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Thread: Soc. Sec. rate Change

  1. #11
    Senior Member dnf777's Avatar
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    Quote Originally Posted by paul young View Post

    have you looked at an actuarial table for American males? it ain't a pretty picture. MANY people die before they get even 1 check. check out the obituaries in your local paper. it's pretty sobering...-Paul

    Paul, that is a point often overlooked. Our life expectancies have likely peaked, and will begin to decline. The obesity rate will predict this, and sadly, the childhood obesity rate (which still hasn't plateaued) will ensure a lengthy trend.

    While this may help SS remain solvent, the flip side is many of these same people who will die younger, are NOT working during their productive years. Instead they are on disability for chronic back pain, depression, heart failure, etc...
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

  2. #12
    Senior Member Buzz's Avatar
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    Quote Originally Posted by Cody Covey View Post
    how do they calculate the amount given per month? if you make 40000 a year from the time you are 20 until 65 that is only 180000 into ss. that amount of money will only last a couple years...
    The SS administration publishes the calculation. I have worked it out before but I don't have the patience to track it down right now. It is not a very favorable calculation to those who have contributed the most.

    Anyhow, at 12.2% paid into social security on $40k a year, that comes out to $4880/year. Over 45 years the total is $219,000. Lets assume however that instead of just stuffing that money into a mattress it is invested in an account that pays 3% annually. Lets assume that you deposit the money at the end of the first year and do the same at the end of each year for 45 years. At the end of 45 years you've accumulated just over $450,000. Then lets assume you have one child and you make that child a deal. You'll lend that child the entire $450,000 for a mortgage on a house. You want 3% interest and you want the loan to be paid back monthly for 15 years. Your child will be responsible for paying you just over $3000/month.

    I've paid in the maximum for over 15 years, so I have averaged a bit more than $40,000 over that time. I started paying in the first time in 1974, so I've been paying for 36 years so far and will keep paying hopefully for another 17, for a total of 53 years. The calculation told me that my max benefit would be right around $2000/month. Hope I live longer than 15 years after retirement!

    But the fact is, I will probably be told to go screw myself, YOU GET NOTHING!

    Of course there is the complication of inflation and variable earnings.
    Last edited by Buzz; 01-05-2011 at 10:25 PM.
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  3. #13
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    Quote Originally Posted by Cody Covey View Post
    how do they calculate the amount given per month? if you make 40000 a year from the time you are 20 until 65 that is only 180000 into ss. that amount of money will only last a couple years...
    I can tell by your post that you're a youngster (compared to me). When I first started paying into SS (at age 15) a really really nice income was $8000 a year (that would have been in 1958).
    My current "rocking chair" money from SS is $2172 a month (I am now -- and started drawing SS at age 67).



    .

  4. #14
    Senior Member Buzz's Avatar
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    Quote Originally Posted by Doc E View Post
    I can tell by your post that you're a youngster (compared to me). When I first started paying into SS (at age 15) a really really nice income was $8000 a year (that would have been in 1958).
    My current "rocking chair" money from SS is $2172 a month (I am now -- and started drawing SS at age 67).



    .
    I started paying into SS at around 14 or 15. I remember going to school for engineering back in the 1970's and we were drooling over starting salaries of about $22,000. We could not imagine being able to spend that much money!
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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  5. #15
    Senior Member Franco's Avatar
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    I would imagine you are both talking about money at full retirement age. I glanced at the statement I received from SS a couple of months ago as I've been paying into it since the late 60's. It will come in handy down in Costa Rica. Just glad they offer Direct Deposit because I don't know how dependable the Costa Rican postal system is.

    Like I said, I just glanced at it. Didn't they increase retirement age? Maybe moved the early option from 59.5 to 62.5 and full from 65 to 67 just recently?
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  6. #16
    Senior Member luvmylabs23139's Avatar
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    The ages were raised back in 1983

    Age To Receive Full Social Security Benefits Year of Birth
    Full Retirement Age
    1937 or earlier
    65
    1938
    65 and 2 months
    1939
    65 and 4 months
    1940
    65 and 6 months
    1941
    65 and 8 months
    1942
    65 and 10 months
    1943--1954
    66
    1955
    66 and 2 months
    1956
    66 and 4 months
    1957
    66 and 6 months
    1958
    66 and 8 months
    1959
    66 and 10 months
    1960 and later
    67
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  7. #17
    Senior Member JDogger's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    The ages were raised back in 1983

