social security - Page 2

social security

This is a discussion on social security within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Originally Posted by NECCdude https://www.foxbusiness.com/personal...rity-cola-2021 In the meantime, the Federal Reserve Chairman is telling the government to spend as much money as they want to ...

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  1. #16
    Member Array buckwheatpaul's Avatar
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    Quote Originally Posted by NECCdude View Post
    https://www.foxbusiness.com/personal...rity-cola-2021

    In the meantime, the Federal Reserve Chairman is telling the government to spend as much money as they want to keep the economy afloat. Meantime, we retirees won't see any COLA next year. Seems to me that giving us a COLA would help the economy. That's government wisdom for you.
    No but Congress gave themselves a $8,000.00 raise.....talking about being pious and do like I say not like I do attitude!
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  2. #17
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    Quote Originally Posted by buckwheatpaul View Post
    No but Congress gave themselves a $8,000.00 raise.....talking about being pious and do like I say not like I do attitude!
    No, they didn't. There was a portion allocated for expenses of the House - telecomms and such.
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  3. #18
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    Quote Originally Posted by G-man* View Post
    When the Japs took ownership of Jim Beam, I switched to Makers or Woodford Reserve.
    Of the three, I'll stick with Beam. If I don't own the company, it really doesn't matter to me who does.
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  4. #19
    Senior Member Array ButtShot14's Avatar
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    What I don't understand is after I begin to draw SS and retire, if I go back to work the gov't. still takes out SS from my paycheck and also gets my employer's matching money. Then to top it all I have to pay income tax on the SS money I receive. That is just kicking a guy while he's down.

  5. #20
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    Quote Originally Posted by OldVet View Post
    I haven't figured out how to spend that last $20 COLA I got.
    Why would anyone expect a social security payment to go up once the annuity is started? I have a defined benefit plan with an old employer and it is set in stone. I also receive less because my spouse will get part of it after I die. If she dies first, I donít get the increase.

    If you look back, the average maximum salary taxed over the last 45 years was about $60,000. The average tax rate was 12%. So, on average we contributed $7,200 per year for about 45 years. The total is about $320,000. Using the rule of 72 and a t bill interest rate of 3%, the money would double every 24 years. So, it would increase by 1.87 times the average investment of $160,000. Very roughly the investment would be worth approximately $480,000.

    The average life expectancy of a 65 year old is now about 20 years. So, take the 480,000, add an increase of 120,000 for the half remaining balance during the 20; years. You get $600,000 divided by 240 months. Or about $2500 per month.

    That number is about what I will get. My ex will get another $1250 per month and she only worked two years her entire life. Someone has to pay for my ex wife. Why should I expect someone else to pay for a COLA.

    Yes, I am a fiscal conservative that doesnít think everyone else should take care of me or anyone else. I donít think my ex deserves anything.


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  6. #21
    VIP Member Array OldVet's Avatar
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    Huh?
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    Retired USAF E-8. Curmudgeon on the loose.
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  7. #22
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    I wish I were rich enough to get by without SS or Medicare. Maybe when I win the lottery........
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  8. #23
    VIP Member Array jmf552's Avatar
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    Quote Originally Posted by NECCdude View Post
    https://www.foxbusiness.com/personal...rity-cola-2021

    In the meantime, the Federal Reserve Chairman is telling the government to spend as much money as they want to keep the economy afloat. Meantime, we retirees won't see any COLA next year. Seems to me that giving us a COLA would help the economy. That's government wisdom for you.
    I would prefer that the government was not in the retirement business at all. But I figure I paid into it, against my will, so I want what I can get back out of it.

    After having nearly gone bankrupt in 2010, my wife and I clawed our way back to solvency over about eight years. We have our retirement planned out to age 99 (which we will not likely make it to) through a combination of SS, an annuity, two IRAs and LTC insurance. We have SS COLAs in the spreadsheet and the IRAs are way down with the pandemic, but ups and downs were anticipated in the plan. So the loss of the COLA is only a blip. And we got the stimulus checks. The IRAs will come back up in few years. So all is fine. I would never want to be a position where SS COLAs made any significant difference.
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  9. #24
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    Most years the COLA barely covers the increase in the Medicare premium so it's about a wash anyways. So I'd be fine with no COLA if they would also have no Medicare increase but I have a feeling it won't work that way.
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  10. #25
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    Quote Originally Posted by OldVet View Post
    Of the three, I'll stick with Beam. If I don't own the company, it really doesn't matter to me who does.
    Does that logic apply if Hillary Clinton, Michael Bloomberg, or Jane Fonda bought the company?

  11. #26
    VIP Member Array OldVet's Avatar
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    Quote Originally Posted by Skolnick View Post
    Does that logic apply if Hillary Clinton, Michael Bloomberg, or Jane Fonda bought the company?
    Yep, but they don't. I want what I want.
    Retired USAF E-8. Curmudgeon on the loose.
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  12. #27
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    Quote Originally Posted by OldVet View Post
    Of the three, I'll stick with Beam. If I don't own the company, it really doesn't matter to me who does.
    JD guy here. Keep pouring and you eventually donít care who owns what.
    OldVet, montejames and Poorly like this.
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  13. #28
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    Quote Originally Posted by rotorhead1026 View Post
    JD guy here. Keep pouring and you eventually donít care who owns what.
    I'm not much on JD, but that Tennessee Fire is like heroin. One shot and gone...
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    Retired USAF E-8. Curmudgeon on the loose.
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    Paranoia strikes deep, into your life it will creep. It starts when you're always afraid... Buffalo Springfield - For What It's Worth

  14. #29
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    At 63 I am going to have to figure out that Medicare, SS crap pretty soon. Seems complicated.
    Why does everything the government administers need to be so damn confusing?
    Sure glad it is not my primary source of retirement income.
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  15. #30
    VIP Member Array OldVet's Avatar
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    Quote Originally Posted by KILTED COWBOY View Post
    At 63 I am going to have to figure out that Medicare, SS crap pretty soon. Seems complicated.
    Why does everything the government administers need to be so damn confusing?
    Sure glad it is not my primary source of retirement income.
    Nothing to it. Sign up, they'll tell you how much you get, how much they'll take out, you get what's left over.
    LimaCharlie, sdprof and Poorly like this.
    Retired USAF E-8. Curmudgeon on the loose.
    Lighten up and enjoy life because:
    Paranoia strikes deep, into your life it will creep. It starts when you're always afraid... Buffalo Springfield - For What It's Worth

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