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Re: Social Security Benefits [Re: bblwi] #6240247
05/15/18 01:00 AM
05/15/18 01:00 AM
Joined: Dec 2008
Posts: 89
MN
V
v2k Offline
trapper
v2k  Offline
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V

Joined: Dec 2008
Posts: 89
MN
For all of you that are drawing early what are you doing about insurance?

Re: Social Security Benefits [Re: Law Dog] #6240255
05/15/18 01:10 AM
05/15/18 01:10 AM
Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
E
ebsurveyor Offline
trapper
ebsurveyor  Offline
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Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
Originally Posted By: Law Dog
Originally Posted By: bblwi
I find it interesting to read all the detailed post regarding SSN and how to best utilize when many on here constantly bash the program, call it a commie program, liberal plot and vote for candidates who want to eliminate the program.

Bryce



If anything the should be raising the contributions to keep it going but nobody want's to touch that, look how little we pay in today for what we get back at the end! Not sure how it can be seen as a bad deal with the SS and Medicare a guy gets later in life. Same complainers most likely complain about but no real plan to replace it.

Better to have something then nothing at all but would the ones complaining save enough or expect the Government to take care of them for their bad planning in the end?


I need to comment on "how little we pay in today for what we get back".

I started paying in in 1965 and my employer and I (still working) pay in about $1280 per month. My monthly benefit is currently $2515 but they are stealing $1280 per month from me and my employer. My monthly gain is about $1235. Now look at my earning statement from SSA:


Estimated Total Taxes Paid For Social Security

Paid by you: $142,281
Paid by your employers: $137,322 my account total is $279,603

It will take me almost 19 years just to get back what was put into my account. I started collecting at age 66 so if I can collect until age 84 I'll get back what was put into my account. If my account would have earned 3% or 4% interest my payback age would be 95+.

Social Security is the biggest PONZI SCHEME ever! I'll never get back what was paid into my account. The government uses the money to buy votes from people that don't pay into the system. That is why they are going broke.

Concerning health insurance. I retired from State Employment at age 52 with life time health insurance at no cost to me. Guess what happens at age 65 federal law requires everyone to go on Medicare and Medicare charges me $187.50 per month for the "free Medicare benefit". Again they take from the workers and give to the non-workers.

Last edited by ebsurveyor; 05/15/18 01:35 AM.
Re: Social Security Benefits [Re: v2k] #6240300
05/15/18 01:54 AM
05/15/18 01:54 AM
Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
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ebsurveyor Offline
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ebsurveyor  Offline
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Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
Originally Posted By: v2k
For all of you that are drawing early what are you doing about insurance?


Lots of them have a wife that works and provides for them.

Re: Social Security Benefits [Re: Chamacat] #6240319
05/15/18 02:17 AM
05/15/18 02:17 AM
Joined: Dec 2010
Posts: 4,282
Armpit, ak
D
Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
Posts: 4,282
Armpit, ak
ebsurveyor, that supposed break even point doesn't include the time value of your money. Don't even go there. frown


Who is John Galt?
Re: Social Security Benefits [Re: v2k] #6240475
05/15/18 10:07 AM
05/15/18 10:07 AM
Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
S
Sullivan K Offline
"Keith"
Sullivan K  Offline
"Keith"
S

Joined: Dec 2006
Posts: 2,972
Northern Ohio ...
Originally Posted By: v2k
For all of you that are drawing early what are you doing about insurance?


I used Cobra for the first 18 months, after I quit working, to the tune of about $568.oo a month. When that ran out I was on Obama care until I turned 65. Obama care cost me about $330.oo a month, but I think I got about $400.oo a month in subsidies, so the real cost of Obama care was close to $730.oo a month. Now I am on Medicare. I'd have to look but I think Medicare costs me a little less than $300.oo a month, including my secondary insurance and prescription insurance.


If I told ya once, I etc. etc., my name ain't Keith
Re: Social Security Benefits [Re: Trapper7] #6240502
05/15/18 11:33 AM
05/15/18 11:33 AM
Joined: Dec 2006
Posts: 1,007
s.w. Missouri
C
coolstucco Offline
trapper
coolstucco  Offline
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Joined: Dec 2006
Posts: 1,007
s.w. Missouri
"I know of people who never paid a dime into SS, but are collecting full disability for the rest of their lives. Another whose son's college was pretty much paid for because the father was disabled and on SS. They make it too easy to qualify for SS disability in many cases. Once they qualify for SS disability, they're on for life. Who would want to get off when the free money is so easy? SS should be more like Workers Comp where some claimants could be rehabilitated and return to work either full time or part time." Quoted from Trapper7

I for one can't wait to get off of SS disability. I am very thankful for the money right now, but it is not enough to raise a family on and I would much rather feel good and be able to work full time then get the small amount of disability check. As Tony F stated they give you a 2% increase in your monthly check but they take twice that amount away as an increase on Medicare.

