Every little bit helps.

How much did it amount to? Another $3 a month for everyone? That will go a long way for sure, eh?

quote:

Originally posted by Kensco:
Every little bit helps.

Medicare ate it.

Factoring in the bite from Medicare, my wife and I will receive $741 more a month. I have no problem with that. (That is slightly more than $3.) Granted every person's situation is different. (I think they somehow go back three years looking at your income and make adjustments, or something like that.)

Medicare works fine for me. I think there is way too much Medicare fraud. That needs to stop.

The doctors, service & support providers, and drug companies make the system much more expensive than it should be. Everyone can do their part in small ways to keep the costs down. (The CPAP supply company used to call me every week. I finally had to tell them to fuck off. They constantly wanted to send me what I was "entitled to" rather than what I "needed".)

I don't have a problem with Social Security. We paid for it. We earned it. If I accept inflation as 7% right now, and my Social Security is up 6%, I have very little to bitch about.

All my career my problem was with people that simply wanted to retire with a disability check. I had one employee who faked a back injury. (Can't remember whether he was from Mississippi or Alabama.) He got a large settlement and a disability check for life.

Turns out our lawyers discovered that his three brothers, his dad, and at least one uncle were on disability too.

A co-worker told me that had been the man's lifelong goal.....to get on disability and just hunt and fish the rest of his days. (The guy also burned down his trailer house and got a nice insurance check. I heard later that none of his guns or fishing gear were lost in the fire.)

quote:

Originally posted by Kensco:


I don't have a problem with Social Security. We paid for it. We earned it. If I accept inflation as 7% right now, and my Social Security is up 6%, I have very little to bitch about.

Using the inflation formula before it was manipulated in the 70's our true inflation rate at present is about 15%.

Our Government is printing money just to cover our debt as a nation and that amount is close to our total GDP. We are in the beginning of a debt spiral that this Government, on both sides of the aisle, will not address.

Look at Turkey right now. You are looking at the US in less than five years.

Prepare.

Cheers
Jim

Hard to relate to the 70s.

Gas - $0.36 a gallon
McDonald's Quarter Pounder with Cheese - $0.70
U.S. Postage - $0.115

Your grandfather could make the same comparisons back in the 40s.

I just deal with today, my birthday, 75. I had a friend die on the 30th. He was 59. I'm here. He's not. (My glass is at least half full.)

Social security is nothing but a scam, run by the feds. Take all that money you and employers put away for your retirement into a sensible investment portfolio, and you’d be $1000s ahead. If there’s any left when you die, your will dictates it’s dispersal.

quote:

Originally posted by Frostbit:

Using the inflation formula before it was manipulated in the 70's our true inflation rate at present is about 15%.

Our Government is printing money just to cover our debt as a nation and that amount is close to our total GDP. We are in the beginning of a debt spiral that this Government, on both sides of the aisle, will not address.

Look at Turkey right now. You are looking at the US in less than five years.

Prepare.

Cheers
Jim

I think we will be lucky if it takes 5 years. Unfortunately, I don't think we have that long.

quote:

Take all that money you and employers put away for your retirement into a sensible investment portfolio, and you’d be $1000s ahead.

My guess is that most of that money would have been pissed away. I don't give most people that much credit for being sensible. The average retirement savings today for an American aged 65 is a little bit over $200,000. Hard to believe anyone could stretch that out over 20 years. (Only 56% of Americans have ANY investment portfolio.)

Ken:

I’ll tell you something odd that most (I’d assume) do not know about. Where I work (a state tech College) actually opted out of social security. It was an all or nothing deal. At the time, I did not know this was an option.

The school now pays what they would have paid into social security into a 401k retirement plan. Is it a better option in my opinion? I’d say likely, given past market results. However, it does give me concern.

I do have a good pension with the school (the older tier one plan) and therefore I’ll be fine. I’ve also paid social security through other employment as well.

To me social security is a good thing (if the government would keeps its hands out of it). Without it, too many people would be in trouble. Unfortunately, many would never have anything without it. Sad but true.

Along with our SS increase I also got a $99.83 monthly increase on my VA disability.....not going to look a gift horse in the mouth I'm happy to get both.

Your post is right on the money Jason.

