DannyZuco Posted September 23, 2020 Share Posted September 23, 2020 https://www.msn.com/en-us/money/news/5-ways-joe-biden-wants-social-security-to-change/ss-BB19kW7j?li=BBnbfcN Now I haven't read the entire platform for uncle joe--and I am trying to find out about what President Trump is planning. But an interesting read, especially if you are going to have to do social security someday. 1st thing I have to ask, is why have they ever "capped" social security on wage earners? Why aren't people making $500K a year paying 6.2% after the first $137K? And why can't we really reform the system, because in the beginning, it was suppose to be a "SUPPLEMENT" to one's savings--not their only income when they retired. Link to comment Share on other sites More sharing options...
Monte1076 Posted September 23, 2020 Share Posted September 23, 2020 3 minutes ago, DannyZuco said: https://www.msn.com/en-us/money/news/5-ways-joe-biden-wants-social-security-to-change/ss-BB19kW7j?li=BBnbfcN Now I haven't read the entire platform for uncle joe--and I am trying to find out about what President Trump is planning. But an interesting read, especially if you are going to have to do social security someday. 1st thing I have to ask, is why have they ever "capped" social security on wage earners? Why aren't people making $500K a year paying 6.2% after the first $137K? And why can't we really reform the system, because in the beginning, it was suppose to be a "SUPPLEMENT" to one's savings--not their only income when they retired. I believe, and have for several years, that uncapping Social Security would go a long way. Link to comment Share on other sites More sharing options...
DaveTV1 Posted September 23, 2020 Share Posted September 23, 2020 It should be capped, because you can only draw so much. I'm not sure what the most one can receive per month, but I believe it's somewhere in between $5000-$6000 now. I'm wrong, but I thought I read that it was $5000 back in the 90's. Now the most you can draw is $3790 a month, and that's only if you retire after age 70, and can draw the maximum amount. Social Security is a non factor in voting to me, because I don't think it will be around by the time I am able to retire and receive my benefits. I'm hearing people are getting disabilities now, because of their fear factor of contracting the Wuhan. I know one co-worker who's mother applied for it, and received it. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 23, 2020 Share Posted September 23, 2020 5 hours ago, DannyZuco said: https://www.msn.com/en-us/money/news/5-ways-joe-biden-wants-social-security-to-change/ss-BB19kW7j?li=BBnbfcN Now I haven't read the entire platform for uncle joe--and I am trying to find out about what President Trump is planning. But an interesting read, especially if you are going to have to do social security someday. 1st thing I have to ask, is why have they ever "capped" social security on wage earners? Why aren't people making $500K a year paying 6.2% after the first $137K? And why can't we really reform the system, because in the beginning, it was suppose to be a "SUPPLEMENT" to one's savings--not their only income when they retired. Peopke should reform their savings. If they sit back and expect to make it on SS alone they’re in for a rude awakening. I think they should do away with it personally. I can do better investing that money for myself than they can 1 Link to comment Share on other sites More sharing options...
trashyhound Posted September 24, 2020 Share Posted September 24, 2020 1 hour ago, DB2point0 said: Peopke should reform their savings. If they sit back and expect to make it on SS alone they’re in for a rude awakening. I think they should do away with it personally. I can do better investing that money for myself than they can Yep. If you're depending on the government for your retirement well being you are way behind. 1 Link to comment Share on other sites More sharing options...
HearEmaGrowlin Posted September 24, 2020 Share Posted September 24, 2020 1 hour ago, DB2point0 said: Peopke should reform their savings. If they sit back and expect to make it on SS alone they’re in for a rude awakening. I think they should do away with it personally. I can do better investing that money for myself than they can Agreed!!!!! Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 Why don't some of the OLD TIMERS on here chime in with their opinion. I'd be interested to hear their take on this topic. C'mon, you know who you are!! Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 16 minutes ago, TTman7 said: Why don't some of the OLD TIMERS on here chime in with their opinion. I'd be interested to hear their take on this topic. C'mon, you know who you are!! 7 minutes ago, AllGoodNamesRGone said: Carthage77 Hence the name lol and Kirk and west used to play with Lincoln as kids so I have been told. @CarthDawg77 @KirtFalcon @WestHardinfan1 What say you? 1 Link to comment Share on other sites More sharing options...
CarthDawg77 Posted September 24, 2020 Share Posted September 24, 2020 13 minutes ago, TTman7 said: Why don't some of the OLD TIMERS on here chime in with their opinion. I'd be interested to hear their take on this topic. C'mon, you know who you are!! I paid in since I was 17 or 18 years old Forty years, give or take. After my stroke in ‘17, I have been on SS disability; not my choice... Neurologist wouldn’t release me back to work. I have a 401k that was doing well prior to the Wuhan. I am not going to touch it until I turn 65 if I can manage without it. I am also on Medicaid. I would have never dreamed things would turn out this way. 1 Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 9 minutes ago, AllGoodNamesRGone said: Carthage77 Hence the name lol and Kirk and west used to play with Lincoln as kids so I have been told. I was thinking that they were survivors at the Alamo. 1 Link to comment Share on other sites More sharing options...
