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^^^^ My elderly parents (mom :)) can't tolerate the thought of losing more on her monthly statement than she used to earn in a year (exposed in a variable annuity), so I put them in CDs earning just a wee bit when the Fed had come off of zero (as they planned) and the Tariff President spoke, crashing the markets 20% in Dec of '18. They haven't been earning doodly since... I will lock them into 5 yr CDs earning around 5% very soon. I like mom to sleep well at night.....
And she does :) What I earn in interest "now" exceeds my SS payments.... and I've just begun to purchase higher yields as lower yielding bonds and CDs mature. For once, I've timed it just about right :). I sleep well too... except for my Lab alarm :D |
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I haven't paid into SS since I was 24 years old. I will get nothing, I'm short on credits and fortunately don't need to get them. |
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Same here, retired FAA employee. |
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Wouldn't it be easier to just look up the table the government prints that shows the percent increase in each thing considered under the CPI number like I did (when I listed the things that you must not purchase if inflation does not affect you)? |
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When inflation decreases the value of money at a higher rate than one can earn interest, thinking that they "actually earn something on $$$ they've saved over their lifetime" is simply an illusion. I think my observation on Fed funds and CPI were accurate. See below: http://forums.pelicanparts.com/uploa...1669656729.JPG http://forums.pelicanparts.com/uploa...1669657152.JPG |
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OK, so legally exempt. I presume those exempt employees had a sponsored retirement plan instead.
My dad paid the max rate of SS all of his working career in the military retirement during his 24 years of service. Upon retirement it was all transferred to SSI. He had a comfortable retirement check every month. Of course it all stopped upon his death. He was retired more years than he worked in the Air Force. |
Folks in Federal civil service (CSRS System) did not pay SS either until the mid 80s. They had a very generous retirement system that they contributed to that provides then full COLA as well (but no SS). The newer system FERS is also contributory, but much, much less generous. It has a partial COLA that reduces the value of it whenever inflation is relatively high. It also has a matching 401K and employees pay SS.
Yes. A military retirement is pretty great (but often requires some difficult years to earn). One could certainly enjoy the rewards of their sacrifice for a very long time (and COLA keeps it pretty much at the same buying power). If they continue to work, they can choose to invest or save that money until actual retirement. |
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I'm out .... see ya in PARF ;)... |
Along with the excellent 8.7% benefit raise starting in Jan......Medicare Part B will be less costly. :)
"The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022." |
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Then your cost goes up to $230.80 per month plus an increase in Part D. Of course, the $7 decrease in annual Part B deductible is offset by the even greater increases in Part A costs: http://forums.pelicanparts.com/uploa...1669661062.JPG |
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SSI is welfare for disabled people with low income and the elderly. SS is for retired and/or disabled people who’ve paid in (or had a spouse pay in), like an insurance policy. I’ve never heard of anything ever being transferred from one to the other. |
OK, I admit great ignorance in SS. I thought SSI was Social Security income. Doh!
All I really know is dad said his military retirement came to in the form of Social Security checks. Back in 1978 when he retired it was likely a paper check. I know he changed to electronic deposit long ago. I figured SS would be broke by the time I was old enough to draw it. I did start my own retirement savings many years back. The other good thing for me is my wife was a HR director at a local University. She knows all the insurance, Medicare, and SS laws and requirements. I just have her tell me what I should do, as she is a pro at it. I take care of all the household photo needs. ;) |
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