many have more than one side x side.

I see it out of all age groups.

A commissioner was being grilled about some poor financial decisions they made and his comment was... I've had payments all my life and I'll have them until I die. That's just how the world works. Hopefully this is his last term.

When I was in the oilfield I saw guys making $1000- $1500 a day who probably didnt have $50k cash in the bank. They bought and bought and bought. These were grown men who had been through multiple booms and busts and still never learned.

Our whole society conditions people to take on debt. You graduate high school and they hand you a student loan and a credit card. The tell you your home is a good investment and that you deserve a nice car.

Personal finance needs to be taught in every school, every year, until the graduate.

 

[Son of Butch]

Personal finance needs to be taught in every school, every year, until they graduate.

One of the best school assignments I've seen was a high school driver education teacher had students choose what vehicle they wanted and research price, fees, insurance, maintenance and all other ownership costs and how much and for how long they would need to earn weekly to drive it and pay it off.

My 15 year old niece chose a Cadillac Escalade.
It was a real eye opener to her about reality.

 

[sstterry]

I was reading an article by Maurie Backman a senior life financial adviser.

She says 1 reason Not To Delay taking SS retirement payments is IF your spouse will be receiving a spousal benefit check. Spousal benefit checks = 1/2 the amount their spouse receives.
example:
you are 61 and spouse 59
then you should plan on taking your SS payments no later than the year in which the youngest spouse turns 62.5
So in this example don't delay taking SS past age 64

I agree with the spousal benefit if the spouse won't draw on their own. But you should factor in the fact that you are limited on how much you can earn on top of SS if you take the early benefit. In 2021 SS will deduct $1 for every $2 you earn above $18,960. That limit stops at full retirement age and you eventually will get those dollars back over time.

https://www.ssa.gov/benefits/retirement/planner/whileworking.html

I sure do miss HurleyJD

 

[D2Cat]

What is really lacking is discipline. People can have all the information available to create a future with enough money to have a good live, but can't get themselves to act accordingly. They "deserve" something right now!

 

[Stocker Steve]

I agree with the spousal benefit if the spouse won't draw on their own. But you should factor in the fact that you are limited on how much you can earn on top of SS if you take the early benefit. In 2021 SS will deduct $1 for every $2 you earn above $18,960.

Good thing the ranch will need more bulls, iron, and cross fence.