Biden RAISES Social Security Payments On Way Out

[WorldWatcher]

My buddy yesterday reminded me that his mom is still collecting a pension from Chrysler because her husband died 25 years ago!!! That's not sustainable. Or fair.

You mention the Chrysler pension

It certainly IS fair. Her husband (and by extension she herself) gave up pay raises in order to get that pension.

If it’s not sustainable that’s on Chrysler.

Actually it is fair. That's what Defined Benefit retirement is all about.

Defined Benefit (DB) Retirement Plans are not inherently bad, the problem with DB plans is not properly funded on the front end to pay the benefits promised on the back end and that's just math.

I can take my Defined Contribution (DC) 401K and basically convert it to a DB Pension by buying an annuity. I can also choose option as part of the annuity that includes survivor benefits and COLA for a slight reduction in monthly benefits. If I can do that as a working schmuck, how come a company can't figure it out?

If I can create a DB retirement revenue stream that works, then companies can do the same thing. The problem (historically) is that companies didn't (a) properly fund the DB plans, and (b) kept the plan inhouse instead of being required to have them administered by reputable financial institutions.

WW

 

[Lesh]

I'm not sure if you meant:

You should only get SS for 20 years because that is the number of years worked, or

You should only get SS benefits for life based on the 20 years worked.

WW

You get lifetime benefits based on the 20 years worked in the public sector

 

[sealybobo]

Now take a look at their tax rates for social programs compared to out 6.2% on EE wages.

Not that long ago someone was extolling Sweden as an example of personal accounts in a "lock box". Turns out their rate for very good benefits in retirement was in the 34% rage. IIRC.

WW

Taking everything into consideration, if we are just talking seniors, and factoring all seniors, even our poor seniors

The Best Countries for Older Adults to Live - Which Provide the Best Elderly Care?​

Norway, Sweden, Switzerland, Germany, Canada and the United States are the countries with the best elderly care. Meanwhile, Great Britain ranks in the top 15.

This is based on factors such as pensions coverage, healthcare systems, care services – including residential and nursing homes – social support and government grants.

This can't be true

Which Country Has the Best Elderly Care? | Lottie

The human population is gradually ageing, with more older adults in society than ever. Read on to find out which country has the best elderly care.

lottie.org

Mexico has the best elderly care in North America? No way.

 

[WorldWatcher]

You get lifetime benefits based on the 20 years worked in the public sector

I did.

WW

 

[WorldWatcher]

Taking everything into consideration, if we are just talking seniors, and factoring all seniors, even our poor seniors

The Best Countries for Older Adults to Live - Which Provide the Best Elderly Care?​

Norway, Sweden, Switzerland, Germany, Canada and the United States are the countries with the best elderly care. Meanwhile, Great Britain ranks in the top 15.

This is based on factors such as pensions coverage, healthcare systems, care services – including residential and nursing homes – social support and government grants.

This can't be true

Which Country Has the Best Elderly Care? | Lottie

The human population is gradually ageing, with more older adults in society than ever. Read on to find out which country has the best elderly care.

lottie.org

Mexico has the best elderly care in North America? No way.

Now give us an idea Retirement Taxes, Income Taxes, VAT Taxes, etc. paid in Norway, Sweden, etc. to fund their programs.

WW

 

[Blaster]

He did it! Old man Sleep Joe ACTUALLY did it folks.

Now watch Trump take credit for it once the American people realize they got a raise.



Let the good times roll.

Are you collecting social security?

 

[Cellblock2429]

Cellblock2429

I noticed you disagreed with this post.

What do you disagree with, I'd be happy to support anything I wrote:

• Are my percentages wrong?
• Do you disagree that Income Taxes paid on SS Benefits are returned to the SS Administration (SSA) to fund current benefits?
• Do you disagree that eliminating Income Taxes on SS benefits, would reduce revenues to the SSA, that with reduced revenues payment of current benefits would drain the Trust Fund faster, accelerating the point at which mandatory cuts would occur?

