Jump to content

The Greatest President


RETIREDFAN1

Recommended Posts

3 minutes ago, EnjoyLife said:

I agree with you completely about this. 

Also, only the first X amount of your income gets taxed for SSI reasons too, right? Last I heard it was something like the first $90K that you make. So if you're like me, and pull in over that, you aren't getting SS taxes removed from your check for any amount over that.

Unless, of course, I'm mistaken.

Link to comment
Share on other sites

7 hours ago, EnjoyLife said:

You mean Social security...one of the most popular programs in history that has lifted millions of seniors out of poverty over the last 90 years?

It hasn't lifted anyone out of poverty, because the SSI benefit isn't even high enough to live on.  It should have never been started.  

Link to comment
Share on other sites

4 hours ago, DannyZuco said:

Yes, that PONZI scheme that will run out of money in the next 10 years, unless of course taxes are raised. That program that takes money from the workers and gives it to the retirees. The same program that never has an end point and is used more by over 12% of people as a means to not have to work, because they "qualified" to be on social security because of disabilities. 

https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf

"Social Security benefits represent about 30% of the income of the elderly"--So what you are saying with that "lifted millions of seniors out of poverty" would in MY OPINION be a LIE.....because it only represents 30% of their overall income.....They couldn't save another 30%, 20% and cut back on things? 10% and still be above poverty? 

Social Security was designed to get workers to retire during the depression so that the younger workers could have jobs. Because in the 1930s, experience was recognized and wanted in most work related areas.....It had nothing to do with "lifting" them out of poverty.....or those checks in 1935/36 would have been a lot larger, even for the inflation rate back then. 

If the initial program had been set up to "save money" for the future through the government....it might have worked....all it is now is a government program that tries to get votes.....I know for a fact that my own father received more money in less than 5 years from social security than whatever he had EVER paid into the system with his employer.....

So I will stand by statement....Social Security is a PONZI SCHEME.....by definition ALSO. 

Social Security would still be intact if Congress wouldn't have "borrowed" from it which will never be paid back.  However you are correct on all of the rest.  

  • Like 1
Link to comment
Share on other sites

16 hours ago, DaveTV1 said:

It hasn't lifted anyone out of poverty, because the SSI benefit isn't even high enough to live on. 

Of course it has. For many seniors it has been the difference between having something instead of having nothing...and for many others it has been the difference between having a life and just existing in their later years.

Link to comment
Share on other sites

1 minute ago, EnjoyLife said:

Of course it has. For many seniors it has been the difference between having something instead of having nothing...and for many others it has been the difference between having a life and just existing in their later years.

My question for you is.....why is it the government's job to secure that for them? Shouldn't they have some "personal responsibility" in saving and planning for their retirement? And why should we be using a PONZI scheme to pay them, instead of them just having "government savings accounts"? And what they put in it, is what they have to live on? But then again, why should the government be doing ANY of that? 

  • Thanks 2
Link to comment
Share on other sites

20 hours ago, Monte1076 said:

Also, only the first X amount of your income gets taxed for SSI reasons too, right? Last I heard it was something like the first $90K that you make. So if you're like me, and pull in over that, you aren't getting SS taxes removed from your check for any amount over that.

Unless, of course, I'm mistaken.

I dont know what the exact amount is either...but I think it is around $140,000 a year. 

Link to comment
Share on other sites

1 minute ago, EnjoyLife said:

I dont know what the exact amount is either...but I think it is around $140,000 a year. 

You guys "KILL ME"--there is this thing called the "internet" and this website called "google" and you can ask it questions and get the answers.....

https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm#:~:text=Social Security is financed through,self-employed pay 12.4 percent.

Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent.

Link to comment
Share on other sites

Just now, DannyZuco said:

My question for you is.....why is it the government's job to secure that for them? Shouldn't they have some "personal responsibility" in saving and planning for their retirement? And why should we be using a PONZI scheme to pay them, instead of them just having "government savings accounts"? And what they put in it, is what they have to live on? But then again, why should the government be doing ANY of that? 

