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Wife got Social Security notice today

R

RayP(MI)

Well-known Member
And they have given her a whole 1.6% increase. That isn't going to be enough th buy us a couple of sandwich meals and drinks at McD's.

Or to put it in perspective we all can understand, that won't put 5 gallons of diesel in my tractor, based on what I get from SS.

Thanks fer nuttin!
 
Compare the cost of that five gallon jug of diesel now versus a year ago and you'll understand why the cost of living adjustment is so small.
 
I'll take all those that don't want it. When is the last time you got a 10% increase? It's always been low. Wingnut
 

My COLA on my retirement this year was a bit under $8.00 a month. They say the Cost of Living hasn't gone up! I'm 60 and don't expect SS will be there in the form it is now when I hit 67 or whatever the magic number is. SS was a smoke and mirrors shell game from day one. If it's going to survive to help those who really need it you're going to have to go to means testing and raising the minimum age/. And in all seriousness, they need to stop promising people they can "retire" on SS, that's just absolute garbage. They also need to start training people to plan for their so called "golden years". I never gave it a thought and I'm paying for it now in many ways.

No offense intended to anyone, but SS is not going to survive as we know it today.
 
I haven't seen any promises that anyone can retire on SS. In fact I've seen nothing but the opposite. SS isn't going to cover you so you better start an IRA or a 401K.

The problem isn't people knowing what to do, it's people having the means to do it. Most people are living paycheck to paycheck, hand to mouth. They don't have anything left at the end of the day to put away as savings. Wages simply haven't kept up with the cost of living.
 
(quoted from post at 18:48:15 12/05/20) You're right plus the there is a limit to how many people that the gov't can support that are contributing Zero back in.
Click to expand...

The maximum SS retirement benefit you can receive per month is $3790 if you do not collect until age 70.
IF you have been paid at least $137,700 in recent years.
 
If Congress would have kept their grubby
hands off the SS funds, there would not
be a crisis.
 
If they where to paid back the IOUs that where taken out of S.S. for the Koren war and Vietnam S.S. would not be bankrupt but on the other hand it would be doing well
 
Back 5 or so years ago when there was an increase Medicare took something like $3 more then the increase was so most people lost $$ instead of getting more. I knew one woman who said it cost her $12 per month with the increase
 
SS was never meant to be enough to retire on--it was a supplement and i learned that over 30 years ago so i planned accordingly during my life time
 
be thankful in this day that you are getting any increase and not a cut---the government has gone into a multiple trillion hole with this pandemic---our kids will be paying for it forever
 
No, they won't.

National debt has risen and fallen a couple of times in my lifetime. Nor once have I ever been asked to hand over my share. Nor will your children, grandchildren, or even great grandchildren.

They just print up more money and keep on doing what they do.
 
SS has been a " Surviivors Benefit" since 1939. It never was meant to be a Retirement Benefit. My wife retired from SS in 2016 after 33 years. She told me the stories of the self employed that worked without putting into the system and go into the office and expect to retire on big bucks. Doesn't work that way. Many go home disappointed. So please understand what it is. Wingnut
 
I heard that bit about SS not being there by the time I retired - when I was 14! That was a pretty good piece of
time ago.

Also, I don't ever remember hearing anybody make any promises about retiring on SS. Just the same, I could live
just fine on my SS. I did the math, and it would pay my expenses with money left over and no major changes in
lifestyle.

Mind you, I won't be buying any $50,000 pickup trucks. I don't want one anyways. Too expensive to run and too
skittish on a slippery road.

You can keep believing all of that "doom and gloom" if you like, but I don't see any big changes on the horizon.
Too politically dangerous for either party to mess with it!
 
My kids always said there won't be any when they retire, well, one is collecting it now, first check I believe. Also, wife and I have been living on SS for a few years now.

By the time they take out medicare, I pay our supplement and drug insurance plus the co pays, (couple of spendy drugs) not a lot to live on but we eat good yet.
 
