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elkhound

elkhound

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elkhound said:

Social Security's retirement trust fund may run out in nine years. Here's how the next U.S. president may address that​


https://www.msn.com/en-us/money/ret...may-address-that/ar-AA1sybsI?ocid=mailsignout
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Propaganda from people continuously telling you how you should vote.
MSN should fix their name to the correct "MSM" :mad:
...For those of us that have been playing along, they have been wailing about SS running out of money, for 30 years now.:rolleyes:
...but the future of the Social Security Administration has been in jeopardy for years.
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And 9 years out, it deserves a new article now?
...We send Zelensky $100billion today, (that we have to borrow), just to enjoy with his morning coffee.:rolleyes:
 
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Supervisor42 said:
Propaganda from people continuously telling you how you should vote.
MSN should fix their name to the correct "MSM" :mad:
...For those of us that have been playing along, they have been wailing about SS running out of money, for 30 years now.:rolleyes:

And 9 years out, it deserves a new article now?
...We send Zelensky $100billion today, just to enjoy with his coffee.:rolleyes:
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yea..but its just not msn....so forget bashing...its being talked about all over financial stuff...you know that yourself.
 
Amish Heart said:
I'm hoping that when Trump said he's cutting "entitlements" like the article states, that he does not mean social security. I've been paying into this since I was a young teen. Not by choice. It's not an entitlement, it's payback.
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we got troubles...starting with 35 or 36 trillion off the top in debt...!!!
 
what bothers me is its lumped in with so called ;entitlements;--its not at all--our money is taken from us and supposedly invested so we get some back when we retire up til we die. few people--according to ss records--actually live long enough to get back all they paid in.
in the beginning it was a voluntary program and up til sometime in the 60s you could opt out after signing some agreement that you will never apply for any fed benefits. im old enough to remember that and even look at the form. . til it was made mandatory and then gifted to those who never paid in a dime. thats why its broke. they spent it and are playing games cause they know the whole game is about to collapse and dont care.
 
jazzy said:
what bothers me is its lumped in with so called ;entitlements;--its not at all--our money is taken from us and supposedly invested so we get some back when we retire up til we die. few people--according to ss records--actually live long enough to get back all they paid in.
in the beginning it was a voluntary program and up til sometime in the 60s you could opt out after signing some agreement that you will never apply for any fed benefits. im old enough to remember that and even look at the form. . til it was made mandatory and then gifted to those who never paid in a dime. thats why its broke. they spent it and are playing games cause they know the whole game is about to collapse and dont care.
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Yep. Two of my brothers died with no spouse, after paying into it for decades, without ever drawing a dime.
Where did all that money go?:dunno:
 
How come we always hear about Social Security running out, but never welfare running out?
How come we always hear about Medicare running out, but never foreign aid running out?

It is all BS propaganda put out by the very people that are CAUSING the problem to make you think they are working to FIX the problem.

It was President LBJ and the Democrats who forced thru legislation in 1965 to take the money being deposited into the Social Security Fund and moving those deposits to the general fund to pay for LBJ's utopian Great Society program.

I was around back then, those of you who weren't should perhaps google it. LBJ's programs mark the beginning of the end of the American Middle Class, and the beginning of the end of the American Dream. And ultimately got us into the cess pool this country currently occupies.

Every dollar collected from your paycheck that is earmarked Social Security goes right back out to Ukraine, to welfare leeches, to the Washington swamp dwellers, to defense, to everywhere else.
 
It's optional for the amish. Some have paid into it and some have not. I've noticed though that the ones that opted out cannot use hospice services when they get old (no medicare, no medicaid). But if your family is taking care of you, it's not necessarily needed.
 
For over 50 years I've heard that SS wasn't going to be around by the time I retired, and yet it's still here. Just to be on the safe side, I saved and invested over the last 50+ years with the idea that SS wouldn't be around. It paid off quite well. We don't need SS to live on, it's just a little extra spending money for us.
 
Supervisor42 said:
Propaganda from people continuously telling you how you should vote.
MSN should fix their name to the correct "MSM" :mad:
...For those of us that have been playing along, they have been wailing about SS running out of money, for 30 years now.:rolleyes:

And 9 years out, it deserves a new article now?
...We send Zelensky $100billion today, (that we have to borrow), just to enjoy with his morning coffee.:rolleyes:
Click to expand...
You are right. Every fall for decades, they have said, "When they are going to run out." For one thing, the feds should stop taking out $$$$ for other reasons. How about stopping giving it to some who probably don't need it or ever put any money into it? I wonder if Congress gets any SS. I always think why, because they already get a great retirement package
 
Burdock4470 said:
You are right. Every fall for decades, they have said, "When they are going to run out." For one thing, the feds should stop taking out $$$$ for other reasons. How about stopping giving it to some who probably don't need it or ever put any money into it? I wonder if Congress gets any SS. I always think why, because they already get a great retirement package
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The government gives money to Ukraine to fund their businesses over there, just one example! It's them first!
 
