Zone1 Social Security Scam

[Woodznutz]

That's the way it was designed. However, the founders didn't envision the professional politicians and bureaucrats that have developed since the days of FDR. We now have a ruling class composed of professional politicians and un-elected bureaucrats that run the country to their preferences, not "we the people's"

True. "We the people" want the death penalty. Guess what. No death penalty.

 

[Wyatt earp]

Taxes are a bigger 'theft'. The government takes from the poor and gives it to the rich.

Thats what social security is, you do know their is a limit right? Millionaires pay the same in social security as we do when they reach the limit,any high earning blue collar guy knows this

 

[Woodznutz]

Thats what social security is, you do know their is a limit right? Millionaires pay the same in social security as we do when they reach the limit,any high earning blue collar guy knows this

But the higher earners supplement the lower earners when benefits are finally paid.

 

[AZrailwhale]

I prefer to call it matching contribution, like a 401k, rather than compensation. Also, the contributions of both go to retirees, not directly to the employee.

$26,000 per year (my benefit starting in January) is hardly a 'pittance', especially considering that I have only paid in $72,000 total.

A married couple, both receiving similar SS benefits, can live pretty good on $52,000 per year, tax free.

So you are telling us that you only paid $1440.00 a year into SS? Run that through a compound interest generator. I just did and you'd have a MINIMUM of $1,120.00.00. If the retirement calculator I found is correct, that $1,120,000.00 would yield you a payout of $4,503.00 a month AFTER taxes for your entire life leaving you with the original amount to bequeath to your survivors. That's $54,036.00 a year, more than DOUBLE what SS is paying you.

 

[Couchpotato]

Taxes are a bigger 'theft'. The government takes from the poor and gives it to the rich.

That’s interesting seeing as 50% of US wage earners dont even pay income tax. Here’s a hint that 50% isn’t the top half of the bracket. And I’m relatively sure that the top half of the tax bracket doesn’t utilize the services that use up the bulk of our budget. SS, Medicare/Medicaid. 21 and 25% respectively. So how exactly does the Us government take money from the poor via taxes they don’t pay and transfer that money to the rich vis services they don’t use?

 

[Woodznutz]

So you are telling us that you only paid $1440.00 a year into SS? Run that through a compound interest generator. I just did and you'd have a MINIMUM of $1,120.00.00. If the retirement calculator I found is correct, that $1,120,000.00 would yield you a payout of $4,503.00 a month AFTER taxes for your entire life leaving you with the original amount to bequeath to your survivors. That's $54,036.00 a year, more than DOUBLE what SS is paying you.

SS is only part of my estate, which is well over a $million. My combined income from investments including SS exceeds $60,000/year.

But tell me, how could I have opted out of SS, starting in 1956, when I first paid into it? I have worked for over a dozen companies, and none had an 'opt out of SS' provision.

Maybe in the future, when SS goes bust, things will be better for the working person.

 

[AZrailwhale]

Knowing me I wouldn't have saved it. Same with most people. That's why SS is so needed still. Many people that earn big bucks don't save for their retirement. SS addresses this human weakness.

Then mandate that people EITHER participate in SS OR a qualified savings program that is rock-solid conservative. Let the person choose. Don't force people into a program that steals from them.

 

[Couchpotato]

So you are telling us that you only paid $1440.00 a year into SS? Run that through a compound interest generator. I just did and you'd have a MINIMUM of $1,120.00.00. If the retirement calculator I found is correct, that $1,120,000.00 would yield you a payout of $4,503.00 a month AFTER taxes for your entire life leaving you with the original amount to bequeath to your survivors. That's $54,036.00 a year, more than DOUBLE what SS is paying you.

Math is hard for hose who want the government to take care of them. BTW he’s not counting the funds his employer put in so the amounts are exponentially higher.

 

[AZrailwhale]

What interest rate did you use?

The calculator used a 7% rate of return and an annual inflation rate of 2.9% and 22% tax rate after retirement. I didn't set any of those figures, Amerprise Financial did, it's their calculator.