I get what you are saying...but the reality is that without SS millions would have nothing in their later years and we are not a nation willing to let elderly people starve because "You should have been more responsible"...at least I hope we are not that way. 

Link to comment
Share on other sites

Just now, EnjoyLife said:

I get what you are saying...but the reality is that without SS millions would have nothing in their later years and we are not a nation willing to let elderly people starve because "You should have been more responsible"...at least I hope we are not that way. 

Why would they be starving? Wouldn't they continue to work, like they did prior to Social Security? And shouldn't their family be helping out, charities helping out.....all of which do a much better job than the government. 

The government gets involved because they want to CONTROL your life, the easiest way to do that is controlling your income.......everyone should know that....

Link to comment
Share on other sites

20 hours ago, EnjoyLife said:

SS is not almost broke...but without some changes in another decade it will only be able to pay out 75% of promised benefits. 

Which means it can’t fulfill obligations, or broke.  Exactly what a Ponzi scheme does in time

Link to comment
Share on other sites

35 minutes ago, EnjoyLife said:

Of course it has. For many seniors it has been the difference between having something instead of having nothing...and for many others it has been the difference between having a life and just existing in their later years.

Those with nothing should’ve saved.  It’s called being responsible

Link to comment
Share on other sites

30 minutes ago, EnjoyLife said:

I get what you are saying...but the reality is that without SS millions would have nothing in their later years and we are not a nation willing to let elderly people starve because "You should have been more responsible"...at least I hope we are not that way. 

We should be that way.  People depending on the govt to take care of them is not good. 

Link to comment
Share on other sites

People don’t worry about their golden years like they should.  I spoke to a guy the other day and he bragged he was retiring at 62.  He said he finally hit 6 figures in his work savings plan and was going to live the good life of Social Security.  He’ll be eating beanie weenies in 3-4 years.  You better have $750k+ in a retirement fund these days if you plan on leaning on social security.  Our company offers a webinar every quarter on retiring and economic situations.  They even say now says to continue living your pre-retirement lifestyle one needs a minimum of 8x their annual gross pay at time of retirement.  Depending on SS alone will put you in poverty

Link to comment
Share on other sites

1 hour ago, Mojo1000 said:

Just stay away from Barry and Kirk ‘s posts. Quality entertainment but no truth.

You are over your head in the political forum, Lion 🦁  .... you should stick to HS sports where you are really out there in Looneyville .... 😂

Link to comment
Share on other sites

48 minutes ago, DB2point0 said:

People don’t worry about their golden years like they should.  I spoke to a guy the other day and he bragged he was retiring at 62.  He said he finally hit 6 figures in his work savings plan and was going to live the good life of Social Security.  He’ll be eating beanie weenies in 3-4 years.  You better have $750k+ in a retirement fund these days if you plan on leaning on social security.  Our company offers a webinar every quarter on retiring and economic situations.  They even say now says to continue living your pre-retirement lifestyle one needs a minimum of 8x their annual gross pay at time of retirement.  Depending on SS alone will put you in poverty

Most people fail to prepare financially for retirement ... Social Security will not keep you afloat if that's all you are depending on ...... I retired at 62 and SS is only about 20% of my retirement income .... people need to start saving and investing early in life to prepare for retirement  .... I retired from the Air Force and BCBSTX and my wife retired twice too ... we both saved and invested over our working years .... luckily we planned and got good advise early .... 

So many young people today continue to live paycheck to paycheck and bounce from job to job with no thought of retirement .... they drive expensive new cars and get themselves so far in dept they will probably never get control of their budgets and finances ....

I think high schools should teach young people how to manage money, save and invest, how to budget and balance their accounts .... so many young people have no clue and learn the hard way ....

My dad taught me well and I taught my sons .... not all people get that kind of training at home ....

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...