Does your beneficiary get 2/3 when you kick the bucket?
If so just marry a young chick when your 80,then she can collect your pension for 50-60 years after you croak.
better than the gov't getting it.

That makes no sense,

Marry an old chick then you can collect when she kicks the bucket, lol.

But no Boco, you have to be old enough to collect....but if hers is more than yours, you can collect hers instead.

If I read it right.

This thread has proven my ignorance on SS. How does it actually work? Steven and Dirt ya'll just confused me with all the bond talk. I respect ya'lls input, but I'm just not up to speed. I always thought that no one would get what they paid in for SS, but rather they are paying in for the old timers that can't work anymore and need the help?

I've been paying in SS since I was 16. Pay in a lot more in last 15 years since I'm self employed. But I was under the impression, that I would never get back what I paid in, but rather just paying to help those in need out.

I don't have one problem with paying SS in for an elderly person that needs the help. I think that is our duty as a human being. But, or they taking the money that the working class pays in and pissing it away or something so that there is nothing left for the elderly?

Anyway y'all can break it down in a Cliff's Notes version?

Pretty much that,,yes.

I'm sorry Chancey, I don't understand liberal gibberish, nor can I speak it. Maybe Steve does?

Repeat after me-
From each according to his ability
To each according to his need.

Well,

I aint no liberal, and I dang sure ain't a marxist, but I don't have any problem helping out a fellow elder citizen out that I don't know that may be in another state.

If my SS payments go to that, then I am fine with it. If ya'll think that makes me a commie liberal, then I can live with it.

Thank you ebsurveyor. I did not know that. Sure appreciate it.

People who need it should get less. They paid in less

Chancy, I'll answer some more of your questions when I get to my l get to my lap top

Each pays 6.2% but the fact someone paid in more because they happen to have a good paying job isn’t deserving because they made more money than someone else?

18.8 years is based on both the employee and employer. It is less then 10 on average to get back what you the wage earner put into the system. Couples fair much better than single people do and those that have wider ranges of income that pays into the system do better also. Medicare is where most are getting back much more than they paid in. Lower income earners benefit more from SSA then do higher income earners, which is what was intended when the system was set up and how the bend points and stipend amounts were determined. As incomes go higher and more pay more into the system the benefit out stretching the payments in goes down. Women typically do better then men as they live 3-5 years longer.

Bryce

Chancey, I'll try and clear up the bond confusion you have. For many years Social Security ran a rather large surplus. Instead of socking that money away in a bank account,he US government used the SS surplus supplement the deficit in the general fund. In return the government issued treasury securities in the amount they used to the SS trust fund. Now that SS is paying out more every day than they take in, SS is depleting that trust fund. It's projected that the trust fund will be used up somewhere around 2035 and without some form of fix they will have to cut benefit payouts by 20 or so percent. 2035 is a pipe dream, the next recession will shave a few years off of that. Also the 8 percent COLA increase hasn't been figured in yet either. Chancey, it may be our duty as human beings to help the elderly but it's not the roll of government. They eventually always screw it up, at least under a fiat system.



Is it wrong for me to expect to draw out the money my employer paid in for my hard work as well? SS is the biggest redistribution of wealth scheme we have. Those who pay in the maximum receive a far less return on investment than those who are in the lower brackets, far less.

Medicare is in worse shape than OASI.

Total US unfunded liabilities is north of 200 trillion. When it comes to the math we can run but not hide.

(a) 90 percent of the first $1,115 of his/her average indexed monthly earnings, plus
(b) 32 percent of his/her average indexed monthly earnings over $1,115 and through $6,721, plus
(c) 15 percent of his/her average indexed monthly earnings over $6,721.

Here are the bend points for someone retiring in 2023

Can someone explain to me how that is not a load of cow excrement?

The employer contribution came out of your paycheck Steve. Cost of your labor. He could have paid it to you. Makes people feel like they ain't paying the whole thing. How do we fool them today!

Thanks Steven! You always make it make sense.

The real problem IMO is the U.S. government will no longer have a cheap way to borrow money and will have to borrow money from the public ( not themselves ) to buy back the treasuries in the fund and the interest they will pay will be higher and not to themselves. They will be entering the real world again; especially if the FED is not buying treasuries.

This should get ugly.



"The Treasury Department paid a record $213 billion in interest payments on the national debt in the last quarter of 2022, up $63 billion from the same period a year earlier."

Looks like we are headed for around $900 billion this year in interest payments. The defense budget is around $800 billion

Chauncy, just think how many social services that $900 billion will provide for the needy.

not everyone will qualify for SS because some have not met the requirements.

No Charles,,,they don't.