Social Security?

[JB]

Re: Social Security?

heycods. You misunderstand SS as currently configured and you misunderstand GWB's proposal.<br /><br />If you pay insurance premiums for 50 years but don't have whatever problem you have been insured against, should the insurance company give you the money back? That is what you are proposing about SS. It is not intended as a savings account, though the left have tried to make it one to buy votes. It is, to paraphrase FDR, ". . . a safety net, to protect our elderly from destitution". That is insurance.<br /><br />What GWB has proposed is a seperate retirement account (optional) with part of the FICA tax. If you choose to save, you get a deduction from the tax you pay.<br /><br />There are currently at least two plans that allow you to invest/save money that is exempt from income tax. GWB's plan would be redundant, further complicate the problems of the poor and make the problems of SS worse.<br /><br />SS can be simply repaired, permanently, by applying a very small FICA tax to all income and denying benefits to those who don't need them. The FICA tax rate would be adjusted periodically to balance benefits paid.

 

[Ron G]

Re: Social Security?

I say let me keep the money and invest it in my own 401K or other investment.the goverment shouldnt have to care of me,that should my own responsibility,just my 2 cents.

 

[PW2]

Re: Social Security?

JB is absolutely correct. It has never been a "retirement" fund. it has always been an insurance plan.<br /><br />Not sure what federal employees are eligible for or not, as for years they did not contribute to SS# as for some reason the theory was they had separate federal retirement. How that made sense, I am not sure, but is a big reason why federal employees wanted to go into the private sector prior to retirement so they would be eligible for both. "Double Dipping" as it were.<br /><br />But disabled people are eligible for benefits whether or not they contributed to the system.<br /><br />Clearly there is a need to reform the system, and there are all sorts of different ways to do it. Private accounts are not one of those ways.

 

[KaGee]

Re: Social Security?

Back to SBN's ??<br /><br />You say civil servant check??<br /><br />If your FIL retired as a government or postal employee, they are exempt from Social Security. They have their own plan. No double dipping allowed.<br /><br />One of the gross social injustices IMHO. Great if your a Gov. retiree.

 

[Drybo]

Re: Social Security?

SBN, just asked an SSA claims representative, they said the V.A. benefit(retirement, disability) is reduced but not the SSA benefit, and there are exceptions he may qualify for.<br />She said he must call them (SSA) in order to insure accurate information.

 

[SpinnerBait_Nut]

Re: Social Security?

Thanks all.<br />byrdog, I will pass this on to the wife. She is his POA on all matters since he had a stroke and can't talk well enough in matters like that.

 

[eeboater]

Re: Social Security?

Holy old friggin post heycods..

 

[heycods]

Re: Social Security?

Its a yearling time to sell the calves when they are yearlings, why not give a good thread another chance at a year, befour it dies. I have to slip one of these in about once a month, Youd think thier would be a better way to identify them.

 

[Parrott_head]

Re: Social Security?

What bothers me is the attitude I see with a lot of my co-workers. We have defined contributions pension plan and of course SS.<br /><br />We also have the ability to have up to 15% of our wages put pre-tax into IRA's. There are about 80 of us and as far as I know only about 10 of us are taking advantage of the IRA.<br /><br />Our pension has a gaurenteed five year payout. If your retire and die on the same day your widow gets a pension for five years, after that nothing.<br /><br />I have told folks they need to think of their wives and get involved in the IRA thing so that when their loved ones outlive them they are not left destitute.

 

[heycods]

Re: Social Security?

My dear ol daddy in law worked 30 years at a sheet rock plant and retired, then worked 10 more years as school custodian, pluss he sent three of his kids through college. Now he draws his retirement check from the sheet pock plant awhopping $110. per month and a SS check for $785<br />Mother in law worked 20 years as a school nurse after raising her kids and some grand kids, she draws anotherbig check for $650 or so. I would hate to tell them they were on welfare, and the program was set up as insurance. They paid into it for retirement as did I. He!! what they draw wont meet thier medical bills and utilitys whats more insurance and vehicle upkeep ect. If it werent for thier kids, wife and one brother they would be in the poor house. I planed for my retirement SS+intrest off of savings+lease of my property, It just barely meets med expenses and insurance , If my wife werent still working I would be sunk. Yea I could sell the property , but my agrment was I would pass it on down as it was passed to me. Should we all go to the grave as paupers and pass nothing down. at that rate it would all belong to the govt. in a few years.

