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Maybe or Maybe Not ,,,,,,,,
forgemonkey
Member Posts: 1,089 ✭✭✭✭
‘Preliminary’ projection for SS increase next year could be 10-11% ,,,,,,,, believe it when you see it !! 🙄
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Lots of hype news about this but come October when decisions are made......low bean crickets!
Then again, you get a 10% raise. Put in a higher tax bracket and you lose more than you are getting now.
Or.......Big raise and Medicare takes it all away again.
I looked my account up on SS website the other day. If I wait until full retirement age (67) I get $3200 or $3400 per month, don’t remember exactly. But, Another 10-11 percent won’t hurt.
My generous "raise" this year ended up netting me about $170 LESS each month, after Moldycare increases and an income adjustment because my USAF pension also went up.
The goobermint gives, and the goobermint takes away.
I bet if both the SS and military pensions go up next year, I'll end up getting even less than I do now.
Rocky, Is your SS benefit decreased as your military pension increases?
I think I was wrong about that. My SS went down due to my latest income tax filing - likely due to capital gains more than AF pension. It will be interesting to see what happens to it after this year's stock market dumpster fire.
It's still a crock because capital gains do not equal income if you don't sell. Mine just accumulate and I live on my monthly pension/SS/annuity. Yet, I get dinged for the capital gains.
This only means the SS program will be in trouble sooner.... Wife and my SS benefits equal twice our total expenses. Twice. Have a back up plan if it runs out.
SS is insolvent.............I am 53 and don't expect to ever see any of mine.
mohawk600 The govt will probably loan it to some foreign country by then
It has always been a pyramid scheme in which (in theory) a lot of workers pay in so that a few retirees can pull out. The problem is that we now have fewer workers and more retirees and the "in" is a lot less than the "out".
My wife and I are 58 and have always planned to use our pensions for everything. SS will just be a nice add on (if it still exists). As well as the obligatory 401K withdraws when the government mandates it.
Dont worry......Bidens "transitory" inflation and "transitory" reccession will make that 10% increase a net loss! I hate it for yall, and anyone depending on it (like my parents/ in-laws). It will be better than no increase, but the yahoos in charge will make it a non benefit.☹️
I fully believe within 8-10 years there will be a "means" test. If you have a pension, savings, IRA's or available funds, your social security benefits will be reduced so someone else who does not have those other monies will be able to get their full social security benefits. I believe this was probably the reason the government a couple of years ago tried to require any financial institution to report to the government the balance of any accounts someone had that had over $600 in it. They were looking in the future.
That's a good reason to spread your "wealth" around a bunch of bank accounts and pre-loaded debit cards. Keep them all at $599 or less. There are a multitude to choose from.
SS was not intended to be a sole retirement plan. It was intended to be insurance for those who had no other means of support in their old age
""I fully believe within 8-10 years there will be a "means" test. If you have a pension, savings, IRA's or available funds, your social security benefits will be reduced so someone else who does not have those other monies will be able to get their full social security benefits.""
@neacpa They already did this with my SS. They consider the pension I worked for & paid for, a "windfall." Even though I worked enough other jobs to qualify, my SS is only 1/2 of the minimum. And, they take most of that for medical.
They want us old timers to go back to work because the younguns won't.
And the point is? LOTS of people depend on SS even as a supplement!
Some "folks" actually live on it..............