 

[AZrailwhale]

Math is hard for hose who want the government to take care of them. BTW he’s not counting the funds his employer put in so the amounts are exponentially higher.

I don't know, my friends and I worked this out at 22 years of age using pencil and paper. We were all good little democrats then and it really pissed us off since we were all poor. Our figures weren't this precise, but they were close. I think that's what started changing us from liberals into conservatives.

 

[AZrailwhale]

SS is only part of my estate, which is well over a $million. My combined income from my investments including SS exceeds $60,000/year.

But tell me, how could I have opted out of SS, starting in 1956, when I first paid into it?

The government won't let you. But that still doesn't make it either right, or a good deal for you. I cashed out my 401K when I retired to pay off my house and all my bills and my income is still about 25% higher than yours. For me SS is supplementary to my retirement, after listening to the politicians' doom and gloom for the past forty years, I never counted on getting it.

 

[Woodznutz]

Then mandate that people EITHER participate in SS OR a qualified savings program that is rock-solid conservative. Let the person choose. Don't force people into a program that steals from them.

Don't State governments and their employees have the option to do this?

 

[Woodznutz]

The government won't let you. But that still doesn't make it either right, or a good deal for you. I cashed out my 401K when I retired to pay off my house and all my bills and my income is still about 25% higher than yours. For me SS is supplementary to my retirement, after listening to the politicians' doom and gloom for the past forty years, I never counted on getting it.

I'm still working. My combined income is about $120,000/year. I'm not complaining, or worrying, about money (never did).

 

[AZrailwhale]

Don't State governments and their employees have the option to do this?

They don't have the option, they are prevented from participating in SS and when they retire, whatever they draw from SS from previous or subsequent jobs is severely penalized.

 

[Woodznutz]

They don't have the option, they are prevented from participating in SS and when they retire, whatever they draw from SS from previous or subsequent jobs is severely penalized.

I found some that aren't enrolled in SS.

Why Does Social Security Leave Out Teachers in These 15 States? | The Motley Fool

Find out why these states made alternative arrangements -- and what it means for education professionals.

www.fool.com

Another benefit is that the employer contribution to one's SS isn't taxed as income, and, is a deductible expense for the employer.

 

[sartre play]

People lie a lot on this site, How rich they are, while crying & moaning about Gas being high (again) for a few months. No one likes paying more for anything, Not rich but still able to by our own gas. & feed our self's.

 

[Couchpotato]

I found some that aren't enrolled in SS.

Why Does Social Security Leave Out Teachers in These 15 States? | The Motley Fool

Find out why these states made alternative arrangements -- and what it means for education professionals.

www.fool.com

Another benefit is that the employer contribution to one's SS isn't taxed as income, and, is a deductible expense for the employer.

That doesn’t nearly overcome the amount of money the employed person loses under the SS system.

You’re trading dollars for pennies

 

[App'z]

Well; as Lil Johnny says, a plan that may work is a good plan, one to follow, one to stick to if it works and is a good plan one that can prove it will work.

But of you invest in new start ups in the stock market and stay there for 20 / 30 years you may be winners just like the Omaha Oracle.

 

[Woodznutz]

That doesn’t nearly overcome the amount of money the employed person loses under the SS system.

You’re trading dollars for pennies

Not much I could do about that. That said I wouldn't have opted out of SS. I wasn't that disciplined regarding money.

a man has to know his limitations dirty harry - Search Videos

www.bing.com

 

[AZrailwhale]

I found some that aren't enrolled in SS.

Why Does Social Security Leave Out Teachers in These 15 States? | The Motley Fool

Find out why these states made alternative arrangements -- and what it means for education professionals.

www.fool.com

Another benefit is that the employer contribution to one's SS isn't taxed as income, and, is a deductible expense for the employer.

As a rule, local, state and federal employees are banned from being enrolled in SS. They can have funds from previous or subsequent jobs and can draw on the SS from them, but with a significant penalty.