Re: Social Security Benefits [Re: Chamacat] #6240560
05/15/18 01:01 PM
05/15/18 01:01 PM
Joined: Oct 2010
Posts: 486
Alabama
2ndjoborfun Offline
trapper
2ndjoborfun  Offline
trapper

Joined: Oct 2010
Posts: 486
Alabama
y2k - My question also.


In God is our trust! And the star-span-gled ban-ner in tri-umph shall wave Oer the land of the free and the home of the brave!
Francis Key
Re: Social Security Benefits [Re: Chamacat] #6240561
05/15/18 01:01 PM
05/15/18 01:01 PM
Joined: Oct 2010
Posts: 486
Alabama
2ndjoborfun Offline
trapper
2ndjoborfun  Offline
trapper

Joined: Oct 2010
Posts: 486
Alabama
Health insurance that is.


In God is our trust! And the star-span-gled ban-ner in tri-umph shall wave Oer the land of the free and the home of the brave!
Francis Key
Re: Social Security Benefits [Re: bblwi] #6240648
05/15/18 03:29 PM
05/15/18 03:29 PM
Joined: Dec 2010
Posts: 4,282
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 4,282
Armpit, ak
Originally Posted By: bblwi
I find it interesting to read all the detailed post regarding SSN and how to best utilize when many on here constantly bash the program, call it a commie program, liberal plot and vote for candidates who want to eliminate the program.

Bryce


I don't see it this way. What I see is people who have been having money stole from them their entire lives, finagling the best way to steal it back. frown


Who is John Galt?
Re: Social Security Benefits [Re: Dirt] #6240649
05/15/18 03:31 PM
05/15/18 03:31 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
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Joined: Feb 2010
Posts: 6,258
pa
Originally Posted By: Dirt
Originally Posted By: bblwi
I find it interesting to read all the detailed post regarding SSN and how to best utilize when many on here constantly bash the program, call it a commie program, liberal plot and vote for candidates who want to eliminate the program.

Bryce


I don't see it this way. What I see is people who have been having money stole from them their entire lives, finagling the best way to steal it back. frown

Bingo

Re: Social Security Benefits [Re: 2ndjoborfun] #6240651
05/15/18 03:32 PM
05/15/18 03:32 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
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Joined: Feb 2010
Posts: 6,258
pa
Originally Posted By: 2ndjoborfun
y2k - My question also.


We are doing without, paying our way.

Re: Social Security Benefits [Re: Dirt] #6240674
05/15/18 04:18 PM
05/15/18 04:18 PM
Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
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ebsurveyor Offline
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Joined: Sep 2011
Posts: 1,313
sometimes PA sometimes ME
Originally Posted By: Dirt
ebsurveyor, that supposed break even point doesn't include the time value of your money. Don't even go there. frown


Mr. Dirt, you at least understand. For workers SS is a ponzi scheme. For others it is the mythical "free lunch".

Re: Social Security Benefits [Re: Chamacat] #6240705
05/15/18 05:15 PM
05/15/18 05:15 PM
Joined: Dec 2010
Posts: 4,282
Armpit, ak
D
Dirt Offline
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D

Joined: Dec 2010
Posts: 4,282
Armpit, ak
Maybe we can esplain it. The government takes $100 out of your paycheck in 1965. The government gives you back $100 in 2018. That $100 in 1965 would have bought 57 six packs of PBR. In 2018 that $100 will only buy you 18 six packs of Pabst. Depending on your drinking ability the government robbed you of about 20 good drunks. frown

Last edited by Dirt; 05/15/18 08:16 PM.

Who is John Galt?
Re: Social Security Benefits [Re: Dirt] #6240714
05/15/18 05:26 PM
05/15/18 05:26 PM
Joined: Dec 2006
Posts: 6,259
Sandhills Nebraska
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Gary Benson Offline
trapper
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Joined: Dec 2006
Posts: 6,259
Sandhills Nebraska
Originally Posted By: Dirt
Maybe we can esplain it. The government takes $100 out of you paycheck in 1965. The government gives you back $100 in 2018. That $100 in 1965 would have bought 57 six packs of PBR. In 2018 that $100 will only buy you 18 six packs of Pabst. Depending on your drinking ability the government robbed you of about 20 good drunks. frown


Just think what that money would have done if the Gubmint had saved that for us in a 401K plan. After all, the Gubmint knows best how to manage our money.


