Social Security

[higgyburners]

Originally Posted by Yadkin

Well, my financial advisor was useless here. I asked him when the best age to start collecting, assuming that the system screws me in 2033 and cuts my benefit by 25%. He couldn't come up with an answer. All he can do is plug numbers into an online calculator.

Before I spend the time making a spreadsheet to answer this question myself, is there anyone here who has already made such a spreadsheet? Or has a link where I can download a template?

You looking for a handout Egghead? How's little Zippy doing? did you have the scrap yard come and pick her up yet?

[Yadkin]

Originally Posted by higgyburners

You looking for a handout Egghead? How's little Zippy doing? did you have the scrap yard come and pick her up yet?

Don't need a handout; the interest on my portfolio alone is more than I can spend. SS is just a bit o' gravy, will help to make the egg grow even bigger. Looking to soak FedCo for every penny that it stole from me.

Zippy is awesome as usual. Smooth, torquey engine; zero turbo lag. I like it better than the 2.0 in my Porsche.

Thanks for askin'.

[higgyburners]

Originally Posted by Yadkin

Don't need a handout; the interest on my portfolio alone is more than I can spend. SS is just a bit o' gravy, will help to make the egg grow even bigger. Looking to soak FedCo for every penny that it stole from me.

Zippy is awesome as usual. Smooth, torquey engine; zero turbo lag. I like it better than the 2.0 in my Porsche.

Thanks for askin'.

WTF.... a Legit reply...are you ok?

[Yadkin]

Originally Posted by higgyburners

WTF.... a Legit reply...are you ok?

More than OK, Little Himey.

[Bruze]

Originally Posted by Yadkin

Well, my financial advisor was useless here. I asked him when the best age to start collecting, assuming that the system screws me in 2033 and cuts my benefit by 25%. He couldn't come up with an answer. All he can do is plug numbers into an online calculator.

Before I spend the time making a spreadsheet to answer this question myself, is there anyone here who has already made such a spreadsheet? Or has a link where I can download a template?

There's only one possible way to know that, and that is to know what year you will die.

This is old news, but using actuarial tables, the SSA figures everyone will get about the same total amount no matter when you start. If you start early, you get less per month but for more years. If you start late, you get more per month but for fewer years.

[Yadkin]

Originally Posted by Bruze

There's only one possible way to know that, and that is to know what year you will die.

This is old news, but using actuarial tables, the SSA figures everyone will get about the same total amount no matter when you start. If you start early, you get less per month but for more years. If you start late, you get more per month but for fewer years.

My grandfather died at age 94; my father at 93. I am about as active as my grandfather was, maybe a bit more. Based on the actuarial tables, comparing someone born in '04 vs someone born in '59, I'm likely to see well past 94.

The actuarial tables are based on the system being solvent, forever. Both you and I know that's not going to happen. Paying out 75% benefits after year 2033 is likely a best case scenario.

[Bruze]

Originally Posted by Yadkin

My grandfather died at age 94; my father at 93. I am about as active as my grandfather was, maybe a bit more. Based on the actuarial tables, comparing someone born in '04 vs someone born in '59, I'm likely to see well past 94.

The actuarial tables are based on the system being solvent, forever. Both you and I know that's not going to happen. Paying out 75% benefits after year 2033 is likely a best case scenario.

My paternal GF died at 93; he had several kids, my dad being one of course.

- My oldest uncle, who was healthy at the time, died at around 80 in a fire.
- Next in age was an aunt who died in her 40s before I was born, of natural causes.
- Another aunt, who was healthy at the time, was murdered at around 96.
- Next aunt died at 91 of breast cancer.
- Next was an uncle, who died at 62 of a stroke.
- The youngest, my dad, died at 86 of natural causes.

Go figure.

SS: They don't have to cut bennies, they can just expand the money supply ("print" money) to cover expenses like they've been doing for decades.

That won't last forever, of course, someday it will all collapse, but I don't know when that will be cuz my crystal ball is in the shop for a new tranny.

[Yadkin]

Originally Posted by Bruze

My paternal GF died at 93; he had several kids, my dad being one of course.

