Got my first SS check today...

[Yadkin]

For January 2025.

So it comes 50 days after it should, then they round down to the next dollar.

So basically, FedCo says:
1. FU you have to pay into this ponzi scheme, or we'll take it anyway.
2. We know you can get a better return anywhere else, so FU.
3. Here it is 50 days late; FU.
4. When you die we'll claw back that last month; FU.
5. Those pennies you saved are now ours, so FU.

:spdchk:

[MadInNc]

For January 2025.

So it comes 50 days after it should, then they round down to the next dollar.

So basically, FedCo says:
1. FU you have to pay into this ponzi scheme, or we'll take it anyway.
2. We know you can get a better return anywhere else, so FU.
3. Here it is 50 days late; FU.
4. When you die we'll claw back that last month; FU.
5. Those pennies you saved are now ours, so FU.

:spdchk:


Welcome to the club. My 1st was in November

[Swany00]

don't spend it all in one place

[Steve_R]

Mine starts April 1.

[Cool 50th AE]

Hope Trump puts a stop to that shit.

****in' boomers.

[Big bob]

I have been collecting SS for years and have never received a check. :Jeff '79::Jeff '79::Jeff '79::Jeff '79::Jeff '79:

[Bruze]

For January 2025.

So it comes 50 days after it should, then they round down to the next dollar.

So basically, FedCo says:
1. FU you have to pay into this ponzi scheme, or we'll take it anyway.
2. We know you can get a better return anywhere else, so FU.
3. Here it is 50 days late; FU.
4. When you die we'll claw back that last month; FU.
5. Those pennies you saved are now ours, so FU.

:spdchk:

Actually for most people* (including me) you get back everything you ever put into it in 8-10 years, not counting inflation over the decades. I read this somewhere and didn't believe it, so I did the math and it was correct, for my situation anyway. I've already gotten all of my "contributions" back.

If you look up your account on SS.gov (?) you will see the amount every year since you began putting it in, until your last year when it was taken out (last year of "earned income.")

Add it all up. Figure what you're getting now, increase it by 2-3% every year for the COLA, and estimate how many years it will take to get everything back.

Having said that, yes, it is a Ponzi scheme. After you get it all back, the current taxpayers (like Billy Badgie) will be footing the bill until you croak.


*Somebody will do the math and post: "**** you! I'm not getting mine back in 8-10 years!"

I know English is tough, but please note that I said "most people." There are a lot of variables here. :rolleyes:

Also: I am not defending any government programs, but it is what it is. If somebody dropped a nuke on Washington we'd all be better off.

[higgyburners]

Congratulations schmendrick ...Whoop it up on my dime. :Jeff '79:


According to the Social Security Administration, in 2023, Social Security took in approximately $1.35 trillion and paid out around $1.39 trillion, resulting in a net deficit for the program; with the majority of income coming from payroll taxes paid by workers and employers, split at 6.2% each.


By the time I retire the money I put in will be all gone....and does anyone really think todays kids will save the program....Nay Nay.

Like Lars said I would like to see a settlement check and let me plan for my own retirement. I have been working/putting in since 1984, If I retired at 67 that would be 52 years of paying into the program, obviously at different rates throughout my work history. As it is now I have put in 105k and Employers put in 108k. I will be 67 in 11 years.

[Craig]

Get my first deposit 3rd week of April. :woohoo:

[Wathen1955]

I started taking mine in July 2021 @66 and 3 months at my FRA. Pisses me off that I have to pay fed tax on it. Along with the deduction for Medicare, you loose a good chunk of your check.

[Frankie the Fink]

Many forget SS was called OASDI (Old Age, Survivors and Disability Insurance). It was never meant to be one's entire retirement plan. It was a 'floor' to provide a minimum safety net for people in those categories. Then they decided to tax it - twice... Finally, the myth that people would take that same amount of money deducted from their pay for SS and invest it wisely is laughable.