I also went through a period when I lived and worked overseas, when I was not paying into Social Security. My company did have a good 401-k with a nice "match". I also started taking advantage of what was called an "Over-50 Catch-up" where I could contribute an additional amount since I was over 50 years old. (I also took advantage of a SERP account offered by the company.)

When I was in Australia the government made you contribute part of your earnings into a "savings" plan. When I left they gave it all back.

I even had a company in Texas go bankrupt. It turned what was left over to the Feds (PBGC). I thought I would see nothing from it. Instead they send a $1,000 every month.

People just need to stop whining and start saving.

quote:

Originally posted by Kensco:
Your post is right on the money Jason.

I also went through a period when I lived and worked overseas, when I was not paying into Social Security. My company did have a good 401-k with a nice "match". I also started taking advantage of what was called an "Over-50 Catch-up" where I could contribute an additional amount since I was over 50 years old. (I also took advantage of a SERP account offered by the company.)

When I was in Australia the government made you contribute part of your earnings into a "savings" plan. When I left they gave it all back.

I even had a company in Texas go bankrupt. It turned what was left over to the Feds (PBGC). I thought I would see nothing from it. Instead they send a $1,000 every month.

People just need to stop whining and start saving.

And living within their means.

quote:

People just need to stop whining and start saving.

"And living within their means"

Those two statements are spot on!

My kids (2 of the 3) talk to me weekly about buying a house and how it will be next to impossible for them to do. I have made a lot of effort and tried to convince them to stay out of debt. So far, so good. No student loans, car payments, or credit card debt. By doing this and working more than just the traditional 40 hours a week is what it will take.

Ken:

You sound like you could teach a money management course!

True! The average American is not living beyond their means; just a little bit ahead of them. Road map to failure. Jason, you are correct about the 'debt demon'. Diners Club really invented a monster in the 50's when they brought out the credit card. As to the hose prices, I can't believe them. I see these sud- divs coming up everywhere with signs saying, starting from the $500,000.00. Give me a break! where do these folks work + what is their pay? Who can afford this? Answer: no one, but it keeps the banks solvent for a little bit longer + as I have said before, if you keep the money moving you can not notice that the emperor has no clothes. Back to the starting post. I am on S.S. + medicare (thank GOD) because when covid hit, my business tanked, so that S.S. check helps + you are correct, we earned it. I have savings too, but I don't want to touch it yet. My increase is going to be about $65.00 a month, not substantial but better than a bill for $65.00.

About twenty-five years ago, I found out my daughter had run up about $5,000 in credit card debt while she was in college. She didn't have a prayer of ever paying that off. I decided to pay it off, with the proviso that we no longer had a relationship. It hurt her (and me) but I'm not an enabler; she agreed. A few years later she got her life straightened out and got back in touch. She had gotten a teaching job, which she had said she would never do. She is now the daughter I hoped she would be. She just needed a wake-up call.

Life is hard. At some point a person just needs to quit drifting around, dig-in, and get it done.

With all the jobs available right now; this is the perfect time.

I had serious college debt when I graduated. It took ten years to pay it off. The loans were at almost 10% back when I was in college. I also worked while going through school. There was a pretty good recession going at graduation time.

I could not even think about buying a house while I had the loan debt. I'm fortunate that now I do not have a mortgage, no car payments, no equipment loans- but I worked hard to get there.

We are more than likely in for another long recession. Going to be hard for a lot of folks for awhile.

You're right there, Ann. It will be a serious mental readjustment for a lot of folks. Ken, I have a buddy whose daughter went to Sul Ross in Alpine,Tx. about 30 years ago. He got her a credit card with a $500.00 limit. He paid the bills. The credit card company decided to up her credit amount without saying anything to Harry + consequently the girl got in over her head + Harry refused to pay the credit card company any more than the $500.00 limit that he had established. So they hit his credit rating. He woudln't budge as he saw it as a matter of principle. Old news now but I didn't blame him.

I still don't know how much increase I will have until I see how much the Medicare and the PPO Insurance went up. I started paying SS in 1950 as I worked almost full time after school every day and on Sat. and every other Sunday for a Drug Store without a Soda Fountain.

