The House Bill Would Mean a Tax Hike for Millions of Seniors. Learn More

Reply
Bronze Conversationalist
Posts: 29
Registered: ‎03-14-2013

Re: Share your concerns about Social Security

Message 11 of 306 (3,457 Views)

You inherently argue for privatization so we could all invest our money in the S&P 500 or however we want.  I couldn't agree more and don't know why people are so adamant about the poor return they get under the current scenario. 

Valued Social Butterfly
Posts: 11,063
Registered: ‎06-07-2010

Re: Share your concerns about Social Security

Message 12 of 306 (3,465 Views)

The proper way to figure if Social Security is a good deal or not is to take the money they put in, plus the money their employer put in, and now comes the hard part.  Look at the S&P500 and look at the average growth during those years.  Now it gets really complicated since you and your employer put money into the SS fund each month so you are really compounding the amounts along with the S&P500 growth.  Anyone doing the detail math will find out soon that they are getting shortchanged by the Government and in reality this is a transfer of wealth to others and NOT an entitlement program (like welfare).

 

If you neglect the growth of your money, then it looks like the Government is GIVING you a generous amount.

Bronze Conversationalist
Posts: 29
Registered: ‎03-14-2013

Re: Share your concerns about Social Security

Message 13 of 306 (3,463 Views)

My concern is that people don't understand it, espouse lies and fallacies and think that someone has stolen their money. I hate to tell these folks that they live in a fantasy but the facts do matter:

1. no one has stolen their money

2. the average retiree gets payments that FAR EXCEED what they put in - so in fact, Social Security IS an entitlement program.  If you have been collecting social security more than 5 years, your payments are likely funded out of the checks of your children and grandchildren, NOT money you put in

3. The ONLY way to make Social Security better is to take MORE MONEY out of the checks of your children and grandchildren as you quickly exhaust the money you have contributed (usually within 5 years of receiving benefits).

 

Money does not come out of nowhere.  Someone pays it and it is the younger generations supporting the SS system.

 

This post will anger some people as they would rather hold on to their beliefs and fantasies rather than accept the facts.  Note that all of these facts can be verified by reading the Social Security Annual Trustee Report. Additionally, I show you my Social Security Benefit Statement and explain what it really means.

 

I realized in my 30s that Social Security, as constructed, would not be available when I reached full retirement age. Those who are now collecting should be VERY grateful for the entitlement and never ever complain.  This is the 6th year that Social Security will be cash negative (pays out more than it takes in).

 

Please, if you do not know the facts, please do not reply with opinions or misperceptions. I have been a CPA for 40 years and have an MBA from a top school so I am very good at math, interpreting the facts and staying clear of opinions not supported by facts.

 

I am not stating that recipients should not get more or that the Social WSecuity is good or bad.  I am making no judgements but merely explaining what is true.

Info Seeker
Posts: 4
Registered: ‎07-16-2012

Re: Share your concerns about Social Security

Message 14 of 306 (2,947 Views)

I don't think there is any recourse... as a retired educator I am in the same boat.  Only get 25% of what was put in.  Thank that one to Ronald Reagan...didn't think we should "double dip".  The only recourse is to write to your senator and congress people and advocate to eliminate that blockage...  a lot of people find this out way after the fact, very unfair as many other government employees get both their full retirement benefits.  Smiley Sad  Discrimination in my book.

Info Seeker
Posts: 1
Registered: ‎02-27-2012

Re: Share your concerns about Social Security

Message 15 of 306 (2,465 Views)

I have a question.  I have a Civil Service Retirement (CSRS) and I worked a part-time job during my working years to support my son after my divorce.  I am currently 69 years old.  I am remarried.  I collect my CSRS retirement now and 4 years ago wanted to start collecting social security.  I was told I could only collect an offset portion because of my CSRS retirment.  Originally it was supposed to be $1300 but now I only get $310.  This was not what I was counting on since the last three years of employment I made $52,000 and paid into SSA.  Is there any recourse?

Info Seeker
Posts: 1
Registered: ‎04-04-2013

Re: Share your concerns about Social Security

Message 16 of 306 (3,436 Views)

LBJ used the SS monies for other purposes and it will never be paid back. The same as the highway

transportation monies and now our representives cry that the bridges and highways need repair.

Our congress and senate start with the right intentions, then join the old boys club and take of themselves and not the people that elected them. Whoops I thought the Clinton's were broke.

 

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Share your concerns about Social Security

Message 17 of 306 (3,782 Views)

Svrlrr2008 wrote:

I have a question I have been married for6 years now my husband told me we will have to get divorced in the future to be able to claim befits. Him his and me mine is this true ? Really concerned about this. 


NO, it is not true.  Maybe he was just messin' with you ! ?   Married partners sometimes do that - Best to understand it yourself because it is YOUR benefit that each of you have supported (contributed to) through your working years.

 

But if a divorce rears its ugly head in the future, make sure you stay married at least 10 years, in case the spousal benefit is bigger than your own benefit.

At the 10 year marriage mark, Uncle Sam thinks each party is then vested.

Info Seeker
Posts: 1
Registered: ‎01-29-2014

Re: Share your concerns about Social Security

Message 18 of 306 (3,645 Views)

I have a question I have been married for6 years now my husband told me we will have to get divorced in the future to be able to claim befits. Him his and me mine is this true ? Really concerned about this. 

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Share your concerns about Social Security

[ Edited ]
Message 19 of 306 (4,752 Views)

r431746r wrote:

I agree 100% .  Why should an ex be able to collect based on the ex spouse SS?  My ex took off for Mexico after the divorce and I collected not one penny of child support for my 2 girls.  Now that I am retired he is back in the country and collecting SS based on all MY years of working!!  Is this right???!!!


 

According to the SSA, an EX-spouse had to have at least 10-years in the marriage with you in order to be able to qualify for this type of benefit so I guess they feel like you owe them.

 

Personally, I think the marriage should have last a lot longer - like a minimum of 20 or more years.

 

There was always court action to get the child support as soon as you knew they were back in the states.  Seems you should be able to get reimbursed for all that child support, at least up to the amount the ex is getting based on your SS record.   🤑

Info Seeker
Posts: 1
Registered: ‎07-31-2016

Re: Share your concerns about Social Security

Message 20 of 306 (4,747 Views)

I agree 100% .  Why should an ex be able to collect based on the ex spouse SS?  My ex took off for Mexico after the divorce and I collected not one penny of child support for my 2 girls.  Now that I am retired he is back in the country and collecting SS based on all MY years of working!!  Is this right???!!!