‘No one in the US should be retiring at 65’: Ben Shapiro said Social Security was not designed to provide retirement benefits for 20+ years

[leftwinger]

Since Trump gave away $14.3 Trillion to Wallstreet in 1 year, I would never accept any fiscal advice from the right.

enjoy your 401K then. More NSM hogwash.

 

[leftwinger]

Are you sure? I understood that anyone who served even one term in congress could collect a congressional pension on retirement. Maybe I was misinformed.

its a mess:

Age and Length-of-Service Requirements
Members become vested in (legally entitled to) a pension benefit under CSRS or FERS after five years of service. The age and service requirements for retirement eligibility are determined by the plan under which a Member is covered at the time of retirement, regardless of whether he or she has previous service covered under a different plan.13 Depending on a Member’s age and years of service, a pension can be taken immediately upon separating from service or only on a deferred basis. Likewise, the Member’s age and years of service, as well as the starting date of the annuity, will determine whether he or she is eligible for a full pension or a reduced pension.
Retirement Under CSRS
Four retirement scenarios are possible for Members covered by CSRS or the CSRS Offset Plan.
Retirement with an immediate, full pension is available to Members aged 60 or older with 10 years of service in Congress, or aged 62 with 5 years of civilian federal service, including service in Congress.
Retirement with an immediate, reduced pension is available to Members aged 55 to 59 with at least 30 years of service. It is also allowed if the Member separates for a reason other than resignation or expulsion after having completed 25 years of service, or after reaching the age of 50 and with 20 years of service, or after having served in nine Congresses.14
Retirement with a deferred, full pension is available if the Member leaves Congress before reaching the minimum age required to receive an immediate, unreduced pension and delays receipt until reaching the age at which full benefits are paid. A full pension can be taken at the age of 62 if the Member had 5-9 years of federal service, or at the age of 60 if the Member had at least 10 years of service in Congress. At the time of separation, the Member must leave all contributions in the plan to be eligible for the deferred pension.
Retirement with a deferred, reduced pension is available to a Member at the age of 50 if he or she retired before that age and had at least 20 years of federal service, including at least 10 years as a Member of Congress.
Retirement Under FERS
There are four possible retirement scenarios for Members who are covered by FERS.
Retirement with an immediate, full pension is available to Members aged 62 or older with at least 5 years of federal service; aged 50 or older with at least 20 years of service; and at any age to Members with at least 25 years of service
Retirement with an immediate, reduced pension is available at the age of 55 to Members born before 1948 with at least 10 years of service. The minimum age will increase to 56 for Members born from 1953 through 1964 and to 57 for those born in 1970 or later.
Retirement with a deferred, full pension is available at the age of 62 to former Members of Congress with at least 5 years of federal service.
Retirement with a deferred, reduced pension is available at the minimum retirement age of 55 to 57 (depending on year of birth) to a former Member who has completed at least 10 years of federal service. The pension annuity will be permanently reduced if it begins before the age of 62.1

 

[Concerned American]

State and Local Government Workers Without Social Security Coverage

Review our coverage and resources on the largest increase to Social Security benefits in four decades that could be arriving in 2023.

www.ncsl.org

While technically true, those state an municipal employees to be exempt from SS have to be part of a plan the provides essentially the same minimum benefits.

WW

The point is they are not required to contribute to social security. Those employees should be required to pay into SS just like anyone else. I had a separate employer sponsored retirement plan and I still had to pay into SS. Does that make the point a bit more clear.

 

[WorldWatcher]

Are you sure? I understood that anyone who served even one term in congress could collect a congressional pension on retirement. Maybe I was misinformed.

https://crsreports.congress.gov/product/pdf/RL/RL30631

"Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 62 if they have completed at least 5 years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on length of service (as measured in months) and the average of the highest three years of salary. By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary. "

WW

 

[Harpy Eagle]

Most government employees can retire after thirty years service, which given average health and life expectancy, means that they will be retired for thirty years or more, the first 12-14 of which also include "Cadillac" health coverage. But that's not all...

Depending on the age of the person it can be much less than 30 years. My wife will get a pension from the VA where she works after only working there 11 years when she retires at 62. It wont be a lot, but it will be something she gets for life. The Health coverage is ok, but they are paying for it. Oh, and my wife pays 8% of her salary each check into her retirement so it is far from free.

You should whine about us military folks, I retired from the Marines in 2009, been receiving a pension since then along with some of the best health insurance one can have.

 

[WinterBorn]

Are you sure? I understood that anyone who served even one term in congress could collect a congressional pension on retirement. Maybe I was misinformed.

I'm pretty sure the retirement doesn't kick in after one term.

But if we look at their net worth before being elected and after, they seem to have plenty of money (even if it is of questionable origin).

