Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Re: Social Insecurity
Old 06-15-2005, 12:03 PM   #21
Full time employment: Posting here.
 
Join Date: Nov 2002
Posts: 768
Re: Social Insecurity

Quote:
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?
Michael is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Social Insecurity
Old 06-15-2005, 01:07 PM   #22
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 214
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.
RockMiner is offline   Reply With Quote
Re: Social Insecurity
Old 06-15-2005, 04:51 PM   #23
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Social Insecurity

Quote:
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."
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Social Insecurity
Old 06-15-2005, 05:58 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,318
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!
__________________
ER for 10 years; living off 4.3% of savings (and a few book royalties ;-)
ESRBob is offline   Reply With Quote
Re: Social Insecurity
Old 06-15-2005, 06:37 PM   #25
 
Posts: n/a
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.
  Reply With Quote
Re: Social Insecurity
Old 06-15-2005, 06:45 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
Re: Social Insecurity

Quote:
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...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Social Insecurity
Old 06-15-2005, 07:01 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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,
unclemick is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 07:30 AM   #28
Thinks s/he gets paid by the post
Eagle43's Avatar
 
Join Date: Jan 2005
Location: DFW
Posts: 2,016
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!
__________________
Resist much. Obey Little. . . . Ed Abbey

Disclaimer: My Posts are for my amusement only.
Eagle43 is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 07:38 AM   #29
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 08:10 AM   #30
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
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!*
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
uncledrz is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 09:49 AM   #31
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
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."

__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 10:03 AM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
Re: Social Insecurity

Quote:
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...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 10:52 AM   #33
Thinks s/he gets paid by the post
Eagle43's Avatar
 
Join Date: Jan 2005
Location: DFW
Posts: 2,016
Re: Social Insecurity

Quote:
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.
__________________
Resist much. Obey Little. . . . Ed Abbey

Disclaimer: My Posts are for my amusement only.
Eagle43 is offline   Reply With Quote
Re: Social Insecurity
Old 06-16-2005, 11:00 AM   #34
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Former Military Social Security credits - interesting Fireup2020 FIRE and Money 1 04-10-2007 09:24 PM
Too much income to take Social Security this year Elderdude FIRE and Money 7 10-02-2006 05:00 PM
Maximizing Social Security Benefits eyenitnoy FIRE and Money 20 06-18-2006 08:29 PM
Social Security News today - 3/2/2005 Cut-Throat Other topics 17 03-04-2005 11:54 AM
Social Security will last longer ...maybe mickeyd FIRE and Money 7 06-28-2004 06:55 AM

» Quick Links

 
All times are GMT -6. The time now is 04:19 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.