Social Security?

[SpinnerBait_Nut]

If a person gets a Army retirement check, can they still get Social Security?

 

[tcube]

Re: Social Security?

You bet - all us uniformed service people paid SS and can collect along with a DoD retirement check. Now, civilians working for the services can be a different story - depends if they were CSRS or FERS.

 

[SpinnerBait_Nut]

Re: Social Security?

Thanks tcube.<br />The reason I ask is that my FIL is retired from the service and gets a retirement check from them each month and was thinking that he ought to be able to get SS also.

 

[SpinnerBait_Nut]

Re: Social Security?

This is what he gets;<br />CIVIL SERV US TREASURY 312<br />and a ;<br />VA BENEFIT US TREASURY 220 <br />checks.

 

[NYMINUTE]

Re: Social Security?

Answer this? What is the FICA taken from celebrities like Peyton Manning, Trump, Tom Cruise and so on. Do they stop contibuting at the maximum FICA %? The bigger question is What is there SS benefit when they hit the required age. I bet they get a large piece of pie, based on their average annual income.

 

[JB]

Re: Social Security?

NYM.<br /><br />Their "contributions" stop at the limit. . . I think it is about $100K.<br /><br />Their benefits are based only on the portion of their income that was taxed by FICA.<br /><br />Either way, I think that SS benefits should be limited to those who need it. If someone has over, say $50K, from other sources I don't think they should draw SS benefits at all.

 

[BoatBuoy]

Re: Social Security?

Social Security taxable maximum for 2005 is $90,000, up from $87,900 in 2004.

 

[NYMINUTE]

Re: Social Security?

Originally posted by JB:<br /> NYM.<br /><br />Their "contributions" stop at the limit. . . I think it is about $100K.<br /><br />Their benefits are based only on the portion of their income that was taxed by FICA.<br /><br />Either way, I think that SS benefits should be limited to those who need it. If someone has over, say $50K, from other sources I don't think they should draw SS benefits at all.

Thanks JB. Our new governor has proposed a 1% increase on income for filers over $100,000.00 for 1 year to ease the states deficit. I wonder if AARP would support increased withholding on earnings over $100,000. and up the ante at each $100,000. increment. That would give the SS system a shot of relief.

 

[SpinnerBait_Nut]

Re: Social Security?

So to answer my question, can he get both?

 

[dogsdad]

Re: Social Security?

Originally posted by JB:<br /> NYM.<br /><br /><br />Either way, I think that SS benefits should be limited to those who need it. If someone has over, say $50K, from other sources I don't think they should draw SS benefits at all.

Bad, bad, BAD JB!<br /><br />The money you have paid into Social Security is supposed to be in YOUR account. It is YOUR money. Of course, we all know that Congress just couldn't bear the thought of unspent money in a government contolled account somewhere, and they "borrowed" it (and used it to buy votes).<br /><br />Anyway, to take someone's money while promising to give it back, but not doing so at the appointed time, is called stealing. <br /> <br />Social Security, like the federal income tax, was a very, very bad idea from the beginning. There were people about who warned against this sort of thing, but their warnings went unheeded. And unfortunately, their predictions have born out.<br /><br /><br />-dd-

 

[Twidget]

Re: Social Security?

Unless I am mistaken, after a certain amount of income, SS is reduced. To what level Im not sure. My wifes Great Uncle let his wife take over the business to hide his income so he could continue to get max SS. Someone who had a 21k sq. foot house hiding income to get a $1k monthly check. Although, it payed there $800 a month electric bill.<br /><br />At the time the Aunt was telling me this, my takehome pay was barely enough to pay their electric bill.

 

[JB]

Re: Social Security?

SS was sold as insurance, not as a savings account, Dad.<br /><br />Good or bad (I agree with bad) idea, it was intended as a lifeboat for those who found themselves without income or resources in old age. Sounds good to liberals, but it is a welfare program gone amuck.<br /><br />Up until a few years ago your benefits were reduced if you worked for wages or salary. If you made enough you weren't eligible for any benefit at all. My first year benefits were reduced significantly because I worked for the Census Bureau for a wage.<br /><br />That was very unfair, because if you had income from other sources it didn't matter. <br /><br />Instead of including all taxable income to compute benefit eligibility they simply dropped wages and salary income and allowed full benefits no matter what other income you had. STUPID to the max. <br /><br />I have neighbors who make over $100K/yr from ranching and still draw full SS. They use it to pay part of the income tax on their ranch income.<br /><br />Income is income. FICA should tax it all and pay benefits only to those who need it. Those are the only fixes needed.

 

[Twidget]

Re: Social Security?

I was under the impression that SS was sort of a governmental pay as you go process. The current working generation pays for the previous retired generation. The first people who had it didn't pay in or payed a minimal amount at inception.<br /><br />With the way Congress has raided SS, I feel for the upcoming generation when we baby boomers retire.

 

[tcube]

Re: Social Security?

SBN,<br /><br />Your FIL can get both his military retirement and SS. His civilian retirement should have no adverse effect - he should get all three. What I don't know about is the effect of his VA benefit - I don't think it should impact his SS payment. Recommend you and he talk to SS and VA reps to find out exactly what his entitlements are. Good luck.

 

[SpinnerBait_Nut]

Re: Social Security?

Does it matter how much his retirement check is?<br />he don't draw but 1800 a month on the main one and just 104 on the va one.

 

[DJ]

Re: Social Security?

I agree with JB.<br /><br />If you don't need it, why collect it? Collecting it just makes the deficit (SS) problem worse.<br /><br />The problem is that some folks will get it whether they want/need it, or not.<br /><br />My parents are a perfect case. They don't need it, yet when they tried to stop it they were told- NO. You can't stop it. That's BS.

 

[heycods]

Re: Social Security?

Now bring this up to date. If GW got his plan through, which he wont, He is saying that this new account IS your money. So whats the dif JB If you paid it into an acct. govt or private its your money and your entitled to draw it. Thoes old folks were the backbone of this country. they made it what it is, I say pay them what they paid in, even if they are still contributing to the economy. My generation is the one that screwed up the system with all the gimmy programs. But thats another thread.

 

[Haut Medoc]

Re: Social Security?

Funny how conservative line up at the trough when there is free green stuff to be had, whether they need it or not.....Although in all fairness there are plenty of other eager ones out there ready to share the booty.....What sucks is that if it wasn't looked at like a big "piggy bank" by the people with access to it, there wouldn't be a problem.....Try on paying "self employment tax" some time...15.4% is alot of dinero....We can lower taxes....We can finance a war....Where will this end? ....Good night!..... ...JK

 

[mattttt25]

Re: Social Security?

sbn- but his va benefit DOES affect his retirement benefit.

 

[Bob_VT]

Re: Social Security?

If he gets a VA benefit along with an Army retirement check ... the VA benefit is subtracted from the Army retirement and it is duducted "pre-tax" and is tax free. At age 65 the medical program is "supposed" to chage.<br /><br />I have 12-15 years before I cross that bridge and I don't know if SS will even be here.<br /><br />Bob