Seen a family member earlier this week. She just retired from her job earlier this year and i asked if she was going to draw her ss now at 62 she said i already started it on my birthday. Said her and tax guy crunched numbers between 62 and 67 draw age....its about same total gross amount to age 83....only after then did it make any difference...both her parents died at around 80 so she took it. I crunched my gross number for same time range and it was gross same for me....
 
I'm continuing to work full time, but both my parents died at 55 so the idea of waiting until I reached 70 seemed to be a little optimistic. Depending on the year you were born you can start taking Social Security sometime between 66 and 67 without any penalty for continuing to work. So the month I was eligible I started taking it.

One thing you need to take into account is how much you are currently making, and how much your Social Security will add to that, use that number to estimate your Tax liability from the additional income. I did that and then broke that down to what it would be for each or my regular pay periods and added both Federal and State income tax to my regular pay to cover the projected shortfall. I don't want to be stuck with a tax bill because I didn't plan ahead.

My personal plan is to take the "extra" paycheck each month and invest it until I actually NEED it... If you could work and collect social security from age 67 until age 70 you could save a lot. I read that the average social security check at age 67 is $1,883.50, if you got 4% interest, you could have $72,000 saved by the time you retired at age 70. That would make the transition to retirement go a little better, and if I die before I reach 70, well there will be a little stocking stuffer for the kids.
 
randyt said:
I pay no mind to any of it. If it's there it's there. If not, nothing I can do about it. The sure thing is, the politicians will get theirs first. If any crumbs are left maybe the people will get a little smell
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An Average of 40$ comes Our way Jan 2025...!!! :facepalm:
 
IMHO Social Security isn't going anywhere. The Government always finds a way to fund what they want. Again, JMHO but I think the optimum age to draw your SS is 66-67. For me it was 66, but depending on when you are born it may differ. For me at 66 I could draw my SS and still earn as much as I wanted working. If I had started drawing at 62 my income would have been limited to about $14,000.00 per year. If I earned more than that my SS would be reduced. So I double dipped for about 4 years, and retired from work at 70.

Elkhound, I would seriously question your Relative's financial advisor. All the analyses I have seen show about a 12 year difference in payback between 62, 66, and 70. My logic was I could probably make it to 74, and still have a pretty good chance to reach 78, but 82 might be a stretch. I have not regretted the decision.
 
Mountain trapper said:
I think the COLA for 2025 is 3.5%. I went many years while I was working without a raise. Since I've been on SS I've gotten a raise every year. I'm happy with it.
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Cost-of-Living Adjustment (COLA) Information for 2025​


Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025.


The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024. (Note: some people receive both Social Security and SSI benefits)

https://www.ssa.gov/cola/
 
Thursday, October 10, 2024
For Immediate Release

Mark Hinkle, Press Officer
[email protected]

Social Security Announces 2.5 Percent Benefit Increase for 2025​


Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans will increase 2.5 percent in 2025, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by about $50 per month starting in January.


Over the last decade the COLA increase has averaged about 2.6 percent. The COLA was 3.2 percent in 2024.


Nearly 68 million Social Security beneficiaries will see a 2.5 percent cost-of-living adjustment (COLA) beginning in January 2025. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2024. (Note: Some people receive both Social Security benefits and SSI).

https://www.ssa.gov/news/press/releases/2024/#2024-10-10

That ^^^ Might Cover Me Home Insurance, til it gets Raised next year just before Hurricane Ins Again...!!! :facepalm:
 
The same day I received my "Cost of Living" notification from Social Security, I also received my 31.5% notice of insurance increase. This year will cost us nearly $800, after the COLA.

This is not sustainable!
 
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How generous of them to give us a 2.5% increase. Now we are only going backwards by 5%.
 
Just like everyone else I'd like to see a bigger COLA too. But again, I structured my investment accounts to provide a very good retirement income for my wife and myself, without needing SS. I've never seen anyone yet who didn't complain about whatever raise they received.
Remember, SS was never meant to be a person's sole source of income in retirement. It's just a supplement. I'm very happy with SS and Medicare.
 
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