Social Security increase

[Rick Lee]

Originally Posted by 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.

And there's no chance Congress would steal every penny of that even bigger surplus and replace it with worthless IOUs, right? I mean, such a thing is totally unthinkable.

[wdfifteen]

Originally Posted by Baz

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?

Yes.
Your record is available from SS in the "Earnings Record" report is shows your lifetime taxed earnings, the amount you paid in SS tax, and the amount your employer paid in SS tax.

[wdfifteen]

Originally Posted by Rick Lee

And there's no chance Congress would steal every penny of that even bigger surplus and replace it with worthless IOUs, right? I mean, such a thing is totally unthinkable.

What are the worthless IOUs? What form are they in? What are they officially called?

[bkreigsr]

Am I the only one who will see a DECREASE of $84.40 ??
Bill K

[stevej37]

Originally Posted by bkreigsr

Am I the only one who will see a DECREASE of $84.40 ??
Bill K

That doesn't sound right regarding the cola.
Did you get that from the ssa.gov site?

[The Synergizer]

How would he know of a decrease? The official letters have not been sent yet, have they? Right now it's simply what your prior gross monthly was times 1.032

It's possible that Medicare part B went up if there is higher other income though.

[stevej37]

^^^ I received mine last Friday in the form of an email.
To get the exact amount after deductions, one has to go to ssa.gov.

[The Synergizer]

Ah-ha!!

I see now....

[bkreigsr]

Originally Posted by stevej37

That doesn't sound right regarding the cola.
Did you get that from the ssa.gov site?

Extrapolated from my SSA statement of benefits. (got mine today - 11/27/23)
Simple - take my 2024 benefits, subtract 2023 - the result is a negative $84.40.
Last year cola was +8.7%.
2024 it's +3.2%

FWIW, the statement of benefits contains a lot of verbage regarding my IRMAA and MAGI.

[stevej37]

I guess if you are looking at last years cola,compared to this years cola...yes, everyone's is down comparatively.

That wasn't the intent of my post. I was just remarking about this years cola.

[Rick Lee]

Originally Posted by wdfifteen

What are the worthless IOUs? What form are they in? What are they officially called?

They're called intra-governmental debt and are held in the form of T-bills. You know how it works. Congress spends whatever the hell it wants with no regard to actual federal revenue. What non-SS revenues don't cover, they borrow. Some of it called the deficit and the rest is covered by what they "borrow" from SS, but don't call it part of the deficit. Obviously, they're never going to pay back anything that isn't required to meet SS's obligations in a given year. Why would they? The problem comes when SS obligations exceed the trust fund's revenues plus the available surplus funds. We all know that day is coming.

[wdfifteen]

You seem to believe there is something nefarious about the SSA investing its surplus in the US Treasury. What would you do with the SSAs surplus receipts? It seems unethical for the US Government to be investing in the stock market. The US treasury is the investment of choice for hundreds of countries around the world. They think the USA is a pretty safe investment.

[stevej37]

I could easily live without it....but it sure is nice to get some of the money back that I paid in for 42 years.
And any cost of living adjustments are welcomed. (esp deciding what bells and whistles I want to spend it on)

[cstreit]

Originally Posted by flatbutt

A 1/2 bag of groceries?

1/2 bag? Where do you live? Thats like 2 oranges and a loaf of bread around here

[MMARSH]

What's Social Security? Haven't paid into it since I was 24 years old. What little I paid into it doesn't give me enough credits to draw anything......Retired a year and a half ago at 54, luckily I think I'll be ok without it....

[Rick Lee]

Originally Posted by wdfifteen

You seem to believe there is something nefarious about the SSA investing its surplus in the US Treasury. What would you do with the SSAs surplus receipts? It seems unethical for the US Government to be investing in the stock market. The US treasury is the investment of choice for hundreds of countries around the world. They think the USA is a pretty safe investment.

It is nefarious. It's bad enough we haven't had a real budget (as required by the Const.) in over 20 yrs. "Borrowing" from the SS trust fund just hides the real deficit spending and lets politicians get away with admitting a lower deficit than is really the case. If they're gonna cap SS benefits, there should also be a cap on SS contributions. And if they're eventually going to means test responsible people out of the program, then they should make those folks whole with the trust fund surplus first. Any gov't program that runs a surplus should be returning that surplus to the taxpayers. I know that sounds crazy and will never happen.

[Crowbob]

I find it amazing that people seem to think all money belongs to the government and the government has the responsibility to dole it out as it sees fit.

'All your dollar are belong to us!'

[Adrian Thompson]

Originally Posted by MMARSH

What's Social Security? Haven't paid into it since I was 24 years old. What little I paid into it doesn't give me enough credits to draw anything......Retired a year and a half ago at 54, luckily I think I'll be ok without it....

I assume that if you haven't paid into it, it's because you have some form of government or state job where you paid into, and will receive, a public retirement plan instead? If not you've either never earnt enough, are part of some obscure exempt religious group, or are a non resident foreigner who's here with a company or doing research. If not, what gives? How come you stopped paying at 24?

[red 928]

Originally Posted by wdfifteen

What are the worthless IOUs? What form are they in? What are they officially called?

REALITY.
Check it out.
But be careful, it can be scary for the first time.

[MMARSH]

Originally Posted by Adrian Thompson

I assume that if you haven't paid into it, it's because you have some form of government or state job where you paid into, and will receive, a public retirement plan instead? If not you've either never earnt enough, are part of some obscure exempt religious group, or are a non resident foreigner who's here with a company or doing research. If not, what gives? How come you stopped paying at 24?

Yes Sir, you are correct. Pension Plan.