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Re: Update on SS adjustment for ER... That's all?
Old 11-07-2004, 04:43 PM   #21
 
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Re: Update on SS adjustment for ER... That's all?

Well Tadpole, we agree on one thing. Whatever they
do on SS, they will most likely screw it up. I also am unhappy with the Medicare bill, plus "No Child Left Behind", plus illegal immigrant legislation. All
terrible stuff IMHO.

John Galt
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Re: Update on SS adjustment for ER... That's all?
Old 11-07-2004, 06:16 PM   #22
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Re: Update on SS adjustment for ER... That's all?

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But ask the same question of the Bush proposal. How would that solve the problem?
By changing the formula to give lower benefits to anyone under the chosen age. The rest is just a smoke screen.
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Re: Update on SS adjustment for ER... That's all?
Old 11-07-2004, 06:52 PM   #23
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Re: Update on SS adjustment for ER... That's all?

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I would propose that we curb spending in other areas and redirect the funding into replenishing social security, rather than implement new taxes and plans.
The problem with this plan is that most politicians could not get reelected by following it. They depend upon campaign contributiions from special interest groups, and have to dole out the pork to get the contributions.
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Re: Update on SS adjustment for ER... That's all?
Old 11-07-2004, 08:31 PM   #24
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Re: Update on SS adjustment for ER... That's all?

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Well, I plugged in the 2005 calculator updates and reran my same numbers. My PIA increased 2.36%. The COLA for 2005 is 2.7%. I think the difference is the wage-indexing adjustment. We had a discussion on that a while back but I'm still hazy on how it works...
cc, Thanks for the reply. It got me thinking...

The special statements I got were August of 2003 and August of 2004. Between those two was the .94% increase.

Before that, I had downloaded the Calculator in 2002, and again in 2003. But the August 2003 special statement showed a slightly larger $ amount than the calculator, so I had just decided to request specials every summer from then on.

Tonight I downloaded the new 2005.1 calculator, and loaded it up with all the data. And it came up with... a lower number! In fact, a familiar number I had had a while ago. Strange. I checked the version number, and it said 2002! Whaaa? I just downloaded it!

Hmmm, suspected that although having different SS calculator versions on the PC seemed to all peacefully coexist, that the calculations were always using a table from the oldest one! That would make sense why the 2003 "calculated" was different than the 2003 "statement"! So de-installed all versions of the calculator, and downloaded the 2005.1 again. This time it works. It shows the for 2005 amount to be 2.41% greater than the special estimate for 2004.

So this is what I think I have for increases due to yearly SSA wage adjustments, remembering that there are NO new wages in any of this:

2002 to 2003 Increases by 2.33%
2003 to 2004 Increases by 0.94%
2004 to 2005 Increases by 2.41%

Thanks again, cc! I'm feeling a little better about this now, at least it is increasing at a measurable fraction of CPI!
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Re: Update on SS adjustment for ER... That's all?
Old 11-08-2004, 04:09 AM   #25
 
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Re: Update on SS adjustment for ER... That's all?

Telly, glad I could help - I'm still trying to make sense of all this myself. The calculator is somewhat non-intuitive and I'm not sure how much to trust the results. I updated my 2004.1 version with the 2005 parameters but I suppose I should download 2005.1.

One question for you - you said you "loaded it up with all the data" - do you mean manually? I would hope it could still read my old data files...
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Re: Update on SS adjustment for ER... That's all?
Old 11-09-2004, 07:26 AM   #26
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Re: Update on SS adjustment for ER... That's all?

cc, yes, I was typing in the earnings record, year after year. I have run the calculator very few times over 3 years now. When I first downloaded it in 2002, I didn't think they had a version update method on the SSA site. Or maybe I missed it. In fact, I never tried saving any of the results/data until the other night.

I guess as each year goes by and another version comes out, I will probably nuke the old version and start from scratch again. Not the most efficient method, but at least I will know that the latest tables are being used, and the correct earnings data. Being retired, it's not like I have to be time efficient!

After reading the "help" info available, I just run it with all the defaults except for my birthdate, month + 1 of my age 62 date, year of first earnings & year of last earnings, and # of pre-1977 quarters. I click the "male" button too, although I doubt it does anything for what I am looking for.
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Re: Update on SS adjustment for ER... That's all?
Old 11-09-2004, 07:58 AM   #27
 
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Re: Update on SS adjustment for ER... That's all?

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One question for you - you said you "loaded it up with all the data" - do you mean manually? I would hope it could still read my old data files...

I downloaded the new Calculator. You do have to delete it on your PC, before the new version is downloaded.

You will not have to key in the old data again, if you have saved it before on your PC. I grabbed my old data and it loaded just fine.
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Re: Update on SS adjustment for ER... That's all?
Old 11-09-2004, 01:57 PM   #28
 
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Re: Update on SS adjustment for ER... That's all?

Thanks Cut-throat - that works fine. I added 2005 to the icon name to help me remember to update it in the future...
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Re: Update on SS adjustment for ER... That's all?
Old 11-09-2004, 06:21 PM   #29
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Re: Update on SS adjustment for ER... That's all?

Ugh! I can't get Social Security until I'm 62 in 2041. I really loved the comment about the reduction in benefits starting in 2042. If my memory is still good, I'll be receiving 73% of what I should have received at age 62 (which is already reduced because my full retirement age is 67).
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Re: Update on SS adjustment for ER... That's all?
Old 11-09-2004, 09:07 PM   #30
 
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Re: Update on SS adjustment for ER... That's all?

Hey daystar, you sound like you are anxious to be 62.
Why? I am anxious to get my hands on my SS checks,
but in no hurry for 2 more years to be gone. Anyway,
it's kind of interesting that we are getting along just fine
without it. Who knows, maybe I will hit 62 and just decide to hold off drawing it. It happened that way with
my IRA. Still untouched and growing.

John Galt
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