Some would. most would buy a new car with payments others would piss it away on bad investments and then the public would somehow be supporting them anyway when they got old of crippled.

Forbes has several examples of various income levels trying to match SS benefits through private investing and it would take a yearly return of a steady approx 8% to achieve it. IF those folks even had the discipline to invest all of it.

Some (many?) on here are wise enough to do that, but Joe 'Six-Pak', not likely.

[A/E]

Intere$t and Dividend$ . . . Supplement my Executive $alary

Still no Need to notify Uncle Sam for his Chump Change Handout when it Comes time for A/E's Eligibility

[bsmith]

Actually for most people* (including me) you get back everything you ever put into it in 8-10 years, not counting inflation over the decades. I read this somewhere and didn't believe it, so I did the math and it was correct, for my situation anyway. I've already gotten all of my "contributions" back.

If you look up your account on SS.gov (?) you will see the amount every year since you began putting it in, until your last year when it was taken out (last year of "earned income.")

Add it all up. Figure what you're getting now, increase it by 2-3% every year for the COLA, and estimate how many years it will take to get everything back.

Having said that, yes, it is a Ponzi scheme. After you get it all back, the current taxpayers (like Billy Badgie) will be footing the bill until you croak.


I think the argument against it is mostly the opportunity cost.
How much would you have had if you invested it?
"Getting back your money" isn't exactly a great deal after lending it to the government for 40-50 years.

I went to one of the events where GWB wanted to privatize SS probably 20 years ago...

[Jughead]

How much was your check?

[IB4TL]

123840


:waiting:

[frodo84]

It's a good thing GTrain (from the other place) isn't here, he'd be all over this.

[Frankie the Fink]

123840


:waiting:

Ok $1.9 million (as if most could achieve that) and investment folks say to stay at a 4% safe withdrawal rate with the principal invested conservatively to preserve it through a typical life span.

So, an annual income of $76,000/year, not the figure quoted. And some advisors say not to draw 4% during market downturns...

Again, the assumption that the average person will use discretionary income achieved by NOT having SS pay withdrawals for wise investment is a laugh.

Most people 10 years from retirement now average about $250,000 in savings - the median numbers are worse.

[Don Rickles]

1.....


:waiting:

Mine pays off in 5.9 years.

[ptindall]

It's a good thing GTrain (from the other place) isn't here, he'd be all over this.

It's a shame GTrain (from the other place) isn't here, he'd be all over this.

[Over140mph]

It's a shame GTrain (from the other place) isn't here, he'd be all over this.

PM him over there and invite him to the island. I'll do the same

[LATB]

123840


:waiting:

Isn’t half of that paid by the employer?

[Don Rickles]

Isn’t half of that paid by the employer?

What's an employer...?

I haven't received a W-2 since like '83

1099's ever since. :yesnod:

[04 commemorative]

When SS $ is taken out of your paycheck there are no taxes paid on that $. When you start getting SS you are then (most people) in a lower tax bracket and you then pay taxes on that $....at a lower rate then you would have back then.

Unless I'm wrong that is. Also when my father died they did not ask for his last check back. Maybet that changed too.

[Yadkin]

...not counting inflation over the decades..

Or lost investment opportunities.

I did the math several years ago. Invest that same amount (x2, since your employer is matching your "contribution"), minus some small amount to pay for disability insurance. After 45 years you would be able to retire at two to three times your working income, living on the interest alone. Upon death, the principal goes to whoever you designated.

[Yadkin]

When SS $ is taken out of your paycheck there are no taxes paid on that $. When you start getting SS you are then (most people) in a lower tax bracket and you then pay taxes on that $....at a lower rate then you would have back then.

Unless I'm wrong that is. Also when my father died they did not ask for his last check back. Maybet that changed too.

When my FIL dies they clawed the last month back. Same with my MIL.

[04 commemorative]

ok.

