Home Forums Hunting & Shooting Hunter's Campfire Boomer entitlements!

Yes, that is true. But there is no cap on wages for Medicare tax.

Yep.

For those on Medicare:

If your AGI is over a certain amount the monthly cost Of Medicare goes up until you drop back below that amount.

Not exactly means testing per se but similar.

Jim,

If I were able as you are you to have the choice between paying into SS or elsewhere I would head elsewhere and meet with a Fidelity or Vanguard rep. Your are more than sharp to find the right plan for you and your family.

yes. Will be 62 for us for sure. We don't need it either because we have prepared. That said what money they have taken from us has been mis managed so we will take back every penny we can get. Give to the nephews if nothing else.

What about guys who are in their early 60’s who continue to work, and want to work until their full retirement age of 67, and haven’t started drawing social security at all, yet…? If they chose to go ahead and ‘also’ start drawing SS before their full retirement age while they continued to work, wouldn’t they ‘also’ have to pay federal income taxes on 85% of the social security money that they’re drawing…?

Worse than that. If you are working and earn over the limit for 2024 $22,230 your SS benefit is reduce $1 for every $2 above that limit if you take it before full retirement age.

Are you sure?

Taking SS at 67 rather than 62 would have left me without the $150K I will collect in those 5 years. The numbers are pretty easy to run to see when I would get the $150K back post 67. I am not employed.

Don't forget the growth in the later payout of about 7% per year delayed. Everybody has different circumstances as to what works best for them.

Ed explain to me the penalty for drawing early and still working
I’m guessing if I’m full time at say $150000 i wouldn’t get anything from ss and it would hurt me later when i do quit full time. But if I went to part time at say $60k a year would i get anything?

By definition your pay check is an entitlement. If you work, you're entitled to get one.

But this is the definition they are pushing on us.

Thats really easy to solve.

I suppose I'm not of that type A personality that just has to work and go go go. I have plenty to work on and go go go. But at 62 it will be very little for others and mostly for ourselves. Enjoy what we have left. I can turn 22K pretty easy guiding a couple months, still get full. And manage some other ways of income etc... as needed.

Of course we all have the right to choose what route. And if you want to keep working then by all means, like we all should, consult some folks that are on top of this stuff and make sure your choices are correct. We have lunch with our investor at least once a year to talk family, hunting, fishing, and what our next steps are.

Headed to 60 I was under a house 3 days in a row on rocks and in a small space re leveling it for a nephew. Jobs like that can be found that will pay cash and a bit at a time and its pretty easy to get things like that done.

What are you talking about? Who is “they”?

Akwolverine, by your definition your car your house that you have paid for or are paying for are entitlements too

You already posses them.

It is not my definition. It is the Oxford English Dictionary definition.

And by that definition every pay check you get is an entitlement. You worked for it, your entitled to it.

Whew............there is a Chit ton of unearned moral virtue on this thread.

In the thread that spawned this boomer rage thread the OP asked for a "definition" of entitlement program and I provided him with a number of links showing that SS is an entitlement program. He got mad and said the one he looked at was not the definition itself (one of the later links was). He appears to have consoled himself with a few drinks, then posted this thread.

There is no amount of facts that will keep these boomers from trying to weasel their way out of this. They are so unbelievably incurious about the world that they didn't ever feel the need to know how any of these programs worked or how they were funded. You can see that in just about every comment one of them makes in these threads.

They were told the bread and circuses would never run out and they bought it the whole way.

You imply I had a choice with regards to paying in or not.

I would gladly take back every nickel I paid in, no interest needed and I will sign away any future fund transactions to me, or to the government.