This would be awesome to be trending! I remember this discussion in our family as it affected both sides of my grand parents. We thought it was so heinous. When I was a boy the retirement age was 55. Whether you agree with the SSA or not, our elected have deformed and borrowed from it so much that it really does not represent its original purpose. Its an Unmitigated Disaster of management.
All tax, federal, state, county, city, sales, needs to be eliminated on anyone collecting social security and who’s annual income is less than like $60k per year
It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.
Spouses qualify for your benefits when they reach full retirement age, but I'm not sure if it is half, which is then added to whatever they have earned, or which ever is greater, theirs, or half of the deceased benefits.
and, for those who don't know, every time they "gift" seniors with a cost of living adjustment (COLA), sounds good, but then they just raise medicare premium payments, clawing back all but a few bucks...so the system gives itself more money...will be interesting to see what happens in 2023 cuz have they announced 8% raise in COLA, saying NO medicare increase...hmmm
Of course, this doesn't apply if you make lots of money - they'll just charge you more in the form of "Income-Related Monthly Adjustment Amount" (IRMAA for short).
I recently signed up for Medicare, and thought I had to enroll in Medicare Part B, because they put all sorts of fear language into the "if you don't enroll" text, but I found out that since I have full medical insurance, I don't have to pay that Part B (more than $170/month!) after all. So I informed medicare that I wish to withdraw from the part B, but they make the effective end date the end of the month AFTER the month you request ending it! So I'm having to pay over $340 for the lousy thing!
For a bunch of "researchers" y'all SUCK at the most basic research. Dan Rostenkowski was the sponsor of HR 1900 and the cosponsors were Jake Pickle & Barber Conable.
Yes, and don't forget it was those Reagan years that brought us the S&L scandals that wiped out the savings of many seniors and Iran Contra. Those were the good old days.
Biden has been like that his entire life, why change now--he is changing--but for the worse. It always seems, to me, the commies get worse, the Republicans change to Rinos, and we are stuck in limbo.
ICYMI: You also pay tax on it before they steal it from your paycheck your whole life.
I pay tax on it? I have always been informed (lie or otherwise) that it is a Social Security Tax to have money saved for when I retire.
So Biden created the double tax, because 10% for the Big Guy.
You got it all wrong! The 10% for "The big guy" was obviously meant a tithe to God. All that money was going to the local Catholic church! ;o)
Watch them try to twist it that way.
I like the way you game theorize.
You do. get out your pay stub and your calculator.
This would be awesome to be trending! I remember this discussion in our family as it affected both sides of my grand parents. We thought it was so heinous. When I was a boy the retirement age was 55. Whether you agree with the SSA or not, our elected have deformed and borrowed from it so much that it really does not represent its original purpose. Its an Unmitigated Disaster of management.
It was always going to be a pot of gold they never could keep their hands out of.
yes this asshole has been a braindead fool all the time in politics...81 milliom votes my naked ass..pffffft
Obummer (allegedly), "Don't underestimate Joe's ability to f**k things up."
RAVE act is my personal favorite.
All tax, federal, state, county, city, sales, needs to be eliminated on anyone collecting social security and who’s annual income is less than like $60k per year
How about killjng all those unconstitutional taxes
That would make everything less expensive, which would benefit everyone, especially the poor.
I've gotten into arguments with brain-dead liberals that raising taxes on fuel is a tax on the poor. They never understand.
I bet those same brain dead morons say the poor should just buy an electric car, right?
The ones I deal with now are slightly smarter than that, but I bet you are correct.
It would benefit almost everyone. It would NOT benefit the slave masters/cabal.
So the taxes stay. Pay up peasant.
True. But the only thing they should be concerned about is the cost of rope. We'll see....
Minimum wage is a tax on the business. 35 cents of every dollar they raise it goes to the gov.
Great idea! Plus, let’s make sue only American citizens get it. Is that too much to ask?
better make that 100,000 the way they are dropping the dollar coffee will cost 6,000
It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
Maybe its getting better with higher wages? I speak from a loved one retired for 25 years at max benifit.
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.
If u are at full retirement u can work as much as you want.
And if you die before you retire, they keep it all.
Thats the worst part. Mo ey that would have made most people millionaires had it been invested properly.
Spouses qualify for your benefits when they reach full retirement age, but I'm not sure if it is half, which is then added to whatever they have earned, or which ever is greater, theirs, or half of the deceased benefits.
Unless you remarry. I believe if you remarry you forfeit your late spouses social security benefits. They always find a way to keep it.
Now roll up your sleeve and get your next boostah!
and, for those who don't know, every time they "gift" seniors with a cost of living adjustment (COLA), sounds good, but then they just raise medicare premium payments, clawing back all but a few bucks...so the system gives itself more money...will be interesting to see what happens in 2023 cuz have they announced 8% raise in COLA, saying NO medicare increase...hmmm
They decreased it from $170.10 to $164.10, a mere 3.5% decrease.
Link: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly
Of course, this doesn't apply if you make lots of money - they'll just charge you more in the form of "Income-Related Monthly Adjustment Amount" (IRMAA for short).
I recently signed up for Medicare, and thought I had to enroll in Medicare Part B, because they put all sorts of fear language into the "if you don't enroll" text, but I found out that since I have full medical insurance, I don't have to pay that Part B (more than $170/month!) after all. So I informed medicare that I wish to withdraw from the part B, but they make the effective end date the end of the month AFTER the month you request ending it! So I'm having to pay over $340 for the lousy thing!
Plus the idiots tax it.
Why tax it and why tax military pay???
somebody post this on twit...i dont use it
For a bunch of "researchers" y'all SUCK at the most basic research. Dan Rostenkowski was the sponsor of HR 1900 and the cosponsors were Jake Pickle & Barber Conable.
More graft, more corruption.
now look who's the struggling senior.
of course regular guy jo probably took shower with his daughter and then raped hunter and then went to work that day
Reality Check.
Nice post, Fren.
Wouldn't that also mean that Reagan signed it into law?
Yeah he also allowed credit card companies to charge obscene interest. A real man of the people that one.
Not in Florida :-)
Sponosred, no: voted for: I don't know
https://www.congress.gov/bill/98th-congress/house-bill/1900/cosponsors
Illegal and outrageous
I did not know this …
It was a bipartisan bill. But never forget Reagan signed it into law.
never forget raygun was a dem before a repub it really doesnt matter
Reagan was controlled and was made to accept Bush sr as his VP. His attempted assination proved to him how much he was controlled.
Because of this he was mostly talk and little action
Yes, and don't forget it was those Reagan years that brought us the S&L scandals that wiped out the savings of many seniors and Iran Contra. Those were the good old days.
Biden has been like that his entire life, why change now--he is changing--but for the worse. It always seems, to me, the commies get worse, the Republicans change to Rinos, and we are stuck in limbo.
Puppet