[Frankie the Fink]

When SS $ is taken out of your paycheck there are no taxes paid on that $. When you start getting SS you are then (most people) in a lower tax bracket and you then pay taxes on that $....at a lower rate then you would have back then.



Mmm....a little more complicated than that if you have other retirement income, there is now something called MAGI (Modified Adjusted Gross Income). Exceed that either as a single or a married person and IRMAA kicks in and Medicare Part B costs more for those folks. An unvoted for tax IMO.

One could say that's not strictly Social Security, but its damn closely related.

The theory being well off people can pay more for health benefits, to wit, same with VA medical beneifts.

SS (Medicare) and VA medical benefits both have become "wealth redistribution" schemes. That's fine but not my understanding of how things would work when I first got into both gov't "programs".

[04 commemorative]

Well, like the part you left out,I said I might be wrong :seasix:

[MikeB]

When SS $ is taken out of your paycheck there are no taxes paid on that $. When you start getting SS you are then (most people) in a lower tax bracket and you then pay taxes on that $....at a lower rate then you would have back then.

Unless I'm wrong that is. Also when my father died they did not ask for his last check back. Maybet that changed too.

They only take back any $$ deposited after death.
My wife died on the 31st.
I notified SS of her death on the 2nd or 3rd of the next month.
Her SS "benefit" was deposited on the 8th of the next month.
SS withdrew the deposit on the 9th.

I've been collecting SS since 2020. I do not have any income other than a small
(3k annual) annuity, and a few $K in interest. I live off my savings and SS for now. I have yet to take any 401K $$ out,
and I have paid $0.00 in taxes the last 4 years.

[Don Rickles]

Waiting until Full Retirement Age..

[bsmith]

PM him over there and invite him to the island. I'll do the same

he's a member here too...

GTRain

[dvarapala]

For January 2025.

So it comes 50 days after it should, then they round down to the next dollar.

So basically, FedCo says:
1. FU you have to pay into this ponzi scheme, or we'll take it anyway.
2. We know you can get a better return anywhere else, so FU.
3. Here it is 50 days late; FU.
4. When you die we'll claw back that last month; FU.
5. Those pennies you saved are now ours, so FU.

:spdchk:

GTRain says "you shouldn't be taking SS at all, so FU."

:D

[04 commemorative]

Waiting until Full Retirement Age..

So did my mom....after 1 check she dropped dead.

[KenHorse]

For January 2025.

So it comes 50 days after it should, then they round down to the next dollar.

So basically, FedCo says:
1. FU you have to pay into this ponzi scheme, or we'll take it anyway.
2. We know you can get a better return anywhere else, so FU.
3. Here it is 50 days late; FU.
4. When you die we'll claw back that last month; FU.
5. Those pennies you saved are now ours, so FU.

:spdchk:

I held off until I turned 70 to take SS (for maximum benefit); my Bday is in October. I applied in September, first auto deposit happened in November.

Now, payment is received around the middle of every month.

[Sea Kelp]

I have no doubt that most here could handle that money and invest it well enough to make more than .gov does. However, I always figured it has to be the way it is because the vast majority of American’s are pretty sad when it comes to handling $$, those are the people it stays at status quo to benefit. Not saying there is not a better way, I just know that when I see the #’s pertaining to average Americans credit card debt vs savings, it is a little worrisome.

[Onebadcad]

Good for you, now stop buying rot gut and get some classy shit, like this, $8.00 for a fifth, doubles as a degreaser:

https://www.totalwine.com/dynamic/490x/media/sys_master/twmmedia/hf0/hd9/11393437073438.png

[Frankie the Fink]

Well, like the part you left out,I said I might be wrong :seasix:

You aren't wrong and you also said "most people" - I just clarified for the 'other' people. Many here have gotten with the MAGI / IRMAA thing this year because they have a bit of money.

