Home Forums Hunting & Shooting Hunter's Campfire Social Security question

We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it???

Something that is often not considered seriously nor made allowances for is "Murphy" doesn't give retirees on a fixed income a free pass nor senior citizen discounts.

What may be enough income to meet daily needs, responsibilities, emergencies and some wants now may not be enough in the future as most everything generally gets more expensive

We pay a hell of a lot of tax. The dindu nuffins get all kinds of free Cshit. Seems fair, don’t it???

That’s why I’m still working. Every year adds more to my pension, 2.3%. Hope to improve it some in the next two years.

Maybe I am not thinking about this fully, so let me know if this is BS.

My estimated benefit is about 20K per year. So if I take that at 62, I get 100K by 67 from SS. That is 100K that I don't remove from my 401K to live on.

With 62 start, I break even at 80, than I start to lose compared to 67 start date. That is done by comparing issued funds.

But that 100K, 5years X 20K, was saved in my 401K. So that 100K sits in my stock account until I'm 80, so in 13 years of compounding, I think it will double. Again this is very rough estimate but I think withdrawing 100K and missing 13+ years of compounded growth is huge. That 100K should double in 13+ years to the break even point at 80. So I would have an extra 100K in savings by spending SS money instead of savings. So maybe the break even point is 85 when you look at loss of income from that 100K.

tax on ss? I assumed i am done with it.

You wouldn’t be taking the 100,000 out at once. A little each month??

I find extreme humor in you being so fiscally stupid to post the question you initially did... but then post this as a self esteem booster...

I hope it worked, because your still dumb as fug to think you wouldnt be taxed on income old man.

PS - there is only a 1% slant of blacks to white receiving “social welfare”... that simple figure of 1% might be hard for someone your age that doesnt comprehend income tax to understand, so to better explain it to you... essentially your just as likely to get welfare as the “dindu notin”

It seems many here are only thinking about spending money on the fun things. My father in law did that too. Bought Cadillacs even had a bumper sticker on them saying he was spending his children's inheritance. Funny! He and his wife went on many cruises and trips all over the world etc when they were in their 60s and early 70s. Then, when they hit their late 80s & 90s and had dementia and needed assisted living and nursing homes they ran out of savings and, yet, while their expenses exceeded their SS and pension income they made too much to qualify for Medicaid. So, his children who had their own retirement and expenses had to all chip in and bail them out. But hey, he had those Cadillacs and trips that they couldn't remember having. The fun things are nice but are so damn unimportant compared to those things that actually do matter when you are old and no longer able to meet expenses. Maybe you have kids who'll look after you and maybe you don't or they won't. I'd rather be smart and make sure my income and savings are enough to last as long as I might need it.

Since I have a Ford pension, I wind up claiming nearly 30% (maybe a little less) of my SS as taxable income.

I paid SS taxes my whole life and now I’m paying income tax on that same friggin’ money.

They dont need SS per LBJ,s great society programs for their entire life.

All thought out back then.

All for their votes......

Curse on those still alive who voted for him in 64......