- My oldest uncle, who was healthy at the time, died at around 80 in a fire.
- Next in age was an aunt who died in her 40s before I was born, of natural causes.
- Another aunt, who was healthy at the time, was murdered at around 96.
- Next aunt died at 91 of breast cancer.
- Next was an uncle, who died at 62 of a stroke.
- The youngest, my dad, died at 86 of natural causes.

Go figure.

SS: They don't have to cut bennies, they can just expand the money supply ("print" money) to cover expenses like they've been doing for decades.

That won't last forever, of course, someday it will all collapse, but I don't know when that will be cuz my crystal ball is in the shop for a new tranny.

The dollar will collapse soon. Just look at the Dept/GDP ratio. Every fiat currency in history has eventually collapsed. Yousah will be no different.

[higgyburners]

I invest in gold...and lots of it..../thread

[ZipZap]

The "income" penalty is for income, not investment/retirement funds. Don't get me wrong, CO sent me a nice 10k bill this year that included my SS income as part of AGI, but nothing off the top for work income.

Yaddy, you need to relax. Maybe some Indica edibles. You're working the fourth decimal place for something that will eventually be cut with a chainsaw.

[Mick]

Originally Posted by Yadkin

Well, my financial advisor was useless here. I asked him when the best age to start collecting, assuming that the system screws me in 2033 and cuts my benefit by 25%. He couldn't come up with an answer. All he can do is plug numbers into an online calculator.

Before I spend the time making a spreadsheet to answer this question myself, is there anyone here who has already made such a spreadsheet? Or has a link where I can download a template?

It's just basic algebra. Go to ssa.gov and it will tell you the percentage your benefit will be cut for each month you start collecting before your FRA, and how much it will increase if you delay your benefit each month after FRA. The most basic of spreadsheet skills will get you anywhere you need to go.

What are the qualifications of this "financial advisor"? He/she sounds like a complete idiot, and whatever you are paying, is too much.

Originally Posted by Yadkin

My grandfather died at age 94; my father at 93. I am about as active as my grandfather was, maybe a bit more. Based on the actuarial tables, comparing someone born in '04 vs someone born in '59, I'm likely to see well past 94.

The actuarial tables are based on the system being solvent, forever. Both you and I know that's not going to happen. Paying out 75% benefits after year 2033 is likely a best case scenario.

This is not really correct. The system is starting to run a deficit now, as the baby boomers are all reaching their retirement age (I'm a boomer, but won't get to my FRA for another seven years). When we are all collecting benefits, the system, without changes, will run huge deficits for a while. However, in 2036, the oldest boomers, well, the surviving ones anyway, will be turning 90, so boomers will be dying off quickly, and at an increasing rate. At about that time, the "echo boom" folks will be reaching their peak income years. The combination of dying boomers causing a decline in payouts, and the increasing earnings of those paying in increasing income to the system is projected to cause another surplus for at least a few decades starting around 2050-2055, EVEN WITH NO CHANGES TO THE CURRENT SYSTEM.

[Mick]

Originally Posted by Bruze

Why would "millionaires" not be contributing to or collecting SS? With rare exceptions, neither is a choice. Who is getting SS that have never paid into it?

My best buddy is married to a daughter of a guy who was one of the founders of a global business that everybody would know the name of. He died around 2010(?) and was a billionaire.

Before that, my buddy told me his FIL was getting SS and of course didn't need or want it. He attempted to get the SSA to stop sending it to him but there was no mechanism in place for doing that.

So he had to take it. But he gave away $20 million (at least) a few years before he died, so it all evened out in the end. I'm sure there was much more given away that I'm not aware of.

This is nonsense. If he didn't want his SS benefit, all he had to do is: nothing. The SSA will not pay out a benefit unless you apply for it. If you don't want yours, simply don't apply, and you won't get any. It really is as simple as that.

[6spdC6]

Originally Posted by Mick

This is nonsense. If he didn't want his SS benefit, all he had to do is: nothing. The SSA will not pay out a benefit unless you apply for it. If you don't want yours, simply don't apply, and you won't get any. It really is as simple as that.

Right you are. The person wanting the bennies is the moving party, SS does not volunteer to start giving you back your money. Its in their best interests to do nothing.