    Age To Receive Full Social Security Benefits Year of Birth
    Full Retirement Age
    1937 or earlier
    65
    1938
    65 and 2 months
    1939
    65 and 4 months
    1940
    65 and 6 months
    1941
    65 and 8 months
    1942
    65 and 10 months
    1943--1954
    66
    1955
    66 and 2 months
    1956
    66 and 4 months
    1957
    66 and 6 months
    1958
    66 and 8 months
    1959
    66 and 10 months
    1960 and later
    67

    Personally luvy, I don't think resident aliens should get squat. Particularly those that piss and moan to the degree that you do. You want something, get it from GB, your native country. You want something from us, become a citizen. I don't care what you paid in, you deserve nothing. JD
    AM I CLEAR?
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    Now, maybe one of the snarks will come to your defense...
    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift

  8. #18
    Senior Member Nor_Cal_Angler's Avatar
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    Quote Originally Posted by JDogger View Post
    Personally luvy, I don't think resident aliens should get squat. Particularly those that piss and moan to the degree that you do. You want something, get it from GB, your native country. You want something from us, become a citizen. I don't care what you paid in, you deserve nothing. JD
    AM I CLEAR?
    JD
    Now, maybe one of the snarks will come to your defense...

    Would that SOMETHING LUV wants....and DESERVES.....be anything like what you spouted below?????

    Short term can be a BITCH....


    04-26-2010, 10:07 AM #35
    JDogger




    Join Date: Feb 2003
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    14th Amendment Section 1

    1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

    I guess you missed this part. It says any person, not any citizen, within the jurisdiction of the state shall have equal protection. This has been tested and upheld by the SCOTUS, most notably http://en.wikipedia.org/wiki/Brown_v...d_of_Education
    __________________
    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift


    Just saying.....the LAW does allow for LUV to draw...as long as LUV worked for 10 years here on good old US SOIL...and LUV kept the green card in GOOD LEGAL STANDING....now I do recall your above post was in regards to saying that we as a ohhhh so tolerant nation can not disregard the LAW of the 14th that states ANY person....can not be denied the rights and PROTECTION of the LAW....

    SHORT TERM IS A BITCH.....

    NCA

  9. #19
    Senior Member JDogger's Avatar
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    Quote Originally Posted by Nor_Cal_Angler View Post
    Would that SOMETHING LUV wants....and DESERVES.....be anything like what you spouted below?????

    Short term can be a BITCH....


    04-26-2010, 10:07 AM #35
    JDogger




    Join Date: Feb 2003
    Location: MRGV New Mexico
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    14th Amendment Section 1

    1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

    I guess you missed this part. It says any person, not any citizen, within the jurisdiction of the state shall have equal protection. This has been tested and upheld by the SCOTUS, most notably http://en.wikipedia.org/wiki/Brown_v...d_of_Education
    __________________
    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift


    Just saying.....the LAW does allow for LUV to draw...as long as LUV worked for 10 years here on good old US SOIL...and LUV kept the green card in GOOD LEGAL STANDING....now I do recall your above post was in regards to saying that we as a ohhhh so tolerant nation can not disregard the LAW of the 14th that states ANY person....can not be denied the rights and PROTECTION of the LAW....

    SHORT TERM IS A BITCH.....

    NCA
    Good...you pay her. If short term is a bitch... then call her short term.

    How did that startin' a JH thing two years ago work out? JD
    Last edited by JDogger; 01-06-2011 at 01:35 AM.
    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift

  10. #20
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    >>>>>>>>>>>>
    JDogger wrote: Personally luvy, I don't think resident aliens should get squat. Particularly those that piss and moan to the degree that you do. You want something, get it from GB, your native country. You want something from us, become a citizen. I don't care what you paid in, you deserve nothing. JD
    AM I CLEAR?
    <<<<<<<<<<<<


    REALLY???
    so non-citizens committing acts of terrorism against us on foreign soil deserve all the same protection and rights of any US citizen here at home would get in a criminal case, and undocumented, illegal aliens that break the law and sneak across the border deserve free medical care, education for their kids, welfare, food stamps, etc even though they pay no taxes and send much of their cash home, but a LEGAL resident alien who pays into the SS system deserves nothing?
    Last edited by david gibson; 01-07-2011 at 09:16 AM.

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