Now for credit cards and the kick back by using cards that pay a % of the amount spent made me $331 dollars for the last year Jan. to Jan. I paid off every month and never pay an interest charge. I hate to go to a store and wait in line for someone to get their check book out and see how much they have in the bank. If they would get a credit card and keep it up to date by paying it off, you could be making from 1% to 5% each month on kick back. This amount is more than you can make with bank CD's.

I am a Cold War vet. and they don't ever admit we served in the military. We spent our time on the front line in Germany waiting for the Russian Army to run us out of Germany. I went back to college after I got out and found that I didn't how any money to help with the cost of school. I also made Federal loans and paid back every penny over the 10 yr plan. The Draft for the Army didn't ask if we wanted to run to Canada like so many other Americans. As you can see I am a little pissed the way our money has been spent out of the SS funds.

And justifiedly so, Les. Just like the S.S. that we paid in, I have to remind my son, who is a veteran that when he needs to go to the VA hospital, it is not charity, he already earned it! Oh, + Les, do you know what the credit card companies call folks who pay off their bills in full every month? "Deadbeats", Really.

Citibank now and then sends me an email to let me know they'd raise the credit limit on my Costco-related card if I'd disclose my income.
They have a decades-long payment record, where's the real need? I have other cards, it's their choice to limit their business.

Roosevelt's Ponzi scheme to buy votes.. worked pretty well too, like it or not, we are hooked.. Pensions are a thing of the past.. (unless your in congress)

Frank, not just the pensions but even though I'm on medicare, I sure would like THEIR health care plan.

quote:

Citibank now and then sends me an email to let me know they'd raise the credit limit on my Costco-related card if I'd disclose my income.
They have a decades-long payment record, where's the real need? I have other cards, it's their choice to limit their business.

+1

quote:

Pensions are a thing of the past..

I have been watching this thread with some amusement!
Let's see, ol' Roosevelt couldn't see 70 years into the future so there must be something wrong with him!
People get more than they put it. What about the folks that die before they collect?
And the quote above? I assume the poster meant company pensions? Great if you stay with the company long enough to vest, if not, tough. And, guess what, many company plans invested in their own stock. And, when the company goes belly up, there goes your pension too! I know someone to whom that happened!
Simple fact is that Social security forced people to save for the future. That's bad?
Now we have IRA's as well. Wonderful if you put something in and get the company match, if not, well there is always SS! And, IRA's are portable too! Additionally, the much vaunted "small businesses" that are the backbone of the USA... how many of them offer IRA's and a company match?
I am happy with SS. I paid into it, and I am getting something back. Will adjustments have to be made? Probably! Does mean that there is something wrong? Meanwhile, there is a whole under ground economy of people who are being paid cash, with no government reporting. Many of these people will NOT save, will get little or no SS, and WILL be dependent on others when they grow old.
Jason my wife was a school librarian/teacher. Her school system opted out of SS, so her SS is not very much compared to mine, but she does get a pension from the state, and that makes up for the fact that she made less than she would have if she had a "real job"!
Peter

quote:

Jason my wife was a school librarian/teacher. Her school system opted out of SS, so her SS is not very much compared to mine, but she does get a pension from the state, and that makes up for the fact that she made less than she would have if she had a "real job"!

Peter:

I am all for the pension plan as state salaries are usually well below the average pay in related fields (at least they are in STEM). My mother is also living off of a government pension (worked 35 years for the government). Thank goodness that she and my dad have it!

Before I went into teaching, I worked in industry and we had a 'pension' After 8 years, they said I did not qualify due to lack of longevity with the company. I was sent a check for about $2,500.

I am 100% for Social Security as long as it's managed correctly. "Forcing" people to save is a good thing. I realize people may not like that statement but for the good of our country, I think it is crucial and the correct thing to do. Many, if not the majority of the population would be working until they died if they did not have it.

You're right, a lot of folks lost everything. A case in point is my brother in law who worked for Central Freight until retirement + the company that bought them out had played this scam on 2 other companies. They "invested" the employees 401K's then somehow (legally) they just got off with all the money. Over 3000 folks lost all their pensions + at retirement age. Tommy was smart + told them he wanted his money moved into Edward Jones so he came out all right but I feel for all those folks who lost it all. (legally)