[Frankie the Fink]

I have no doubt that most here could handle that money and invest it well enough to make more than .gov does. However, I always figured it has to be the way it is because the vast majority of American’s are pretty sad when it comes to handling $$, those are the people it stays at status quo to benefit. Not saying there is not a better way, I just know that when I see the #’s pertaining to average Americans credit card debt vs savings, it is a little worrisome.
That is the sad truth... A huge majority of people will not defer current pleasure for future benefit - so they spend all they get.

[DAB]

how much you pay in and how much you get back out is not a linear function.

i'll get all mine back sometime in late 2026/early 2027

[Frankie the Fink]

And by not taking SS early you get a simple (NOT compounded) interest rate of 8% for every year you delay. That's a damn nice, guaranteed return.

But, its a personal decision based on projected longevity, how badly one needs the money now, etc...

[dvarapala]

Waiting until Full Retirement Age..

My plan is to wait until FRA or I get sick of my job, whichever comes first. ;)

[Swany00]

there is a reason they try to convince you to take it later, as the average lifespan of Americans gets shorter....

[dvarapala]

But, its a personal decision based on projected longevity, how badly one needs the money now, etc...

More specifically, healthy longevity. You want to retire early enough so that you maximize the number of healthy years you can suck on the government teat. :thumbs:

[dvarapala]

how much you pay in and how much you get back out is not a linear function.

i'll get all mine back sometime in late 2026/early 2027

Did you include inflation in your calculations? :waiting:

The dollars you put in back in 1953 are worth a lot more than the last few dollars you paid in. Your break-even might extend out a little farther than you thought. :D

[DAB]

actually, i'm getting payments based on Linda's work record, i'll switch to mine at 70 (it'll be higher), according to their records, i put in about 80k over time, and employers matched that. i'm getting over 23k/year now.

[KenHorse]

there is a reason they try to convince you to take it later, as the average lifespan of Americans gets shorter....

I don't need the money so waiting for FRA was no big deal.

[Frankie the Fink]

More specifically, healthy longevity. You want to retire early enough so that you maximize the number of healthy years you can suck on the government teat. :thumbs:

Fair point, collecting SS checks when you are down to coloring books and Depends isn't a pleasant outlook...

At 65 I was still working a lucrative consulting gig and rebuilding the suspension of my split window...so no early SS for me...

[The_Dude]

welfare recipients

[Unsuspicious]

there is a reason they try to convince you to take it later, as the average lifespan of Americans gets shorter....

Eh, since that figure includes all the drug overdoses that take away people who didn't contribute much and aren't there to collect, it might be a wash.

[GTOguy]

When my FIL dies they clawed the last month back. Same with my MIL.

My mom and dad as well. It really helped with the mourning process. Heartless bastards.:sadangel:

Why did you wait so long, Yaddie? I'm 2 years your junior and have been collecting for almost 2 years now. Almost 50k.

[Yadkin]

Waiting until Full Retirement Age..

I did the math and that didn't make sense to me. Make yourself a spreadsheet and do some scenarios where you invest that money and see how much it grows, vs. not having it.

[Yadkin]

GTRain says "you shouldn't be taking SS at all, so FU."

:D

Tell him to get back to work. :D

[Yadkin]

Good for you, now stop buying rot gut and get some classy shit, like this, $8.00 for a fifth, doubles as a degreaser:

https://www.totalwine.com/dynamic/490x/media/sys_master/twmmedia/hf0/hd9/11393437073438.png

https://evanwilliams.com/images/bottles/ew-black-20.png?ver=2

Good enough for me. :seasix:

[Yadkin]

My mom and dad as well. It really helped with the mourning process. Heartless bastards.:sadangel:

Why did you wait so long, Yaddie? I'm 2 years your junior and have been collecting for almost 2 years now. Almost 50k.

I was making too much money working, and would have had to pay taxes on my SS income.

[GTOguy]

Evan Williams is an excellent product for the $$. Half the price of Jack Daniels or Jim Beam and far, far better. As is Benchmark, of all varieties. From $10 to $22 per bottle, just really good value.

