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Country Discussion Topics
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Social Security (what security)
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kraig WY    Posted 03-04-2003 at 11:47:45       [Reply]  [Send Email]
Just got my statement for social security.

Since I'm retired and don't pay into SS anymore they tell me I will get $670 per month after I turn 66.

I put the numbers in a spreadsheet, figured if I put the same money (mine and employers portion) into government bonds getting 4%, I would get $3,486 per month.

I hate to see what would happen if I got the same return my retirement system paid.

Also I started drawing my retirement at 46 not 66.

Maybe there is something to Bush letting people invest their own money. (or at least give us a choice).


Dave in Mo    Posted 03-05-2003 at 05:07:35       [Reply]  [Send Email]
Kraig, you're younger than I am. The average payout for S.S. is now about 48 months. That's right. You'd get everything back you ever paid in this fund based on Treasury Dept rates in about 4 years because in reality, we didn't pay squat in the 50's, 60's and not until the late 70's when Carter was President. It's been a TREMENDOUS boon for the WWII generation whether they admit it or not and it's going to get worse since us baby-boomers are going to wield even more political clout. Our kids and grandchildren are the ones who are being robbed.


Yankee in Ok    Posted 03-04-2003 at 18:56:54       [Reply]  [No Email]
Last march my wife almost bought the farm from a virus and was hospitilized for seven weeks.She was born with an immune defficincy and this virus really did some damage.Well her doctor told her no more work at all,in other words retirement.The doctor said she was disabled and certified this,letters etc.We apply to ssi and you would not belive the bu!!??t we have to go through to get through to these people about this.My wife has paid into this for years and has to go through this red tape FOR WHAT.I think it is like medical ins,a racket run wild.Not fair,to the working people.Oh well it is off my chest.I was going to post this at a later date but you beat me to it.Saw your post and had to put my 2cents in.


kraig WY    Posted 03-04-2003 at 19:02:12       [Reply]  [No Email]
You need to keep trying. The SS Admin always denies the first two attempts. Keep at it.


bob    Posted 03-05-2003 at 17:19:38       [Reply]  [No Email]
also sometimes it pays to go to different office. My bil is fighting now and about ready to switch places. I found out when I signed up for reg benifits there was 41.00 a month duiference in 3 offices.


Yankee in Ok    Posted 03-04-2003 at 19:07:50       [Reply]  [No Email]
Oh my friend we are.We plan on getting a lawyer and going through the steps one by one.If we want to get anything we need to be patciant and play the GAME by their rules.We will be victorious in the end.It just makes my blood boil ya know? Thanks for your reply.


bill b va    Posted 03-04-2003 at 14:34:41       [Reply]  [No Email]

if you and your wife have income over 32000 you will have to pay fed taxes on your social security . mind you this money was taxed when you earned it . NOW if you were a dead beat all your life you will get a check along with housing ,food stamps and many other benifits such as medical . at one time they were talking of giving people that own their own home less social security because they had a unfair advantage .i don't like polititians of any stripe .


Randy    Posted 03-04-2003 at 13:20:11       [Reply]  [Send Email]
I remember when my Dad was turning 62 we figured out if he should wait until 65 to start collecting. He didn't wait, he got like $30 or so less a month but got $25,000-$30,000 by the time he was 65. Thankfully as he died at 65. The other thing was that after he died Mom thought she would start getting his check, no. She was a bit too young at the time. Scary for her for a few months.


Farmer Wantabe    Posted 03-04-2003 at 12:16:46       [Reply]  [No Email]
A few years ago I happened to be on a plane with a lady who appearently was pretty high up in administration of SS. She told me how lucky I was that others were looking out for my well being. Was 'bout 35 then and knew little about SS except that I was purdy sure I was in for a dry one over the long haul. With very little thinking I told her that if I had the chance to do it I would opt out of SS, they could keep what they took allready (15 years worth), PLUS they could continue to take 50% of what they had been taking if I could have the rest. Told her I would probably get more money for retirement. Sounds like it wasn't a bad guess eh?


kathy in illinois---call it so-so security    Posted 03-04-2003 at 12:07:42       [Reply]  [No Email]
I agree...I'm sick of the restrictions put on investing...Why do I have to sign up with a 401K? For the last 3 years, our company's 401k administrator could not pick any investments that would yeild over 1 percent for more than a few months...Then with the administration fees, most people lost principle. Non union employees made out ok because the company matched 50 percent of our contribution, so even if the fund return was negative 10%, we still made 40%, but the union employees are loosing money hand over foot, and cannot get out without penalty. Why can't I go to my bank and buy a CD tax deferred...at least the man at the bank is happy to see me, happy to have my business, and maybe I will even get a free ice cream scoop! All the 401K's I've been envolved with are happy to get your money, then won't give you the time of day when you have a question or problem. Let us invest and plan for our own future, PLEASE!


Gger VT    Posted 03-04-2003 at 12:38:42       [Reply]  [Send Email]
Kathy
I am confused. You HAVE to participate in your company's 401K? That doesn't seem right.

It's really not a bad time to be dumping your money into a 401K. Buying stock when the market is depressed will pay off bigtime when it rebounds.

There are other tax deferrment retirement plan options available. We don't participate in our company's 401K because they don't match.(if they did I would enroll in a heartbeat) But we do invest in IRA's which are also tax deferred.

You may also want to talk with your 401K plan administrator. Where I work we have many options as to how we can set up our individual 401K.


Tom A    Posted 03-04-2003 at 11:59:20       [Reply]  [No Email]
Yep, I think there's something to it.

Problem with social security is that it was never intended to be folks' total retirement, although that's how most folks started treating it...the country basically stopped saving on their own and started depending on big bro' to do it. Unfortunately, social security is a big pyramid scheme, and like all pyramid schemes the first ones in (our parents) do the best, and the last folks in (our kids and grandkids) get messed over big time.

Something has to change!

Tom


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