 

[JB]

Re: Social Security?

Heycods, your parents clearly need SS benefits. My idea of not needing benefits are the folks who are drawing over, say, $30K from other sources in 2006 bux. That number would have to change with changes in the cost of living.<br /><br />Health care is another issue. Medicare part B is up this year to $87/mo. My Medigap insurance costs me about $125 a month and medicine about $150. This big deal part D prescription plan is gonna save me about $12 a month unless I get saddled with a bunch more solid gold drugs. (One Lipitor pill costs more than the same weight in 24 karat gold.) And, of course, we all have the option of refusing treatment we can't afford or don't want. After we reach a certain age staying alive at any cost begins to seem stupid to us.<br /><br />Planning for retirement includes a paid for home and vehicle and a modest lifestyle. Do not expect to live as you did when you were working and buried in debt.

 

[heycods]

Re: Social Security?

JB everything I own is paid for, as are the Dr.s it perty well wiped out all the savings bu no debt helps. I know about lipitor and 7 other high end drugs, runs me over $4oo bucks a month even with insurance. Do you take Plavix or cumidin therapy after heart surgery? I take Plavix and the dr called the other day and took away my mobic<br />(authritis med) He said a new study shows no aurthritis med will mix with Plavix. Now I can have up to 6 tylinol a day. Totaly worthless. I thought I would throw that out there for everyone. IF YOU TAKE PLAVIX NO ARTHRITIS MEDS WILL MIX!

 

[clanton]

Re: Social Security?

I draw military retired pay, social security, and work part time, Pay Fed tax on all except a % of the social security. The % of the social security I pay tax on has gotton smaller the last few years. <br /><br />Some COMBAT vets can draw military retiree pay, VA benefits, and social security.

 

[agitator]

Re: Social Security?

I too draw state retirement, military retired pay, social security, and work part time self employed. By JB's thinking I should be denied social security benefits. I disagree. All my life I busted butt to have more than enough to just get by on. I still work today while he is free to converse and fish, both personal choices. I gave up plenty over the years to qualify for and pay into the things that are paying me back today. One was my so called insurance policy (SS) that is now payable due to ,age and eligibility. Why should some be paid insurance benefits who choose to sit on the front porch all day while others who are equally eligible choose to remain productive be denied because of their industriousness . Heycods, I feel your pain as I have more blowouts in my than my doctor says he has ever seen but can't do anything about. I take Plavix and 10 other high end drugs daily to placate my 7 heart stents. I do have a very good drug benefit plan however. In my opinion Social Security is going to be even more important in the future as fewer employers are offering a viable retirement plan and many people will have little else to live on. What many should be saving now is going instead to pay high interest credit card balances. Been there done that. Life is good!

 

[JB]

Re: Social Security?

I guess I am pretty fortunate for a three time cardiac surgery patient, heycods. Only the Lipitor, atenolol and aspirin. The cardiologist wanted to add another platinum drug, don't recall the name of it, and I just said no.<br /><br />Talk to your Doc about so much Tylenol. There was a thing on TV about new findings on high dose acetomenaphin dangers for liver damage. Also ask him/her about dimethylsulfoxide (DMSO) as a topical treatment for arthritis. It was disapproved by FDA but 20 years ago there was an active black market in the stuff among the elderly in S. Florida. They claimed it offered relief, but with possible non-life-threatening side effects.<br /><br />Been there with Dr/hospital costs. Retired at 62 and had bypass surgery and a perforated ulcer before I got on Medicare. Took over half of my retirement fund.<br /><br />In some ways we are in the same boat.