The way I see it your last sentence needs to be flipped around - our society's cost of living hasn't been held back by wages. Cell phones, satellite TV, electronic gadgets, $5 cups of
"coffee", $50,000 vehicles (and that's being frugal - think of all the $70,000+ pickups you see cruising down the roads), huge houses, etc., all eat up cash until there's nothing left to
put away. And if we can't afford it today we put it on the credit card and worry about it later. Things that used to be considered luxuries for the wealthy are now regarded as basic
rights that all are entitled to. Just think about how many storage rental places you see these days; not too many years ago there wasn't such a thing. Our society spends so much money on
stuff that we need to pay monthly rentals on a storage units just to have somewhere to go with it all. Granted, there are of course folks who live very frugally and still don't have extra
to put in the piggy bank at the end of the month. However, there are a great many, especially in my middle age generation and younger, who don't have an income problem, they have a
spending problem.
 
Hee hee. . . Thank you for paying into the system. I did it for your grand parents, now it's your turn. Oh yeah, the system wasn't kaput until Jimmy Carter raided it for the first time and opened that non stop ATM piggy bank.
 
You think the deficit spending with made up money can just continue? It'll come to an end when other countries won't take our worthless dollar$ as payment and China is all to ready to help make it happen.Then everyone young and old will 'pay' with a drastically lower standard of living just like what happens when people max out their credit cards and have to declare bankruptcy except it'll be 10X worse when it happens to the whole country at one time.Unfunded liabilities like Medicare and SS are estimated to be in the Trillion$ around 74 Trillion last I read but not telling really.No way those will ever be paid with money that is worth anything.We're headed to 30 Trillion$ in the hole next year with no end in sight.
 
Carter did very little to hurt it. If the I.O.U.s where paid back from a couple of police actions as in the early 50s and Vietnam S.S. would not be hurting ever with what Carter did
 
That is the problem there is no SS Trust 'Fund' as in there is a bunch of money laid aside or invested to be drawn from at a later date and never was.The SS money taken in is used to pay off
the current SS recipients the rest of the money is spent by Congress that year while the SS 'Fund' gets an IOU which is increasingly worthless as the National Debt soars.Same scam as with
the FDIC 'insuring' bank deposits.If a private company ran things financially like the Federal Gov't does everyone in that company would be put in jail.
 
I am sure you realize that at some point, money created out of thin air will be as valuable as thin air. So far, the devaluation is only chugging along at 5% per year. The real problem of deficient spending is it encourages more of it. Your words speak clearly to that.
 
> ...while the SS 'Fund' gets an IOU which is increasingly worthless as the National Debt soars.

Can you name a single instance in which the US federal government defaulted on a debt? There is a reason that the US is able to continue to borrow, even while running a trillion-plus dollar deficit: We always pay our bills.

The Social Security trust fund is required to be invested in US government securities for the simple reason that they are the world's safest investments. Remember back before the dot-com bust when a few folks thought SS funds should be invested in the stock market? Three crashes later, you don't hear much about it anymore.
 
(quoted from post at 18:41:25 12/05/20) I haven't seen any promises that anyone can retire on SS. In fact I've seen nothing but the opposite. SS isn't going to cover you so you better start an IRA or a 401K.

The problem isn't people knowing what to do, it's people having the means to do it. Most people are living paycheck to paycheck, hand to mouth. They don't have anything left at the end of the day to put away as savings. Wages simply haven't kept up with the cost of living.
Click to expand...

You obviously didn't know my in laws or any of the other people I've known/know today that WERE told "SS will be there for when you retire". Okay, maybe they didn't specifically say "It will support you as your sole retirement package.", but there was never any realism added to the mix. It was sold as at least a major portion of peoples retirement. I have magazines going back into the '40's with articles and ad's mentioning just that.

As far as people not having the means, well, whose fault is that? Between peoples innate desire for instant gratification, the idea that "I deserve this now" and the idea that "The gov't will take care of you" what do we expect? We removed the idea of personal responsibility for pretty much anything right out of the discussion. It's going to take a major change in thinking across the spectrum to put people back into thinking of their own futures. I don't see that happening on the politcal scene where everything is geared towards a nanny state filled with obedient little sheeple.

We're not in a good place, and I don't see that changing any time soon.
 
(quoted from post at 19:24:19 12/05/20)
They been singing doom and gloom and crying wolf about SS going bankrupt for forty years.
Click to expand...

