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Re: Social Insecurity
Old 06-15-2005, 01:03 PM   #21
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Re: Social Insecurity

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I reject your reality, and substitute my own...
Eminently sensible. After all, if you can't trust the voices in your head, who can you trust?
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Re: Social Insecurity
Old 06-15-2005, 02:07 PM   #22
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Re: Social Insecurity

For planning purposes I've been assuming a 40% cut in promised benefits. (I'm about 50).

This is probably too extreme but I like to look at the worst case. It's a good bet people with solid
earnings histories will bear the bulk of future cuts. Medicare is likely a bigger variable than SS and
who knows what the politicians will do to it...still, I can't see ignoring expected SS income entirely
unless you are so flush it doesn't matter.
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Re: Social Insecurity
Old 06-15-2005, 05:51 PM   #23
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Re: Social Insecurity

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Originally Posted by Cut-Throat
Right now we have a system where the poorer people are paying for the retirmement of wealthier people.
Really?*

From ssa.gov:

"Your Social Security benefits are reduced because Social Security benefits were intended to replace only a percentage of a worker’s pre-retirement earnings. The way Social Security benefit amounts are figured, lower-paid workers get a higher return than highly paid workers. For example, lower-paid workers could get a Social Security benefit that equals about 55 percent of their pre-retirement earnings. The average replacement rate for highly paid workers is about 25 percent."
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Re: Social Insecurity
Old 06-15-2005, 06:58 PM   #24
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Re: Social Insecurity

Patrick,
I think Cut-Throat's point was more along the holistic view that poor people are actually poor because they are never paid very much, and that the fruits of their labor are siphoned off by their superiors who give themselves rich retirement packages outside the SS system. Within SS, you are right -- the lower paid people do better than they put in. Been a long time since I was a socialist in college but the muscles still work!
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Re: Social Insecurity
Old 06-15-2005, 07:37 PM   #25
 
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Re: Social Insecurity

ESRBob Gets it!* - The hardest working people, that I've ever seen never made more than $25K per year in their lifetimes.

So, Patrick how do you explain a CEO that goes into a company, drives it into the ground, screws over the stockholders and employees and all the while drawing a $10 Million paycheck. Yes, he is paying into Social Security Bigtime. But the real question is - With who's money? * - He is certainly not 'earning' it.
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Re: Social Insecurity
Old 06-15-2005, 07:45 PM   #26
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Re: Social Insecurity

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Originally Posted by Michael
Eminently sensible. After all, if you can't trust the voices in your head, who can you trust?
Dont even get me started on THOSE bastards...
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Re: Social Insecurity
Old 06-15-2005, 08:01 PM   #27
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Re: Social Insecurity

Riiiiiight!

I have a 12 step program for those voices in my head. First step - do not take any job - even temp work - it's that first job that kills ER. I've forgotten what the other eleven steps are.

Plus I go to meetings - the informal old pharts at the dougnut shop - some have slipped, helped their kids out in their businesses and barely made it back to the old doughnut shop and the safety of retirement. Just say no - is sometimes difficult.

Heh, heh, heh, heh, heh,
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Re: Social Insecurity
Old 06-16-2005, 08:30 AM   #28
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Re: Social Insecurity

You will be pleased to know that I finally got my ss official statement yesterday. First check is next month. DW's ss check was raised to meet half of mine. There are some rewards for turning 62!
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Re: Social Insecurity
Old 06-16-2005, 08:38 AM   #29
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Re: Social Insecurity

Quote:
Originally Posted by Eagle43
You will be pleased to know that I finally got my ss official statement yesterday. First check is next month. DW's ss check was raised to meet half of mine. There are some rewards for turning 62!
Congrats! Did you ever work out the timing issues with your application for benefits vs. first SS check?

REW
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Re: Social Insecurity
Old 06-16-2005, 09:10 AM   #30
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Re: Social Insecurity

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Originally Posted by Eagle43
You will be pleased to know that I finally got my ss official statement yesterday.* First check is next month.* DW's ss check was raised to meet half of mine.* There are some rewards for turning 62!*
you lucky guy! somehow I just figure that by the time I get to 62 they're going to raise the age to 64, by 64 ..... you get the idea.
good for you
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Re: Social Insecurity
Old 06-16-2005, 10:49 AM   #31
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Re: Social Insecurity

Quote:
Originally Posted by Cut-Throat
So, Patrick how do you explain a CEO that goes into a company, drives it into the ground, screws over the stockholders and employees and all the while drawing a $10 Million paycheck.
I don't explain it, nor do I need to.* You have chosen a very rare example that is irrelevant to the posted topic, Social Security.* It is even irrelevant in the context of your initial reply to TromboneAl, who stated that Social Security would become a welfare plan:

"Yes, maybe.* But if that's done, we'll have a major, qualitative change in SS, because it changes the system to a welfare system.* With the cap in place, it's just a system in which we all contribute for our own retirement.* But if the cap is too high, then all of a sudden you have a system where wealthier people are paying for the retirement of poorer people."

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Re: Social Insecurity
Old 06-16-2005, 11:03 AM   #32
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Re: Social Insecurity

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Originally Posted by Patrick
You have chosen a very rare example that is irrelevant to the posted topic, Social Security.
Wow, a lot of people sure wish it was a very rare example...
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Re: Social Insecurity
Old 06-16-2005, 11:52 AM   #33
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Re: Social Insecurity

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Originally Posted by REWahoo!
Congrats! Did you ever work out the timing issues with your application for benefits vs. first SS check?

REW
Well, it goes like this. I was 62 in May, but first month of eligibility is June and they pay a month in arrears. I have discussed this with other 62-year olds and they all have the same version. The official statement said exactly that: you will receive June's payment in July.

Now all I have to do is outlive the bastards (those at MegaCorp and the US Military). Let's see, if I live to be 100, that's a lot of checks.
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Re: Social Insecurity
Old 06-16-2005, 12:00 PM   #34
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Re: Social Insecurity

Quote:
Originally Posted by Eagle43
Well, it goes like this. I was 62 in May, but first month of eligibility is June and they pay a month in arrears. I have discussed this with other 62-year olds and they all have the same version. The official statement said exactly that: you will receive June's payment in July.
Then if I turn 62 in December it will be February before getting my first check. So you can't really start getting SS benefits until you are 62 1/6.

Quote:
Originally Posted by Eagle43
Now all I have to do is outlive the bastards (those at MegaCorp and the US Military). Let's see, if I live to be 100, that's a lot of checks.
Good luck! BTW, I'm guessing you were a pilot in the USAF. If so, what did you fly?

REW
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