 

[WinterBorn]

Depending on the age of the person it can be much less than 30 years. My wife will get a pension from the VA where she works after only working there 11 years when she retires at 62. It wont be a lot, but it will be something she gets for life. The Health coverage is ok, but they are paying for it. Oh, and my wife pays 8% of her salary each check into her retirement so it is far from free.

You should whine about us military folks, I retired from the Marines in 2009, been receiving a pension since then along with some of the best health insurance one can have.

I'll never whine about the military retirement. If you served for 20+ years, you earned that retirement.

 

[ThisIsMe]

Ben is not right and he needs to be put in his place -- again.



The disingenuous little prick knew what he was doing, and tried to hide and cry foul.

lol, I’m fine with Jenner , but that’s just knowing that he is bigger than Shapiro. I’d like to see how Jenner would have reacted if that were Joe Rogan sitting in the chair next to him….im sure that would have been a totally different ending.

But, I do like that you chose to use someone being threatened with violence as your method of proving a point…that’s pretty good lol.

 

[WorldWatcher]

The point is they are not required to contribute to social security. Those employees should be required to pay into SS just like anyone else.

You may have missed the point. They are required to be enrolled in another state or municipal pension plan that provides at a minimum base benefits equal to SS.

If they were added to SS, then SS would have integrate those people into SS and it would actually cost SS MORE to then pay benefits to those State and Municipal employees then would be received in additional revenue.

I had a separate employer sponsored retirement plan and I still had to pay into SS.

I currently have a separate employer retirement plan and still pay into SS. Employer pension is funded by 15% of my compensation and SS funded by 12.4%.

When I retire I draw a small pension from my employer and SS.

Does that make the point a bit more clear.

Does that make the point a bit more clear.

WW

 

[WorldWatcher]

Oh, and my wife pays 8% of her salary each check into her retirement so it is far from free.

And what is the total percentage based on compensation. In other words your wife pays 8%, does the employer also pay a percentage based on compensation?

WW

 

[Lisa558]

lol, I’m fine with Jenner , but that’s just knowing that he is bigger than Shapiro. I’d like to see how Jenner would have reacted if that were Joe Rogan sitting in the chair next to him….im sure that would have been a totally different ending.

But, I do like that you chose to use someone being threatened with violence as your method of proving a point…that’s pretty good lol.

That wasn’t Jenner! Jenner would not have threatened to put a man smaller than himself/herself in an ambulance heading for the hospital.

 

[Concerned American]

I'm pretty sure the retirement doesn't kick in after one term.

But if we look at their net worth before being elected and after, they seem to have plenty of money (even if it is of questionable origin).

World Watcher posted the info. After 5 years at age 62 based on the highest 3 years and not more than 80% of their highest salary. LOL, the base salary of a new congress critter is over $150K, I think I might have to go on welfare if I had to live on $120K a year and all I had to do was live on the government dole for five years. We won't talk about what pension was earned during the remaining 35 years of their working lives.

 

[WorldWatcher]

I'm pretty sure the retirement doesn't kick in after one term.

But if we look at their net worth before being elected and after, they seem to have plenty of money (even if it is of questionable origin).

Correct, it's based on age and total federal service.

WW

 

[Harpy Eagle]

And what is the total percentage based on compensation. In other words your wife pays 8%, does the employer also pay a percentage based on compensation?

WW

Her employer is the Fed Govt, so I honestly do not know how their "employer contribution" works as far as the retirement plans.

 

[ThisIsMe]

That wasn’t Jenner! Jenner would not have threatened to put a man smaller than himself/herself in an ambulance heading for the hospital.

Looks like Jenner to me….unless you’re doing some kind of Jedi switcharoo mind trick on me…

 

[Concerned American]

I'll never whine about the military retirement. If you served for 20+ years, you earned that retirement.

When I enlisted, the retirement was paid out after twenty years--in my case, I would have been 37. Somewhere in the mid 70s, that changed and you could retire from the military at 37, but you couldn't collect until age 55. I'm not sure what the law is anymore.

 

[Lisa558]

Looks like Jenner to me….unless you’re doing some kind of Jedi switcharoo mind trick on me…

I’m positive that wasn’t Jenner, but I’ll look again.

 

[Lisa558]

Looks like Jenner to me….unless you’re doing some kind of Jedi switcharoo mind trick on me…

I can’t find the link to the clip.

 

[Lisa558]

Looks like Jenner to me….unless you’re doing some kind of Jedi switcharoo mind trick on me…

Was that on this thread? Can you give me the post #?

 

[WorldWatcher]

Her employer is the Fed Govt, so I honestly do not know how their "employer contribution" works as far as the retirement plans.

Funding FERS: How Much Agencies and Employees Contribute

In October last year, there were slight changes to the amount agencies contribute to the FERS

stwserve.com

Oh ya, VA got it.

For FERS employees the government contribution based on earnings is about 18.5% or 16.5% depending in which version of FERS.

So the total contribution towards retirement is a lot more than just what come out of her check.

WW