It got damn hard to last until 66, lemme talls ya. As a Network Engineer SME, I just couldn’t keep up with the young’uns, my brain was cabbage at that point. Plus it got lots more complex as time went on.
Now I’ve forgotten most of it. As it should be.
Me to Igor, forgotten way more than I remember. I look at it as freedom. Have a goodun.
Just cut me a check for all the money I’ve paid into Social Security/Medicare and I’ll take it from there.
I’ll also pay tax on it, provided you pay me the going interest rate on all that money, compounded, over my last 45 years of employment
Then, you can fuck off and leave me alone. Thank you.
If the average person collects for 5 – 6 years they’ve gotten back everything they paid in.
Collect longer than that and you’ve won. Die sooner and your ‘contributions’ go to the winners.
That is based on no interest. Social Security is a tax. Everything collected is spent. Yes, SS gets IOUs from the Treasury for the amount borrowed and spent since SS had a surplus. There is no interest. It isn’t an investment. It is a tax.
Frankly, I’d be a lot better off if the gov’t hadn’t stolen the money and spent it, I’d have saved it (I saved other money, it can be done). I’m pretty sure I won’t collect a dime, or if I do I won’t get even my six years.
On the other hand, if we get rid of the illegals and the fraud, we might find we are solvent again. I haven’t found any statistics I would count as reliable to do the projections.
And I’m used to working. I’ve managed to retire so I can do what I want. I will say that since 60 I’ve really seen a change in how much hard physical labor I can do. Other health issues are waiving their hands demanding attention. I’m of the opinion school teachers should be 50 or older and have worked for non-govt business for at least 20 years. Why – you understand showing up and doing the job and what you are teaching kids to do. Plus, it ain’t that hard. Course I think kids should be in the fields in the summer working the farm – you know, why we have summer break to begin with.
The only people who would be better off not paying ss tax are those who die young. True there’s no interest but the present value of a lifetime annuity for someone with an average or better life expectancy can’t be beat. Plus disability insurance and survivors benefits on top of that. What would those policies cost if you had to buy on your own?
Data and personal situations are complicated but using simple math and heuristics you can get a ball park idea. Suppose you earn $50k/yr for 40 years at 6% tax you’ll have paid in $120k. If you collect $2000 a month for 5 years you’ve gotten everything back that you paid in while your check continues until you assume room temperature.
SS may not be around but that’s a political problem. Before Trump I wasn’t too worried. The Old Farts Lobby would have ultimately pressured both parties to fix it. Trump wants to let Wall St ‘manage’ it. We may be screwed.
Our Grandparents worked into their 70s and beyond, my parents worked into thier 70s. I was forced into retirment by an injury, bought a farm and will work well into my 80s, GOD willing. Our expectations are incorrect. SS was never ment to be your retirement, but a safty net, and retirement should not mean I sit on my ass and do nothing. My Grandfather collected for 30 years, my Father collected for 26 years and my mother is on 34 years.
It got damn hard to last until 66, lemme talls ya. As a Network Engineer SME, I just couldn’t keep up with the young’uns, my brain was cabbage at that point. Plus it got lots more complex as time went on.
Now I’ve forgotten most of it. As it should be.
Me to Igor, forgotten way more than I remember. I look at it as freedom. Have a goodun.
Just cut me a check for all the money I’ve paid into Social Security/Medicare and I’ll take it from there.
I’ll also pay tax on it, provided you pay me the going interest rate on all that money, compounded, over my last 45 years of employment
Then, you can fuck off and leave me alone. Thank you.
If the average person collects for 5 – 6 years they’ve gotten back everything they paid in.
Collect longer than that and you’ve won. Die sooner and your ‘contributions’ go to the winners.
That is based on no interest. Social Security is a tax. Everything collected is spent. Yes, SS gets IOUs from the Treasury for the amount borrowed and spent since SS had a surplus. There is no interest. It isn’t an investment. It is a tax.
Frankly, I’d be a lot better off if the gov’t hadn’t stolen the money and spent it, I’d have saved it (I saved other money, it can be done). I’m pretty sure I won’t collect a dime, or if I do I won’t get even my six years.
On the other hand, if we get rid of the illegals and the fraud, we might find we are solvent again. I haven’t found any statistics I would count as reliable to do the projections.
And I’m used to working. I’ve managed to retire so I can do what I want. I will say that since 60 I’ve really seen a change in how much hard physical labor I can do. Other health issues are waiving their hands demanding attention. I’m of the opinion school teachers should be 50 or older and have worked for non-govt business for at least 20 years. Why – you understand showing up and doing the job and what you are teaching kids to do. Plus, it ain’t that hard. Course I think kids should be in the fields in the summer working the farm – you know, why we have summer break to begin with.
The only people who would be better off not paying ss tax are those who die young. True there’s no interest but the present value of a lifetime annuity for someone with an average or better life expectancy can’t be beat. Plus disability insurance and survivors benefits on top of that. What would those policies cost if you had to buy on your own?
Data and personal situations are complicated but using simple math and heuristics you can get a ball park idea. Suppose you earn $50k/yr for 40 years at 6% tax you’ll have paid in $120k. If you collect $2000 a month for 5 years you’ve gotten everything back that you paid in while your check continues until you assume room temperature.
SS may not be around but that’s a political problem. Before Trump I wasn’t too worried. The Old Farts Lobby would have ultimately pressured both parties to fix it. Trump wants to let Wall St ‘manage’ it. We may be screwed.
Our Grandparents worked into their 70s and beyond, my parents worked into thier 70s. I was forced into retirment by an injury, bought a farm and will work well into my 80s, GOD willing. Our expectations are incorrect. SS was never ment to be your retirement, but a safty net, and retirement should not mean I sit on my ass and do nothing. My Grandfather collected for 30 years, my Father collected for 26 years and my mother is on 34 years.