As for 'I'm going to wait for full retirement age'---my 'break even' age was 79. My dad died at 79. Two friends of mine who were 'waiting for 'full retirement age' died this month. One was 64, the other was 65. Both in their sleep, both from un-diagnosed heart conditions. Neither on of them or their families got a dime.

No, I'd rather collect the couple hundred thousand while I can still either do fun things with it, or invest it to outperform what the full amount would have been.

SS counts on you waiting....and dying...so they don't have to pay. The average number of SS checks collected is 18. A year and a half.

Good luck, guys.

[6spdC6]

I took early retirement from my construction union at age 55 and went on a pension. At 62 I started getting my SS. I could have waited and got the full amount but to be honest I do not trust the goverment. You never know what bullshit they may pull. Also you do not know how long you are going to live.

I also played the stock market from long before the Exxon Valdez incident and used that as a retirement source of money. The more eggs in the basket the better.

As I'm now 79 I have got back the money that was taken from me my whole working life that started at age 15.
I made good money at my trade so my SS payout is decent.

[GTOguy]

I took early retirement from my construction union at age 55 and went on a pension. At 62 I started getting my SS. I could have waited and got the full amount but to be honest I do not trust the goverment. You never know what bullshit they may pull. Also you do not know how long you are going to live.

I also played the stock market from long before the Exxon Valdez incident and used that as a retirement source of money. The more eggs in the basket the better.

As I'm now 79 I have got back the money that was taken from me my whole working life that started at age 15.
I made good money at my trade so my SS payout is decent.

Well played!!

I retired at 60 on a pension. Like yourself, I prepared for retirement early on (in my 20's) firmly believing SS would be long gone by the time I was eligible. Well, the decades went by and here we are. SS is icing on the cake at this point. It's amazing what a life-long work ethic and living within your means will do for you in your retirement. :cert:

[Yadkin]

I could never work "for the man" long enough to receive any pension.

The three years that I drove a bus for UMass Transit came up during my SS interview. They needed to know if I was receiving any pension for that. So long ago, I don't remember if it was part of my employment agreement or not- I doubt it.

Anyway, SS intended to reduce my benefit if I was receiving pension form another .gov agency. Even if it was a state.

[dvarapala]

I was making too much money working, and would have had to pay taxes on my SS income.

This is the first smart thing I've ever heard of you doing. :D

[Don Rickles]

I was making too much money working, and would have had to pay taxes on my SS income.

Why I’m waiting….. At the 32% tax bracket so it makes absolutely no sense to start now.

[KenHorse]

I was making too much money working, and would have had to pay taxes on my SS income.

That's no longer a thing when you reach FRA (or is it as of 2025? I don't remember the details)

[6spdC6]

Well played!!

I retired at 60 on a pension. Like yourself, I prepared for retirement early on (in my 20's) firmly believing SS would be long gone by the time I was eligible. Well, the decades went by and here we are. SS is icing on the cake at this point. It's amazing what a life-long work ethic and living within your means will do for you in your retirement. :cert:

Back at you!-:cert:

[Jughead]

I was making too much money working, and would have had to pay taxes on my SS income.

You'll have to pay taxes on it whenever you start receiving.

You're supposed to be in a lower tax bracket when your retire? Didn't happen to my wife & I. Same tax bracket....no change.

[Unsuspicious]

You'll have to pay taxes on it whenever you start receiving.

You're supposed to be in a lower tax bracket when your retire? Didn't happen to my wife & I. Same tax bracket....no change.

Combined income Taxable amount of Social Security income
Less than $25,000 0%
$25,000–$34,000 Up to 50%
Greater than $34,000 Up to 85%

Slightly higher if filing married.

I guess the longer you wait to take your SS checks, the longer you have to wind down your income.

