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The coming Social Security fight could be 1983 all over again

DrQ said:
Not when you are making six figures a year during that time. It helped push me towards the maximum Social Security benefit available. Get a perspective.

Claiming at 62, you get a 30% reduction in benefits from FRA. Working and waiting until 69 you increase your benefit by 24% from FRA. Add in the fact that I was maxing out my 401K (with employer match of 4%) with catch-up, maximum HSA (me and DW) and contributing to two ROTH IRAs.

You must plan on dying early.
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Isnt it a 40% reduction. 67 to 62 is 5 years and doesn't it go down 8% per year or up 8% per year after?
 
I am doubtful that SS will be cut. Our gov't is addicted to borrowing and they are not going to cut SS benefits when they can just borrow the couple hundred billion shortfall.

Plus seniors vote more than any other group - anyone who votes for SS to be cut will be cut themselves.
 
joestein said:
Isnt it a 40% reduction. 67 to 62 is 5 years and doesn't it go down 8% per year or up 8% per year after?
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According to the SSA it is a reduction from 25% to 30% depending on birth date if you start drawing at 62.

Yes it grows by 8% per year after FRA, but if you are employed, you only pay half, but it was misstated as 4% rather than 6.2% up to the max withholding.
 
easyrider said:
I wasn't expecting ss to be around for me at fra but it looks like it is. I use to laugh at the oldsters heading to the casino to spend their is checks. Now I'm thinking that might be fun.

Bill
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Pretty sure you were joking but I personally know a couple people that lost their minds and substantial money in the casino's , one lost a home/house. Years ago read an article on casino's being like crack cocaine for the elderly.

I am pretty much like Ralph Sir Edward, today I have to finish up my Christmas prep that includes some cleaning I have to want to do ...
 
Tia said:
Pretty sure you were joking but I personally know a couple people that lost their minds and substantial money in the casino's , one lost a home/house.
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I've worked many slot "tournament" events. I don't know why the casinos pay to have extravagant food at these things. The participants don't eat any of it. They're too busy mashing buttons like a bunch of blow monkeys.


old-people-pressing-buttons-old-people.gif


It's a shame how much of the OASDI trust fund was wasted on this.
 
billymach4 said:
Well we will find out. Will take time.

As for me my plan is to push out applying for SS as long as possible. All you younger workers will have to pay my dues.
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Wouldn't you want to claim it as soon as possible while it is still paying benefits?
 
Tia said:
Pretty sure you were joking but I personally know a couple people that lost their minds and substantial money in the casino's , one lost a home/house. Years ago read an article on casino's being like crack cocaine for the elderly.

I am pretty much like Ralph Sir Edward, today I have to finish up my Christmas prep that includes some cleaning I have to want to do ...
Click to expand...
Could be worse. They could have flushed their money down the drain on attending college football games. With the $500 tickets, $25 beers, and $75 parking charges.
 
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