Investment account back up!

[Torvy]

I said 'read'.

Like many in my generation, it was required reading.

FDR pandered to those affected by the confluence of economic and meteorological bad times to saddle people with a system that is much worse than they could have done on their own.

We needed to transition away from this years ago but people fear what they don't know or understand and other people prey upon that fear.

 

[JJT]

The gross value of what I paid plus what my employer matched is close to $3 million.

My benefit is roughly $40000/year.

As someone said, if those monies were placed in a ROTH the value at retirement would be amazing!!!

Don’t get me started on the 1.5% Medicare tax.

Just a small fish story/exaggeration here regarding the $3 million paid into ss....

I max'd out for 40 of my 45 work years and my total employer and individual contribution is under $400K. Not an insignificant number, but nothing close to 3 million.

 

[jyoutz]

It's not an entitlement. It's the shittiest retirement account you could pay into bar none. When I pay I into it, more than I'll see, it's robbery. Especially considering it's a slush fund for govt spending.

Actually SS is an entitlement by definition. Entitlement programs are those where only people who participate (contribute) are entitled to benefits. SSI is different; it’s a welfare program.

 

[California]

I max'd out for 40 of my 45 work years and my total employer and individual contribution is under $400K. Not an insignificant number, but nothing close to 3 million.

No fair bringing real-world data to this discussion. You're spoiling the vibe!

 

[MoKelly]

Just a small fish story/exaggeration here regarding the $3 million paid into ss....

I max'd out for 40 of my 45 work years and my total employer and individual contribution is under $400K. Not an insignificant number, but nothing close to 3 million.

Sorry - I was trying to say the income I had taxed for SSI was $3 million. Not that I paid $3 million in tax.

I said it wrong.

You are correct.

 

[MossRoad]

Sorry - I was trying to say the income I had taxed for SSI was $3 million. Not that I paid $3 million in tax.

I said it wrong.

You are correct.

Whew! You'd have to work a lot of years to contribute $3M.

 

[MossRoad]

People never survived prior to SS?

Not so much....

 

[California]

Not so much....

View attachment 839608

Well yeah back then you were supposed to die before reaching the age to draw SS. So SS was less burden on the taxpayers back then.

Who could have guessed that having income into the elderly years would extend life expectancy?

Go ahead and cut SS. The burden on taxpayers will go back down again!

 

[ultrarunner]

Interesting.

By never accepting social security does that mean he never applied?

Just think how the USA would be doing today if everyone had the work ethic of your grandfather!

There is a one page Waiver of Benefits form to file if you are eligible but don't want the monthly payment.

My understanding is at a latter date you can change your mind.

My grandfather never did but paying into SS to age 85 resulted in a nicer survivor benefit for my grandmother.

 

[MoKelly]

There is a one page Waiver of Benefits form to file if you are eligible but don't want the monthly payment.

My understanding is at a latter date you can change your mind.

My grandfather never did but paying into SS to age 85 resulted in a nicer survivor benefit for my grandmother.

Thanks. I never knew about the Waiver form.

Interesting.