Home Forums Hunting & Shooting Hunter's Campfire Social Security 2017 raise: $3 more a month?

I assumed it would be bankrupt before I received any of MY money that I and my employer put away for MY retirement. Well, so far its still alive. I am taking mine at age 66, starting next February.
I believe it will become "means" tested eventually and productive working and saving citizens will be told, "you really don't need your SS, so we are giving it to someone who needs it."

There are several members here who seem to always "pooh pooh" posts about investing and the stock market as a complete waste of time. For those of us who have taken the time to learn how to use the market to plan for our financial needs when we retire or can no longer work, we consider social security as just a portion of our entire plan. As I mentioned in another thread about annuities (which also received it's share of "pooh poohs,") one of the basics of retirement planning is having enough "secure lifetime income" to cover the bare necessities of life such as food, clothing, and shelter/utilities. Social Security is one source of secure lifetime income, that may or may not cover the bare necessities. Shortfalls need to be covered by other sources of secure lifetime income, such as annuities. Stock Market portfolios are not considered secure, hence one should not count on them for secure lifetime income necessities. For those of us who did not do an adequate job of financial planning, and we find ourselves with only Social Security in retirement, then we are going to be dependent on others (family, church, local charities, a job as a Wal-Mart greeter, or AMWAY, etc) to make up any shortfalls. We can't legitimately "blame" the feds for not providing all of our required "secure lifetime income" now, can we?

You can whine about the supposed shortfalls of Social Security or you can take responsibility for your own financial well being. SS was never meant to cover all your needs in retirement - it is only a buffer.

Start preparing for retirement early. Own your home, eliminate debt and save like you mean it.

If I understand it correctly, the reason for decreasingly smaller C.O.L.A, figures over recent years is because of changes made to goods and services the government uses to adjust the annual C.P.I. to allow for changes in inflation.

Some believe the methods, goods, and services govt. uses to calculate C.P.I. have been changed purposely to downplay the true inflation rate and don't actually reflect what the average consumer normally buys.

retired 5 years ago and never planned on getting a dime from SS.

But I will be 62 in a couple months. A couple weeks from now I'm gonna stroll my old bony azz in the SS office and sign up. NEW GUN MONEY! (don't tell hitlery that!)

Nice when it works but it doesn't always work that way. I had a great job, made OK money and except for the house was debt free and was definitely right side up on the house. 40K was beating the odds and starting to look good. Went to work feeling great, lifted one thing to many and back went snap, crackle, pop and I was an inch plus shorter in three weeks. No way to repair it, no surgery recommend and not released to work for five and a half years and that work release was forged. I came out of all that with no house, no 401K and thank God no debt but darned little left.

While I agree with what you have said and was working hard on the plan I started all over at 57 with a rather limiting disability and could never return to my trade. Try to find work when your are 57 and have not worked for five and a half years because of an inoperable back injury and see how fast you sterling work record and you qualifications go straight down the tube.

Other medical problems forced my retirement at 62. Now at 67 I have no income except for SS and VA who is on the hook for something that happened while on active duty.

I agree with your advice and wish you and everyone like you who practices financial responsibility the best but do not get to proud as it can all come tumbling down in less that a second.

Now before someone jumps my case for this post let me say this is not a pity me post. We are doing OK and I am not bitching about our conditions. If there is a COLA this year for SS and VAD we will get a little raise but if there is not like last year we will still be fine. I can still pay my rent even though it will likely increase again and I can still sit on my deck and have a good cigar when the mood catches me. If we continue to put a little aside we might even make another Campfire get together next year.

Nice when it works but it doesn't always work that way. I had a great job, made OK money and except for the house was debt free and was definitely right side up on the house. 40K was beating the odds and starting to look good. Went to work feeling great, lifted one thing to many and back went snap, crackle, pop and I was an inch plus shorter in three weeks. No way to repair it, no surgery recommend and not released to work for five and a half years and that work release was forged. I came out of all that with no house, no 401K and thank God no debt but darned little left.

While I agree with what you have said and was working hard on the plan I started all over at 57 with a rather limiting disability and could never return to my trade. Try to find work when your are 57 and have not worked for five and a half years because of an inoperable back injury and see how fast you sterling work record and you qualifications go straight down the tube.

Other medical problems forced my retirement at 62. Now at 67 I have no income except for SS and VA who is on the hook for something that happened while on active duty.

I agree with your advice and wish you and everyone like you who practices financial responsibility the best but do not get to proud as it can all come tumbling down in less that a second.

Now before someone jumps my case for this post let me say this is not a pity me post. We are doing OK and I am not bitching about our conditions. If there is a COLA this year for SS and VAD we will get a little raise but if there is not like last year we will still be fine. I can still pay my rent even though it will likely increase again and I can still sit on my deck and have a good cigar when the mood catches me. If we continue to put a little aside we might even make another Campfire get together next year.

If the government defaults on what they owe me, I'll have to start making bank withdrawals- with a 45.

There are no guarantee's nor should there be - I have no wisdom to impart other than a conviction that wishful thinking will not win the long-game. The best you can do is to aggressively prepare yourself in the happy event you do make it to retirement. No one else can or will do that for you.

I have been in the financial industry for about 40years. I can tell you lots of stories of people that did everything right, until the day came when it blew up.
But=====to show what a good guy i am, and wanting you to continue smoking those fine cigars on the patio, I will offer to buy chocolate for a 100dollar bill, YOU pay shipping etc. That is a good deal.

some of it already is "means tested" so to speak.
the premium for part A of medicare isn't the same for everyone.
below certain income levels, it cost you nothing.
above certain income levels, you can pay two or three times the average.