As far as when to start getting your money back is you never know when your going to die. IMHO start as soon as you can. The death thing is part of it and the other is you never know what the politicians will do.
Rest assured it will not be in your best interest, they have lots of things they want to give away money to people that never had SS taken out.

[Frankie the Fink]

Originally Posted by Jughead

No one in congress will touch the third rail. It would be political suicide.

If anything they'll keep raising the retirement age.

I'd agree with you and then we'd both be wrong. Biden voted to tax SS TWICE and look at him now..

[Bruze]

Originally Posted by Bruze

<SNIP>
SS: They don't have to cut bennies, they can just expand the money supply ("print" money) to cover expenses like they've been doing for decades.

That won't last forever, of course, someday it will all collapse, but I don't know when that will be cuz my crystal ball is in the shop for a new tranny.

Originally Posted by Yadkin

The dollar will collapse soon. Just look at the Dept/GDP ratio. Every fiat currency in history has eventually collapsed. Yousah will be no different.

It likely will be a gradual process; many nations are already no longer using the petrodollar, and some Asian/ME nations have gotten together to create an international currency that is actually asset-based.

As the dollar loses trust worldwide and the US credit rating drops, the Treasury will have to raise interest rates on new Treasurys in order to attract buyers.

FWIW: I've heard that the dollar will collapse all my life. No doubt it will, AS I ALREADY STATED, we just don't know when. IIRC, the British pound has been a fiat currency much longer than the dollar has.

The politicians will probably make a big deal out of this, using it as an excuse to move to their own US digital dollar, outlawing all cash so they can control everything we buy. They are already moving towards that, it just hasn't happened yet.

But I can't worry about all this now, cuz I cannot control any of it.

[Bruze]

Originally Posted by Mick

This is nonsense. If he didn't want his SS benefit, all he had to do is: nothing. The SSA will not pay out a benefit unless you apply for it. If you don't want yours, simply don't apply, and you won't get any. It really is as simple as that.

My best buddy is not a liar, but I will ask him again about this. This would have happened 15-20 years ago.

FWIW, somewhat related: You must apply for Medicare at 65, or you will be penalized on your SS income for the rest of your life; there is no way out.

[Bruze]

Originally Posted by higgyburners

I invest in gold...and lots of it..../thread

Yeah, it pays a great interest rate.

My buddy's kid has accumulated a pound of gold over the years (plus silver) not sure if he quit buying or kept going.

But when/if the Marxist revolution gets really bloody, it seems water, food, gasoline, ammo, etc. will be more in demand, initially at least, than gold will -- which will be outlawed.

Nobody can predict the future; I just hope I can squeak out another 10 years living high on US Treasury and corporate bond interest.

[Bruze]

Originally Posted by 6spdC6

Right you are. The person wanting the bennies is the moving party, SS does not volunteer to start giving you back your money. Its in their best interests to do nothing.

As far as when to start getting your money back is you never know when your going to die. IMHO start as soon as you can. The death thing is part of it and the other is you never know what the politicians will do.
Rest assured it will not be in your best interest, they have lots of things they want to give away money to people that never had SS taken out.

As I posted elsewhere, politicians and the entire establishment WANTS PEOPLE DEPENDENT ON THEM. They want everybody on some sort of "welfare" as a means of control. It's job security for the agencies and a way of expanding their fiefdoms.

They buy ad time (with our money of course, they have no other source of income) to advertise on TV on how to get food stamps, etc.

[Bruze]

Screw this thread, it's pushing 10 AM and I got shit to do.

[6spdC6]

Originally Posted by Bruze

As I posted elsewhere, politicians and the entire establishment WANTS PEOPLE DEPENDENT ON THEM. They want everybody on some sort of "welfare" as a means of control. It's job security for the agencies and a way of expanding their fiefdoms.

They buy ad time (with our money of course, they have no other source of income) to advertise on TV on how to get food stamps, etc.

I get you, but as a zinger they do not want the decent working class to survive as we now know it. My reply was on the SS issue, they will not want to give that money to the person that worked all their life. They would rather misuse it to do their favorite liberal bullshit things, like give it to the slugs that invaded our borders ETC.