I think with my generation being able to take advantage of ROTH accounts, I can probably get away with staying under that max in officially reported income so I wouldn't be taxed at the highest rate on my SS Income, but then again it's entirely possible by then that SS isn't taxed at all or the program has gone tits up entirely.

[Frankie the Fink]

You'll have to pay taxes on it whenever you start receiving.

You're supposed to be in a lower tax bracket when your retire? Didn't happen to my wife & I. Same tax bracket....no change.

That's fine until you have to take regular distributions from retirement accounts at age 73 and above....now wife and I got kicked into a higher bracket...

[Jughead]

That's fine until you have to take regular distributions from retirement accounts at age 73 and above....now wife and I got kicked into a higher bracket...

Yeah, I have to start taking RMD this year.........yeah, yeah, poor me.

:sad:

[GTOguy]

You'll have to pay taxes on it whenever you start receiving.

You're supposed to be in a lower tax bracket when your retire? Didn't happen to my wife & I. Same tax bracket....no change.

My tax bracket went way up when I retired because my income did. By more than double. It sucks. But my tax guy says "If you pay a lot of taxes, it means you made a lot of money."
I was used to years of breaking even. Now it's a ton of money, with 'estimate' payments to the IRS 4 times during the year.

[GTOguy]

That's fine until you have to take regular distributions from retirement accounts at age 73 and above....now wife and I got kicked into a higher bracket...

Time to buy that '61 Corvette you always wanted. Can't drive your money. :seasix:

[BRUIZER]

I did the math and that didn't make sense to me. Make yourself a spreadsheet and do some scenarios where you invest that money and see how much it grows, vs. not having it.

When was the last time the feds increased allowable earnings any significant amount pre FRA? The $25k number (aprox), seems like a scam and has in no way kept up with inflation

[GTOguy]

When was the last time the feds increased allowable earnings any significant amount pre FRA? The $25k number (aprox), seems like a scam and has in no way kept up with inflation

When I got my SS two years ago the 25k number was still in play. I agree, BS, since it was that number back in the 90's when my dad started to collect. One reason I decided not to moonlight after I retired....it was punitive to do so.

[JRD77VET]

Many forget SS was called OASDI (Old Age, Survivors and Disability Insurance). It was never meant to be one's entire retirement plan. It was a 'floor' to provide a minimum safety net for people in those categories. Then they decided to tax it - twice... Finally, the myth that people would take that same amount of money deducted from their pay for SS and invest it wisely is laughable.

Some would. most would buy a new car with payments others would piss it away on bad investments and then the public would somehow be supporting them anyway when they got old of crippled.

Forbes has several examples of various income levels trying to match SS benefits through private investing and it would take a yearly return of a steady approx 8% to achieve it. IF those folks even had the discipline to invest all of it.

Some (many?) on here are wise enough to do that, but Joe 'Six-Pak', not likely.

Read the bolded

That's why Social Security is only to considered a partial portion of your retirement income.

My wife has a 403b from the hospital she'll work at another week and I have a 401k.

Plan ahead or scrimp in your retirement years.

[Humanoid 3.0]

Read the bolded

That's why SSI is only to considered a partial portion of your retirement income.

My wife has a 403b from the hospital she'll work at another week and I have a 401k.

Plan ahead or scrimp in your retirement years.

SSI is Supplemental Security Income, SSI is a program that provides monthly payments to people with disabilities, blindness, or limited income and resources

[tjfontaine]

July it will be 10 years for me ... I took it at 62 even though I didn't need it ... you just never know how long you will live right? I have a very generous pension so wifey and I stuck our SS into some nice indexed stock funds. With the money I made I would have to live a long time to break even for having waited until FRA when I took it.

[Yadkin]

When was the last time the feds increased allowable earnings any significant amount pre FRA? The $25k number (aprox), seems like a scam and has in no way kept up with inflation

I remember when my late FIL started collecting it. He met with a clerk at the SS office and she told him about the FRA. As I recall it was (about) $25k back then. He responded to her "as of today, my sole proprietorship is officially terminated."