It's in the red now,m it's just a matter of time.
 
Get a grip. SS has to invest in something or it's like digging a hole in your yard and burying your money in a fruit jar! Sam has a big appetite and has an endless capability to print money when needed and you can't get a more reliable customer. The problem with SS that has to be managed, is all the "social welfare" that keeps getting added to it. Not that SW isn't needed, have a friend needing it right now, butttttttt.
 
(quoted from post at 01:46:16 12/06/20) The way I see it your last sentence needs to be flipped around - our society's cost of living hasn't been held back by wages. Cell phones, satellite TV, electronic gadgets, $5 cups of
"coffee", $50,000 vehicles (and that's being frugal - think of all the $70,000+ pickups you see cruising down the roads), huge houses, etc., all eat up cash until there's nothing left to
put away. And if we can't afford it today we put it on the credit card and worry about it later. Things that used to be considered luxuries for the wealthy are now regarded as basic
rights that all are entitled to. Just think about how many storage rental places you see these days; not too many years ago there wasn't such a thing. Our society spends so much money on
stuff that we need to pay monthly rentals on a storage units just to have somewhere to go with it all. Granted, there are of course folks who live very frugally and still don't have extra
to put in the piggy bank at the end of the month. However, there are a great many, especially in my middle age generation and younger, who don't have an income problem, they have a
spending problem.
Click to expand...


My nomination for "Post of the Year" Award!!!!
 
(quoted from post at 01:47:28 12/06/20) Hee hee. . . Thank you for paying into the system. I did it for your grand parents, now it's your turn. Oh yeah, the system wasn't kaput until Jimmy Carter raided it for the first time and opened that non stop ATM piggy bank.
Click to expand...

Ike started borrowing out of i t back in the '50's to pay for the Interstate Highway System. That continued until Johnson did away with any limits and got into it full scale. Carter was a disaster, but he wasn't the 1st to start taking money that wasn't his.
 
Yep and the Roman Empire lasted until it didn't.No country has ever been able to survive doing what the USA is doing and we won't either.The Chinese are licking
their chops in anticipation.The whole SS system is a pure Ponzi scheme.Of course the National Debt and all debts can easily be paid off in conjured up money with little or no value.Look how well its worked in Venezuela.(LOL)
 
We live pretty well on SS alone. Sure I can't or won't go out and buy a new truck, my 2010 Silverado does just fine and it's paid for as as the wife's 3013 Caravan along with our property and house.

The trick is to be completely out of debt with a place to live and reliable transportation all paid for. We have actually been able to increase our savings with SS being our only income. My credit score is hovering around 800 and I could buy just about anything I wanted on credit. However it's really nice to wake up every morning not worried about making a car or house payment.
 
> Yep and the Roman Empire lasted until it didn't.No country has ever been able to survive doing what the USA is doing and we won't either.

Wrong answer, TF. The correct answer to my question is "no, the US government has never defaulted on its obligations". Now the monetary collapse you so eagerly anticipate may come someday, but it won't be in our lifetimes.

TF, do yourself a favor: While gold prices are high, take all that bullion out from under your mattress, cash it in and buy something nice for your wife. That way it will bring you much more joy in your remaining years than if you continue to hoard it, waiting for the apocalypse that never comes. Besides, that lump in your bed can't be comfortable to sleep on.
 
I'm not hoping it'll happen it'll be tough on everyone including me regardless but anyone that thinks the gov't can keep up spending and borrowing like its doing
now really needs to go get an Econ 101 textbook and read it.If the gov't had bought Gold every year with the leftover SS money it didn't pay out they'd never have to worry about being able to pay off.Actually Gold is incredibly cheap still time to buy more not sell.And the value of the money that people are holding is losing buying power all the time and always has.In 1913 $20 would buy an ounce of Gold now it take around
1800 of them to get that ounce of Gold that is collapse in value/buying power by any measure.
 
Honestly, I don't know why you guys are so busy complaining about things that are way out of your control. No matter how much complaining there is, it does not change one single thing. So why waste your anger, concern, frustration or predictions on something that you cannot even influence?

