Social Security increase

[Baz]

Originally Posted by stevej37

^^^ And I'm not going to feel the least bit guilty by living to 90 and drawing more out than I put in.

Did you calculate that.......or just throwing it out there?

Be interesting to know what the break even point is.

90 hell......how about 100?

[stevej37]

The average life expectancy of an adult male is 77 years.

I'm on track to crush that figure.

[Bill Douglas]

I got a government letter yesterday to say that I'm going on the old age pension (silly local term Superannuation for it used around here) I'll be getting about $500 a week Yay!

Geez, I'll be pissed off if I die before I get the money.

[stevej37]

$500 a week is not bad at all.
What age can you start drawing that?

[masraum]

Originally Posted by stevej37

^^^ No beer at the Bell....sorry.

Something tells me you know places to get beer. Founders may factor into the purchase plan among others.

[Bob Kontak]

Originally Posted by stevej37

The average life expectancy of an adult male is 77 years.

I'm on track to crush that figure.

+1 Me too. I like it!

I esentially plan to live forever. So far, so good.

[Bill Douglas]

Originally Posted by stevej37

$500 a week is not bad at all.
What age can you start drawing that?

65, so I'm quite pleased

[stevej37]

^^^
We can choose when we want to start drawing...earlier means less $'s monthly.

I chose 62 to start mine...I'd rather have less now, than more when I'm in my 80's

[JackDidley]

Originally Posted by stevej37

^^^
We can choose when we want to start drawing...earlier means less $'s monthly.

I chose 62 to start mine...I'd rather have less now, than more when I'm in my 80's

Same here. I can still function and am enjoying my life. I do not think money will matter in a few years when I am not able to get around. No idea when that time will come so I am sort of living for today.

[stevej37]

^^^ If I would have waited to start SS....I might have been able to purchase that gold-plated wheelchair that I was looking forward to.

Oh well...

[JackDidley]

Originally Posted by stevej37

^^^ If I would have waited to start SS....I might have been able to purchase that gold-plated wheelchair that I was looking forward to.

Oh well...

You could have been the coolest guy slobbering in his oatmeal at the home.

[Rick Lee]

I'm 52. Who thinks I'll be means tested out of every dime of SS?

[Paul T]

Originally Posted by Rick Lee

I'm 52. Who thinks I'll be means tested out of every dime of SS?

Likely. I’m similar age and I’ve never counted on getting a dime. We really should phase it out entirely over a generation, IMO….

[wdfifteen]

Originally Posted by Baz

Did you calculate that.......or just throwing it out there?

Be interesting to know what the break even point is.

Your social security report has your total contributions on it. It's fairly easy to compare your annual payout to what you paid in. For me the "break even" is 2.65 years.

Of course that simple calculation ignores the question of what you would have done with the money if you had been able to take it as salary.
The first thing you would have done is pay income tax on it.

[Rick Lee]

Originally Posted by Paul T

Likely. I’m similar age and I’ve never counted on getting a dime. We really should phase it out entirely over a generation, IMO….

I've never counted on getting a dime either, but it can never be abolished because most people expect to get it and a lot of them want to collect as soon as they can, either as disability or regular SSI. There are way more of those folks than the ones who don't plan to collect a dime. And someone has to pay for those folks. It's not like the gov't. is actually investing the money for us to collect later. Every dime I pay in is going to my rich parents every month.

[Paul T]

Originally Posted by Rick Lee

I've never counted on getting a dime either, but it can never be abolished because most people expect to get it and a lot of them want to collect as soon as they can, either as disability or regular SSI. There are way more of those folks than the ones who don't plan to collect a dime. And someone has to pay for those folks. It's not like the gov't. is actually investing the money for us to collect later. Every dime I pay in is going to my rich parents every month.

I agree people expect it which it why it’ll take a long time to get rid of it entirely…we should just draw a line in the sand and say if you are 35 or younger (or some #) no SS for you. Everyone else stays in the program till they die. I know it’ll never happen but that’s what I would do…

[stevej37]

Also, the email said the increase will show in the January payment.

[The Synergizer]

Typical response. And conveniently draws the line below your 52 year age. Ha!

When you get to an eligibility age you will be glad to draw, and like it!

And if you don't you can opt out and not draw for as long as you can.
We'll see what you do...

Originally Posted by Paul T

I agree people expect it which it why it’ll take a long time to get rid of it entirely…we should just draw a line in the sand and say if you are 35 or younger (or some #) no SS for you. Everyone else stays in the program till they die. I know it’ll never happen but that’s what I would do…

[Baz]

Originally Posted by wdfifteen

Your social security report has your total contributions on it. It's fairly easy to compare your annual payout to what you paid in. For me the "break even" is 2.65 years.

Of course that simple calculation ignores the question of what you would have done with the money if you had been able to take it as salary.
The first thing you would have done is pay income tax on it.

Just to be clear, Patrick....you are saying that in just 2.5 years......you would get the total amount of all you paid into SS for your entire life?

[techweenie]

All it would take to ensure viability of Social Security (which some say on paper has a $3 trillion surplus) would be to eliminate the ceiling on Social Security contributions.