What specifically do you disagree with?

WW

/----/

• Are my percentages wrong? No, I accept your percentages as correct. This is far more complicated than the way you lay it out. The problem is, there is tremendous waste and fraud, as pointed out by DOGE. Your post was incomplete, thats why I disagreed. "In a separate February 8 tweet, Musk estimated the value of these "improper" payments at $108 billion per year, indicating he'd been given that number although he did not reveal the source of the information.
  In the same February 8 tweet, he outlined his plans to address this issue and stop the improper payments, including:
  
  • Requiring all outgoing payments to have a categorization code to enable auditing of where the money is going.
  • Requiring a rationale for all outgoing payments in the comment field, which currently does not contain any information.
  • Implementing the "Do Not Pay" list of entities that are known to be dead, fronts for terrorist organizations, scammers, or who are not meant to receive the funds under Congressional appropriations
  • Updating the "Do Not Pay" list weekly, as it is currently updated infrequently." MSN.com
• General Revenue & the Social Security Trust Funds | Committee for a Responsible Federal Budget

 

[Lesh]

Are you collecting social security?

What’s your point?

 

[WorldWatcher]

/----/

• Are my percentages wrong? No, I accept your percentages as correct. This is far more complicated than the way you lay it out. The problem is, there is tremendous waste and fraud, as pointed out by DOGE. Your post was incomplete, thats why I disagreed. "In a separate February 8 tweet, Musk estimated the value of these "improper" payments at $108 billion per year, indicating he'd been given that number although he did not reveal the source of the information.
  In the same February 8 tweet, he outlined his plans to address this issue and stop the improper payments, including:
  • Requiring all outgoing payments to have a categorization code to enable auditing of where the money is going.
  • Requiring a rationale for all outgoing payments in the comment field, which currently does not contain any information.
  • Implementing the "Do Not Pay" list of entities that are known to be dead, fronts for terrorist organizations, scammers, or who are not meant to receive the funds under Congressional appropriations
  • Updating the "Do Not Pay" list weekly, as it is currently updated infrequently." MSN.com
• General Revenue & the Social Security Trust Funds | Committee for a Responsible Federal Budget

The above though has nothing to do with exempting SS Benefits from taxes which is what I responded to.

Income Tax on SS Benefits go back to the SS Administration. Removing the tax will cause the fund to expire earlier.

WW

 

[sealybobo]

Now give us an idea Retirement Taxes, Income Taxes, VAT Taxes, etc. paid in Norway, Sweden, etc. to fund their programs.

WW

I don't know, but each country has an economic system, and when citizens retire, I'm sure they factor in everything. COLA's, standard of living, wait times to see a doctor, out of pocket expenses, how many years a person has to work before they retire, how much of their salaries they can save based on the cost of living, quality of life, life expectancy, health of their citizens.

According to most healthcare rankings, countries like Canada, Germany, Switzerland, Norway, Sweden, and the United Kingdom generally have healthcare systems considered better than Medicare in the United States, often providing wider coverage with lower out-of-pocket costs for citizens.

 

[WorldWatcher]

I don't know, but each country has an economic system, and when citizens retire, I'm sure they factor in everything. COLA's, standard of living, wait times to see a doctor, out of pocket expenses, how many years a person has to work before they retire, how much of their salaries they can save based on the cost of living, quality of life, life expectancy, health of their citizens.

According to most healthcare rankings, countries like Canada, Germany, Switzerland, Norway, Sweden, and the United Kingdom generally have healthcare systems considered better than Medicare in the United States, often providing wider coverage with lower out-of-pocket costs for citizens.

As I mentioned, I'd researched Sweden before (month ago) in another thread.

Their social programs tax (retirement, health care, etc.) was - IIRC - 34%.

We pay 1.45 for Medicare and 12.4% for Social Security.

So they tax 20% more.

