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Joined: Jan 2007
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Campfire Outfitter
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Anyway, SS is funded via a tax. You have no contractual right to what you paid in because of that, and the money is not protected by the 5th Amendment. What you have is entitlement to benefits under the program if you qualify which you cannot be denied without Due Process. the youngsters that think it's just another tax and you're not entitled to nothing need to go back and do some history research.. I didn't see where anyone made that claim. In fact, this thread exists because a Millennial told a boomer that SS is an entitlement program and that boomer threw a fit. You can see several others throwing the same fit over the course. The fact is that a citizen is entitled to SS program benefits if they qualify and are to be paid out according to the benefit calculation the SSA uses. [/quote I am not following. You wrote: the youngsters that think it's just another tax and you're not entitled to nothing I wrote: What you have is entitlement to benefits under the program if you qualify A person can qualify by doing various things like being taxed, living to a specific age, not being a Communist, etc. As long as those qualifications are met that person is entitled to benefits defined under the SS program, which is not "not entitled to nothing". Unless you meant the double negative which if you do I appreciate the subtlety but I don't think you are that clever. well it's at the very top what you said. but now you just relay that you don't think I'm clever enough to notice certain things. so basically you just give up your argument right there you're going back to try the insult the person you're talking to and I'm done. you have proven yourself right there.. by the way I'm not a boomer...
Last edited by ldholton; 03/18/24.
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Joined: Nov 2015
Posts: 14,539
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2015
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There are 2 definitions to the word "entitle". IE: You paid into SS, you are entitled to that money back (at a minimum) Hopefully it's there for you. You served in the military, you are entitled to Va. services, etc. Things or services that earned. Other than by being born. The millennial definition of entitle is different. That definition provides for something that one thinks they are deserved of, which they did not earn or provide for. IE: welfare, social programs, govt. cell phones, free internet, free college tuition, basically "gibs" me. Based solely on their existence on the planet. 2 completely different definitions. I hope it’s there as well 👍
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Joined: Mar 2003
Posts: 2,576
Campfire Regular
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Campfire Regular
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Seniors get discounts at lots of restaurants.
NRA-Benefactor
TSRA-Life
"It's a terrible thing when governments send their young men to kill each other." Charles Byrne,WW2 Vet.
On the day Desert Storm began.
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Joined: Jan 2016
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Campfire Regular
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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. 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? Supposedly they hold it back and recompute your benefit once you hit FRA.
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Joined: Dec 2002
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Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
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Not to mention Medicare which has been collected at 13% of my wages for my entire life. Are you sure about that? Okay, I'll modify that. 13% for as long as I can remember.
People who choose to brew up their own storms bitch loudest about the rain.
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Joined: Nov 2015
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Campfire Outfitter
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Campfire Outfitter
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So the folks that never worked nuthin wrong w them 20-30 yrs old free loadinfucks get free healthcare?
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Joined: Oct 2010
Posts: 7,687
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
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well it's at the very top what you said. That you don't have a contractual right to SS benefits? That isn't me, that is SCOTUS. Again, for probably the 20th time, what you have is an entitlement to SS benefits if you qualify.
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Joined: Dec 2002
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Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
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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. 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? If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320. $60,000 minus $22,320 equals $37,680. divided by 2 equals $18,840. Your annual SS benefit will be reduced by $18,840 until you reach full retirement age. 67 years or a little less depending on year of birth. Considering that my annual SS benefit would be reduced by taking it early, coupled with what SS would actually pay me while I was still working, I opted to file for SS at full retirement age. Add to that that my wife's SS benefit is calculated as 1/2 of my benefit until I die. Any increase in my monthly benefit which came from waiting for full retirement age was multiplied by 1.5 as it was reflected in her benefit. The bottom line is, my pension, plus her SS, plus my SS is now larger than my salary ever was. We are very comfortable. It would not be so had I filed at age 62. Now, if a person needs SS income to survive from age 62 through age 67, that is another story.
People who choose to brew up their own storms bitch loudest about the rain.
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Joined: Jan 2013
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Campfire Outfitter
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So the folks that never worked nuthin wrong w them 20-30 yrs old free loadinfucks get free healthcare? Hell of a lot more than that !!
Roy
What this world needs is a few more Rednecks.
The Dildō Of Consequence Rarely Arrives Lubed
Waterboarding isn't illegal if you use diesel
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Joined: Jan 2016
Posts: 1,962
Campfire Regular
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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. 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? If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320. $60,000 minus $22,320 equals $37,680. divided by 2 equals $18,840. Your annual SS benefit will be reduced by $18,840 until you reach full retirement age. 67 years or a little less depending on year of birth. Considering that my annual SS benefit would be reduced by taking it early, coupled with what SS would actually pay me while I was still working, I opted to file for SS at full retirement age. Add to that that my wife's SS benefit is calculated as 1/2 of my benefit until I die. Any increase in my monthly benefit which came from waiting for full retirement age was multiplied by 1.5 as it was reflected in her benefit. The bottom line is, my pension, plus her SS, plus my SS is now larger than my salary ever was. We are very comfortable. It would not be so had I filed at age 62. Now, if a person needs SS income to survive from age 62 through age 67, that is another story. So the penalty goes til full retirement age
We might have to be neighbors, but I don’t have to be neighborly. John Chisum
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Joined: Nov 2002
Posts: 33,709
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,709 |
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. 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? I have no clue as that scenario did not apply to me. I was long retired before I collected SS. I am sure others here can provide an appropriate answer.
Conduct is the best proof of character.
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Joined: Jun 2016
Posts: 9,603
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2016
Posts: 9,603 |
There are 2 definitions to the word "entitle". IE: You paid into SS, you are entitled to that money back (at a minimum) Hopefully it's there for you. You served in the military, you are entitled to Va. services, etc. Things or services that earned. Other than by being born. The millennial definition of entitle is different. That definition provides for something that one thinks they are deserved of, which they did not earn or provide for. IE: welfare, social programs, govt. cell phones, free internet, free college tuition, basically "gibs" me. Based solely on their existence on the planet. 2 completely different definitions. Thank you for these separate definitions, I'll take the first fo gotdamn sure thank you. Hell if things get super tight, I might take the second. But my upbringing will insure I don't think I deserve them.
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Joined: Dec 2002
Posts: 25,873
Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
Posts: 25,873 |
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. 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? If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320. $60,000 minus $22,320 equals $37,680. divided by 2 equals $18,840. Your annual SS benefit will be reduced by $18,840 until you reach full retirement age. 67 years or a little less depending on year of birth. Considering that my annual SS benefit would be reduced by taking it early, coupled with what SS would actually pay me while I was still working, I opted to file for SS at full retirement age. Add to that that my wife's SS benefit is calculated as 1/2 of my benefit until I die. Any increase in my monthly benefit which came from waiting for full retirement age was multiplied by 1.5 as it was reflected in her benefit. The bottom line is, my pension, plus her SS, plus my SS is now larger than my salary ever was. We are very comfortable. It would not be so had I filed at age 62. Now, if a person needs SS income to survive from age 62 through age 67, that is another story. So the penalty goes til full retirement age As to the formula shown, for each year you have earned income, until full retirement age. In my case, my retirement income increased $100/month, for each year I delayed retirement and filing for SS.
People who choose to brew up their own storms bitch loudest about the rain.
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Joined: Nov 2002
Posts: 33,709
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,709 |
I am certain I made the right decision. As with all things "investing" no one shoe fits all. Plenty of due diligence is required and, surprisingly to me, the SS site does a decent job trying to explain it. Just takes a bit of work.
Conduct is the best proof of character.
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