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The chances of anything being left for me in 20 years are slim. I’m not counting on
Although always described as a cowboy, Roswellnative generally acts as a righter of wrongs or bodyguard of some sort, where he excels thanks to his resourcefulness and incredible gun prowesses.
You are definitely one of the smart ones, by planning for your retirement now. I know a bunch of folks who did not and their situation kinda sucks - paycheck to paycheck.
I have read from a few trusted economist that SS is expected to run out by 2034. From what I have gatherer, and the government will likely prove me wrong, existing recipients will continue to receive the same payments but the new retirees will only receive 80% of what they were due. That reduction will continue on a timed basis until the fund is completely exhausted.
That door you just kicked in was locked for your protection - not mine.
The problem I see is that the SS has been hijacked by young people filing for SSI. They pay people with disabilities like depression and anxiety OUT of the fund doubling the issue of needed payment INTO the fund.
I know a girl that used to work for me that started getting SSI for body pain because of narcotic abuse. She was about 35 and so will be drawing over 900 a month for life. It’s very mismanaged
Although always described as a cowboy, Roswellnative generally acts as a righter of wrongs or bodyguard of some sort, where he excels thanks to his resourcefulness and incredible gun prowesses.
I just bought a Ohio Mega Millions ticket, wish me luck!
I am to be on Medicare 01-03-2023, I will still have employer health insurance since I am not leaving my job for a while but Medicare automatically becomes primary. The SSI web site shows my SSI and Medicare application is still pending, since 12-16-2022, somewhere in MO. No other information is available.
Hopefully you folks were able to contribute to the KDC (Kentucky Deferred Compensation plan also. I know KDC offers 401(k) and a 457(b) plans plus Roth and a weird Traditional IRAs that is treated like a Roth as an after-tax plan.
That door you just kicked in was locked for your protection - not mine.
The next big change to SS will be to make benefits needs-based. Right now, the main thing is what your earnings were during your working life. SS used to be tax-free, but then they decided that taxing SS benefits was a slick way to move money from the SS Trust Fund into the General Fund where they could finance new vote-buying legislation. So now many of us pay ordinary income tax on 50% or 85% of our SS benefits depending on other income. Get ready for the next wave when they will cut your benefits if they think you have too much other income, or your net worth is too large.
Comments
The chances of anything being left for me in 20 years are slim. I’m not counting on
"A chicken in every pot and two cars in every garage" A guns worst enemies. Politicians and Rust.--------------------------------------------Ray
Can I interest you in a bridge? The tolls you can collect are a sure thing...
You are definitely one of the smart ones, by planning for your retirement now. I know a bunch of folks who did not and their situation kinda sucks - paycheck to paycheck.
I have read from a few trusted economist that SS is expected to run out by 2034. From what I have gatherer, and the government will likely prove me wrong, existing recipients will continue to receive the same payments but the new retirees will only receive 80% of what they were due. That reduction will continue on a timed basis until the fund is completely exhausted.
That door you just kicked in was locked for your protection - not mine.
The problem I see is that the SS has been hijacked by young people filing for SSI. They pay people with disabilities like depression and anxiety OUT of the fund doubling the issue of needed payment INTO the fund.
I know a girl that used to work for me that started getting SSI for body pain because of narcotic abuse. She was about 35 and so will be drawing over 900 a month for life. It’s very mismanaged
I just bought a Ohio Mega Millions ticket, wish me luck!
I am to be on Medicare 01-03-2023, I will still have employer health insurance since I am not leaving my job for a while but Medicare automatically becomes primary. The SSI web site shows my SSI and Medicare application is still pending, since 12-16-2022, somewhere in MO. No other information is available.
I sure love Government, NOT.
Hopefully you folks were able to contribute to the KDC (Kentucky Deferred Compensation plan also. I know KDC offers 401(k) and a 457(b) plans plus Roth and a weird Traditional IRAs that is treated like a Roth as an after-tax plan.
That door you just kicked in was locked for your protection - not mine.
The next big change to SS will be to make benefits needs-based. Right now, the main thing is what your earnings were during your working life. SS used to be tax-free, but then they decided that taxing SS benefits was a slick way to move money from the SS Trust Fund into the General Fund where they could finance new vote-buying legislation. So now many of us pay ordinary income tax on 50% or 85% of our SS benefits depending on other income. Get ready for the next wave when they will cut your benefits if they think you have too much other income, or your net worth is too large.
I retired at 54...but I'm still too young to collect Social Security. It's not factored at all into my retirement. I consider myself fortunate.
55% Social Security 45 % pension.