DB2point0 Posted September 24, 2020 Share Posted September 24, 2020 20 minutes ago, TTman7 said: Why don't some of the OLD TIMERS on here chime in with their opinion. I'd be interested to hear their take on this topic. C'mon, you know who you are!! Old timers are the ones benefiting from it. They love it. Most people will draw out more than they ever paid in. Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 Just now, DB2point0 said: Old timers are the ones benefiting from it. They love it. Most people will draw out more than they ever paid in. Yea, that's why I was wanting to hear their opinion on Uncle Creepy's plans vs the current way. Link to comment Share on other sites More sharing options...
CarthDawg77 Posted September 24, 2020 Share Posted September 24, 2020 1 minute ago, DB2point0 said: Old timers are the ones benefiting from it. They love it. Most people will draw out more than they ever paid in. If politicians wouldn’t allow illegal aliens to draw on it & kept their own fingers out of it for other things, it would be in much better shape than it is now. 1 Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 5 minutes ago, CarthDawg77 said: I paid in since I was 17 or 18 years old Forty years, give or take. After my stroke in ‘17, I have been on SS disability; not my choice... Neurologist wouldn’t release me back to work. I have a 401k that was doing well prior to the Wuhan. I am not going to touch it until I turn 65 if I can manage without it. I am also on Medicaid. I would have never dreamed things would turn out this way. I wish you the best. And a continued good recovery. Yea, don't touch that 401 until you have to...smart move. 1 Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 11 minutes ago, AllGoodNamesRGone said: One of the few that survived. I believe they had tequila and dressed like some ugly dancers who were to get the beer to avoid the soldiers. They figured they were too ugly to shoot so hence they survived. So they were the "entertainment" at the Alamo? Oh, ok. Gotcha. Makes sense. Link to comment Share on other sites More sharing options...
CarthDawg77 Posted September 24, 2020 Share Posted September 24, 2020 3 minutes ago, TTman7 said: So they were the "entertainment" at the Alamo? Oh, ok. Gotcha. Makes sense. The Alamo fell 123 years before my time.... Link to comment Share on other sites More sharing options...
Wild74 Posted September 24, 2020 Share Posted September 24, 2020 38 minutes ago, DB2point0 said: Old timers are the ones benefiting from it. They love it. Most people will draw out more than they ever paid in. I've been drawing since I hit 62 I will have to live another 25 years to draw out everything I paid and my company paid in you can bet I sure am going to try to draw it all. I never intended to live off SS, the company I worked for had a pension plan and a very good one, I am drawing off that also and taking withdrawals from my 401K plan. I am glad they started the 401K back in the early 80's it has been a life saver. Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 7 minutes ago, CarthDawg77 said: The Alamo fell 123 years before my time.... 1 Link to comment Share on other sites More sharing options...
TTman7 Posted September 24, 2020 Share Posted September 24, 2020 1 minute ago, Wild74 said: I've been drawing since I hit 62 I will have to live another 25 years to draw out everything I paid and my company paid in you can bet I sure am going to try to draw it all. I never intended to live off SS, the company I worked for had a pension play and a very good one, I am drawing off that also and taking withdrawals from my 401K plan. I am glad that started the 401K back in the early 80's it has been a life saver. I'm probably gonna start drawing my SS when I'm 62 also. If it's still there by then. 1 Link to comment Share on other sites More sharing options...
DB2point0 Posted September 24, 2020 Share Posted September 24, 2020 44 minutes ago, CarthDawg77 said: If politicians wouldn’t allow illegal aliens to draw on it & kept their own fingers out of it for other things, it would be in much better shape than it is now. Look at how much you paid in vs how much your first 10 years of drawing on it is. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 24, 2020 Share Posted September 24, 2020 7 minutes ago, TTman7 said: I'm probably gonna start drawing my SS when I'm 62 also. If it's still there by then. Draw as early as you can and take advantage of it. If it allows for it I’d do it too. Link to comment Share on other sites More sharing options...
DB2point0 Posted September 24, 2020 Share Posted September 24, 2020 13 minutes ago, Wild74 said: I've been drawing since I hit 62 I will have to live another 25 years to draw out everything I paid and my company paid in you can bet I sure am going to try to draw it all. I never intended to live off SS, the company I worked for had a pension plan and a very good one, I am drawing off that also and taking withdrawals from my 401K plan. I am glad they started the 401K back in the early 80's it has been a life saver. Im talking strictly what you pay in yourself. Link to comment Share on other sites More sharing options...
Wild74 Posted September 24, 2020 Share Posted September 24, 2020 8 minutes ago, DB2point0 said: Im talking strictly what you pay in yourself. Well using your math move that to 12 and 1/2 years. Link to comment Share on other sites More sharing options...
CarthDawg77 Posted September 24, 2020 Share Posted September 24, 2020 39 minutes ago, DB2point0 said: Look at how much you paid in vs how much your first 10 years of drawing on it is. I probably won’t live live ten more years.... 1 Link to comment Share on other sites More sharing options...
DB2point0 Posted September 24, 2020 Share Posted September 24, 2020 45 minutes ago, Wild74 said: Well using your math move that to 12 and 1/2 years. Give you that money and let you invest it. Wouldn’t you like that better? Link to comment Share on other sites More sharing options...
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