For the record, most politicians are simply afraid to mess around with SS. Cutting benefits to those of us receiving SS would be political suicide. Since these guys (and gals) stand for re-election every term, what chance would they have to win an election if they tampered with SS?

Even with all of the "borrowing" that has been done from the SS account, the government will continue to fund it as necessary for as long as it takes. Even if they run out of money, they will just print up some more. Been that way as long as I can remember.
 
You might want to read up on the numerous countries in the World that have gone the route the USA is now taking,the best present day example is Venezuela money blows around in the street where people starve to death because the money will buy nothing.Think about anything that can be massed produced in infinite numbers
by pushing a few digits on a computer screen,it would loose any value after the market was flooded, money in itself is worst of all.What is happening now is a textbook case of what happens to all paper currencies eventually.
 
(quoted from post at 19:29:28 12/06/20) Honestly, I don't know why you guys are so busy complaining about things that are way out of your control. No matter how much complaining there is, it does not change one single thing. So why waste your anger, concern, frustration or predictions on something that you cannot even influence?

For the record, most politicians are simply afraid to mess around with SS. Cutting benefits to those of us receiving SS would be political suicide. Since these guys (and gals) stand for re-election every term, what chance would they have to win an election if they tampered with SS?

Even with all of the "borrowing" that has been done from the SS account, the government will continue to fund it as necessary for as long as it takes. Even if they run out of money, they will just print up some more. Been that way as long as I can remember.
Click to expand...


Jimg, I don't see a lot of "complaining about things that are way out of your control or a waste of your anger, concern, frustration." I see just a normal conversation as humans have done since conversation became possible. One needs to be a little sensitive to their fellow man's views.
 
I get tired of seeing all of the doom and gloom. Regardless of who is running things, there is not one single thing
that I can do about it. This gets to be more than just a discussion. Along with it come all of the dire warnings
that the sky is falling. I've been hearing it since I was a teenager.

I would prefer to do things that will make my life or that of others better. Not waste my time grumbling about how
we're always on the brink of disaster. The same conversations probably go all the way back to prehistoric times.
 
(quoted from post at 11:26:05 12/05/20) And they have given her a whole 1.6% increase. That isn't going to be enough th buy us a couple of sandwich meals and drinks at McD's.

Or to put it in perspective we all can understand, that won't put 5 gallons of diesel in my tractor, based on what I get from SS.

Thanks fer nuttin!
Click to expand...

40 years ago I heard that SS would soon be broke....I started my own retirement account and now I really don't care what my SS will be. I'm sure most of you heard the same thing....
 
(quoted from post at 12:37:01 12/07/20)
(quoted from post at 11:26:05 12/05/20) And they have given her a whole 1.6% increase. That isn't going to be enough th buy us a couple of sandwich meals and drinks at McD's.

Or to put it in perspective we all can understand, that won't put 5 gallons of diesel in my tractor, based on what I get from SS.

Thanks fer nuttin!
Click to expand...

40 years ago I heard that SS would soon be broke....I started my own retirement account and now I really don't care what my SS will be. I'm sure most of you heard the same thing....
Click to expand...


Yep!
Makes you wonder how much the doom and gloom is put out by the mutual funds money handlers?
Propaganda to get people into investing in stocks, bonds and 401k plans. They do not make money if you do not invest.
You might not make money at it either, but they do for sure.
 
(quoted from post at 15:44:32 12/07/20)
(quoted from post at 12:37:01 12/07/20)
(quoted from post at 11:26:05 12/05/20) And they have given her a whole 1.6% increase. That isn't going to be enough th buy us a couple of sandwich meals and drinks at McD's.

Or to put it in perspective we all can understand, that won't put 5 gallons of diesel in my tractor, based on what I get from SS.

Thanks fer nuttin!
Click to expand...

40 years ago I heard that SS would soon be broke....I started my own retirement account and now I really don't care what my SS will be. I'm sure most of you heard the same thing....
Click to expand...


Yep!
Makes you wonder how much the doom and gloom is put out by the mutual funds money handlers?
Propaganda to get people into investing in stocks, bonds and 401k plans. They do not make money if you do not invest.
You might not make money at it either, but they do for sure.
Click to expand...
Well that doom and gloom made me over $50k this year....even with C0vid!
 
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