I know I'm paranoid......but am I paranoid ENOUGH???
Re: Social Security Benefits [Re: Chamacat] #6240733
05/15/18 05:56 PM
05/15/18 05:56 PM
Joined: Feb 2007
Posts: 179
N. Dakota
1
1lessdog Offline
trapper
1lessdog  Offline
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1

Joined: Feb 2007
Posts: 179
N. Dakota
For me I will start at 66 and 8 months. I will get Medicare and Medicaid. So I have to work to get insurance from my employer. I say right now I work for insurance for my Wife and we still have 3 under the age of 26, so we have them insured to.


Relive your memories take a kid hunting and fishing
Re: Social Security Benefits [Re: Gary Benson] #6240747
05/15/18 06:20 PM
05/15/18 06:20 PM
Joined: Dec 2010
Posts: 4,282
Armpit, ak
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Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
Posts: 4,282
Armpit, ak
Originally Posted By: Gary Benson
Originally Posted By: Dirt
Maybe we can esplain it. The government takes $100 out of you paycheck in 1965. The government gives you back $100 in 2018. That $100 in 1965 would have bought 57 six packs of PBR. In 2018 that $100 will only buy you 18 six packs of Pabst. Depending on your drinking ability the government robbed you of about 20 good drunks. frown


Just think what that money would have done if the Gubmint had saved that for us in a 401K plan. After all, the Gubmint knows best how to manage our money.


All long term employed people would have been money ahead if they would have taken their money and put it into an ordinary savings account pre 2008. The money would be theirs and if they die at any age the money would go to their beneficiaries.


Who is John Galt?
Re: Social Security Benefits [Re: Chamacat] #6240938
05/15/18 11:12 PM
05/15/18 11:12 PM
Joined: Dec 2015
Posts: 246
northern indiana
K
kenny k Offline
trapper
kenny k  Offline
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K

Joined: Dec 2015
Posts: 246
northern indiana
You all make a good point. I will retire nov at 62. I thought i would go one more year, but for only another 53.00 not for me!

Re: Social Security Benefits [Re: Chamacat] #6241428
05/16/18 03:39 PM
05/16/18 03:39 PM
Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Hal Offline
"old windy fartbag"
Hal  Offline
"old windy fartbag"

Joined: Dec 2006
Posts: 6,113
Blue Creek, Ohio
Originally Posted By: Chamacat
Yep..for numbers sake..If a guy retires at 62 and gets 1700.00 a month (early retirement). He takes that amount each month for 52 months (which makes his age 66.4 years old) he will be $88,400 dollars ahead in 4 years 4 months.

So if he waits till 66.4 years for his first check and it's $2300.00 how many years will it take to make up the $88,400 dollars?

If That same guy waited until he was at age 70 and gave up 96 months at $1700. he would have left $163,200 dollars on the table..thus making this cat an old old cogger making up that kind of cash


Here you go: (Based on age 66)


If this individual waits until 66 he breaks dead even at age 77
If he waits until 70 it looks like it will take until 81 to break even.


Waiting for things to be very, very wonderful.
Re: Social Security Benefits [Re: Chamacat] #6241434
05/16/18 03:57 PM
05/16/18 03:57 PM
Joined: Dec 2006
Posts: 6,248
MN, Land of 10,000 Lakes
T
Trapper7 Offline
trapper
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Joined: Dec 2006
Posts: 6,248
MN, Land of 10,000 Lakes
There is no doubt if you were to put the same amount of money in a bank, at retirement age, considering interest on that money, you would have a larger lump sum than SS provides. But, most people can't systematically put away the savings on a long term basis. So, the government forces you to do it. For most people it's a good thing, even if from an investment standpoint it's not.


Wishing you a whatever it is that doesn't offend you!
Re: Social Security Benefits [Re: Hal] #6241436
05/16/18 04:02 PM
05/16/18 04:02 PM
Joined: Feb 2010
Posts: 6,258
pa
H
hippie Offline
trapper
hippie  Offline
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H

Joined: Feb 2010
Posts: 6,258
pa
Originally Posted By: Hal
Originally Posted By: Chamacat
Yep..for numbers sake..If a guy retires at 62 and gets 1700.00 a month (early retirement). He takes that amount each month for 52 months (which makes his age 66.4 years old) he will be $88,400 dollars ahead in 4 years 4 months.

So if he waits till 66.4 years for his first check and it's $2300.00 how many years will it take to make up the $88,400 dollars?

If That same guy waited until he was at age 70 and gave up 96 months at $1700. he would have left $163,200 dollars on the table..thus making this cat an old old cogger making up that kind of cash


Here you go: (Based on age 66)


If this individual waits until 66 he breaks dead even at age 77
If he waits until 70 it looks like it will take until 81 to break even.


Good post Hal.

We have to wait until we're 67 which adds another 3 years to the break even part.
That's a very good chart showing it tho.

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