A craftsman cabinet maker, he had a list of very good clients who then paid him in cash until he was ready to no longer work.

[dvarapala]

You'll have to pay taxes on it whenever you start receiving.

Until Trump keeps his promise. ;)

[Jughead]

Until Trump keeps his promise. ;)

:thumbsup:

[Frankie the Fink]

Read the bolded

That's why Social Security is only to considered a partial portion of your retirement income.

My wife has a 403b from the hospital she'll work at another week and I have a 401k.

Plan ahead or scrimp in your retirement years.

Retirement should be a 3 legged stool (bad analogy maybe) including SS, your own separate funds or accounts and any inheritance. I didn't inherit squat so its my SS and pension; I rarely touch our stock portfolio. We could live off the portfolio too if that's all we had.

And I told the wife that now in our 70s, I don't care if we spend every dime every month.....upon reflecting telling her that might have been a mistake.

[snide]

Retirement should be a 3 legged stool (bad analogy maybe) including SS, your own separate funds or accounts and any inheritance. I didn't inherit squat so its my SS and pension; I rarely touch our stock portfolio. We could live off the portfolio too if that's all we had.

And I told the wife that now in our 70s, I don't care if we spend every dime every month.....upon reflecting telling her that might have been a mistake.

My wife would have accepted that challenge. :yesnod: :ack:

[04 commemorative]

A friend of mine who is also a Funeral Director told me that when you die, if you have any money left over....you figured wrong !

[Frankie the Fink]

My wife would have accepted that challenge. :yesnod: :ack:

Mine too - I try to beat her to the mailbox every day to throw out ads for clothing, exotic cruises, travel brochures...jewelry.:)

As to outside work - I first took SS early at 62 thinking when I quit working in Washington DC and settled in Florida I was done consulting. But my clients weren't done with me. They offered me my DC hourly rate to work full time sitting around my pool.

As it turns out (and it may have changed) you can unretire within the first year you start getting SS benefits if you pay all the money you received back to them. This allowed me to avoid the SS hit from working before FRA.

I did that then FULLY retired and went on SS again at 65 which gave me 3 years of 8 % annual interest for my benefits.

[Big bob]

My wife would have accepted that challenge. :yesnod: :ack:

Retirement should be a 3 legged stool (bad analogy maybe) including SS, your own separate funds or accounts and any inheritance. I didn't inherit squat so its my SS and pension; I rarely touch our stock portfolio. We could live off the portfolio too if that's all we had.

And I told the wife that now in our 70s, I don't care if we spend every dime every month.....upon reflecting telling her that might have been a mistake.


You're very lucky men to have them. I would give anything to have mine.:sadangel:

[Frankie the Fink]

You're very lucky men to have them. I would give anything to have mine.:sadangel:

No kidding.

55 years together and she has her 'play' budget and I have mine - for anything we want. I joke about hers and she about mine. Mine used to be classic car parts but now its tech items and music gear.

[BRUIZER]

What does ss consider "income"?
If you quit physically working but take withdrawals of say 401k's, IRA's, other investment streams like rental property income etc? Technically it's not "wages".
I can't seem to get a straight answer from anyone.

Edit: found this. But still doesn't give much details.

The amount depends on your filing status and combined income for the year. Combined income is your adjusted gross income (AGI) without considering Social Security income, plus earnings from nontaxable interest, plus half of your Social Security benefits—and your spouse's if filing a joint return. (AGI generally comprises wages, interest, investments gains, dividends, and taxable distributions from retirement plans, minus certain adjustments to income.)
Damn..gotta make a call I suppose. With medicare premiums being affected by prev two yrs income as well, I guess you either lower your taxable income to poverty status or pay tripple for medical. Damn....seniors are scrutinized more than illegals it appears.