WW

 

[Cellblock2429]

The above though has nothing to do with exempting SS Benefits from taxes which is what I responded to.

Income Tax on SS Benefits go back to the SS Administration. Removing the tax will cause the fund to expire earlier.

WW

/—-/ Sure, if no adjustments are made. Investing beater for a higher return, and eliminating waste and fraud will carry SS until 2050.

 

[WorldWatcher]

/—-/ Sure, if no adjustments are made. Investing beater for a higher return, and eliminating waste and fraud will carry SS until 2050.

By law the Trust Fund can ONLY be invested in Special Treasury Bonds. - there will be no higher rate of return.

There has been no showing of massive fraud in SS retirement payments. Remember we are talking about the SS Retirement Trust Fund not the general operating fund like you previous post used.

WW

 

[sealybobo]

As I mentioned, I'd researched Sweden before (month ago) in another thread.

Their social programs tax (retirement, health care, etc.) was - IIRC - 34%.

We pay 1.45 for Medicare and 12.4% for Social Security.

So they tax 20% more.

WW

I look at the people in a country.

The rich. Are they over taxed here? Clearly not.
The middle class is
The poor are not

 

[WorldWatcher]

I look at the people in a country.

The rich. Are they over taxed here? Clearly not.
The middle class is
The poor are not

So you think social program tax of 34% (on top of taxes to run the rest of the government like State, Defense, Homeland Security, etc.) would fly?

WW

 

[sealybobo]

So you think social program tax of 34% (on top of taxes to run the rest of the government like State, Defense, Homeland Security, etc.) would fly?

WW

No but it's just not apples to apples. And no I don't want to go more socialism. I'm open to what you guys want. Force people to save still, and still have the employer match, but that money is YOURS at age 59.5 just like a 401K. You can do whatever you want with it.

And if you die at age 59, the money is your families.

I'm okay with a more capitalistic solution. You guys did away with pensions and gave us 401K's. So I started a 401K 30 some years ago. Now I'm in the investor class.

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million

Sometime around age 50, the average American can now expect a net worth exceeding $1 million. How did so many 50-somethings become millionaires?

www.usatoday.com

I don't fall in the average yet but I'm way better off than the median

50-somethings​

• Average net worth: $1,132,532 (ages 50-54), $1,442,075 (ages 55-59)
• Median net worth: $272,800 (ages 50-54), $320,700 (ages 55-59)

Welcome to Millionaires' Row. In their 50s, many Americans attain the mythical status of millionaire, their household assets worth at least $1 million more than their liabilities.

I should hit $1 mill by the time I'm 59. Before I hit 60. So because of the rich, I'll never make it to the average.

I'm not counting the $400K I should get from my dad someday. Then I'm in the average for sure. The high average. But I don't want my dad to die in 5 years. Not if he's healthy and sane. I'm in Florida now with his older sister. She's clearly got dementia. The doctors down here are horrible. How did they not realize it before I have to come here and walk them through it. And then they give me a referral, but it's the wrong referral. The number said hit 1 to schedule an appointment, but the lady says I shouldn't have hit 1, even though that's what I was calling to do. And then that doctors secretary says that's not what he does. Then gives me another doctors number, and they haven't called me back yet. And does that doctor have the information? No, because that's not who we were referred to. What the fuck Florida?

 

[Cellblock2429]

Now give us an idea Retirement Taxes, Income Taxes, VAT Taxes, etc. paid in Norway, Sweden, etc. to fund their programs.

WW

/----/ Norway, Sweden, etc don't pay their fair share of NATO for national security. US Taxpayers pick up the slack.

 

[LordBrownTrout]

Prove it then.

I don't have. It's reality. Lol.

 

[MarcATL]

Are you collecting social security?

No, not at the moment, I'm not even 50 yet. Why do you ask?

 

[John Edgar Slow Horses]

I don't have. It's reality. Lol.

You don't get then.