[Swany00]

getting taxed on your return needs to go the **** away, that's absolute bullshit. It's not income, it's an overpayment

[Frankie the Fink]

What does ss consider "income"?
If you quit physically working but take withdrawals of say 401k's, IRA's, other investment streams like rental property income etc? Technically it's not "wages".
I can't seem to get a straight answer from anyone.

Edit: found this. But still doesn't give much details.

The amount depends on your filing status and combined income for the year. Combined income is your adjusted gross income (AGI) without considering Social Security income, plus earnings from nontaxable interest, plus half of your Social Security benefits—and your spouse's if filing a joint return. (AGI generally comprises wages, interest, investments gains, dividends, and taxable distributions from retirement plans, minus certain adjustments to income.)
Damn..gotta make a call I suppose. With medicare premiums being affected by prev two yrs income as well, I guess you either lower your taxable income to poverty status or pay tripple for medical. Damn....seniors are scrutinized more than illegals it appears.

You have NO idea what a bullet we dodged this election.
Look into what Biden & Co. wanted to do with "unrealized gains" - scary.

[BRUIZER]

You have NO idea what a bullet we dodged this election.
Look into what Biden & Co. wanted to do with "unrealized gains" - scary.

Yeh that was scary when they started down that road. I think I have ptsd from all the rhetoric and thinking about eventual devastating impacts on many.

[Unsuspicious]

getting taxed on your return needs to go the **** away, that's absolute bullshit. It's not income, it's an overpayment

Government logic- it was a tax taken out of your paycheck pre-tax, so you never paid tax on the tax, so now you get a trickle feed of tax returns that still owe tax

[Humanoid 3.0]

getting taxed on your return needs to go the **** away, that's absolute bullshit. It's not income, it's an overpayment

I never heard of getting taxed on your return, how does that happen?

[GTOguy]

You have NO idea what a bullet we dodged this election.
Look into what Biden & Co. wanted to do with "unrealized gains" - scary.

When I was at a family reunion 3 years ago with al of my liberal cousins and aunts and uncles, I was cornered at the dinner table with what I saw wrong with the Obama and Biden administrations. Was I racist? These are all academic people---lawyers, doctors, professors, scientists. A very 'bright' group.

My simple answer to them was--'I believe that punishing productive people for being productive by robbing them in order to reward those who are not productive was no way to run a country.'

They told me about how socialism was probably the best solution.
I was the only one out of 21 people who worked with his hands for a living.

I countered with how socialism has never worked out in the real world. There are the haves, who have most, and the have nots, who outnumber the haves by 500 to 1 who have nothing. Communism steals man's ambition ad kills his dreams to live a life of dull complacency.

They didn't say a thing. The subject was changed and we finished the meal.

[SurfnSun]

Wow the income cap jumped another 7,500 this year, now sitting at 176,500

This is ridiculous. Its a sneaky way to tax us more. Look at these increases.

Maximum Taxable Earnings Each Year
Year Amount
2015 $118,500
2016 $118,500
2017 $127,200
2018 $128,400
2019 $132,900
2020 $137,700
2021 $142,800
2022 $147,000
2023 $160,200
2024 $168,600
2025 $176,100

Thats almost a 49% increase in a decade

[Jughead]

I’m sure it’s just raised to keep in step with inflation.

:leaving:

[DAB]

Wow the income cap jumped another 7,500 this year, now sitting at 176,500

This is ridiculous. Its a sneaky way to tax us more. Look at these increases.

Maximum Taxable Earnings Each Year
Year Amount
2015 $118,500
2016 $118,500
2017 $127,200
2018 $128,400
2019 $132,900
2020 $137,700
2021 $142,800
2022 $147,000
2023 $160,200
2024 $168,600
2025 $176,100

Thats almost a 49% increase in a decade

3.66% per year on average

[Swany00]

I never heard of getting taxed on your return, how does that happen?

State of California, not federal

[Humanoid 3.0]

State of California, not federal

**** that