Social Security - Page 5

Yadkin · 05-01-2024, 9:03am

Quote:

Originally Posted by Bruze

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.

When the shit hits the fan and you need a bag of groceries or a tank of gas, gold will be useless because no one will have change. I have a small amount of one once silver coins for that purpose.

Mick · 05-01-2024, 9:41am

Quote:

Originally Posted by Bruze

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

I didn't call anyone a liar. I stated fact.

Quote:

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.

This is partially true. You cannot collect a SS benefit if you do not enroll with medicare when at the appropriate age, 65 for most of us. Medicare penalties will only be charged if you apply after your appropriate age.

If you are a billionaire, and don't want to apply for either SS or medicare, don't, nothing bad will happen to you, unless you decide later you want to get into one program or both.

Steve_R · 05-01-2024, 9:44am

Quote:

Originally Posted by Yadkin

When the shit hits the fan and you need a bag of groceries or a tank of gas, gold will be useless because no one will have change. I have a small amount of one once silver coins for that purpose.

If the SHTF that bad, you think you'll be able to buy groceries or gas with silver coins?

Guns >>> silver coins when the SHTF

GTOguy · 05-01-2024, 11:03am

Quote:

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.

This^^^. I did the math and took mine as soon as I could at 62. The 'break even' point for me is age 79. Assuming I don't invest a penny of the 2k I now get every month. I don't plan on beginning my life at age 79. My dad died at that age. Instead, I'll use the extra coin for fun. A 'playcheck'. I have 401 money and other investments I have not touched and don't need to touch, but will have to figure out what to do with it eventually.
The government wants you to wait to take SS because it is to their advantage, period. I can't count the people I knew who died between 62 and 67.5, never collecting a penny of what they contributed for decades.

GTOguy · 05-01-2024, 11:09am

Quote:

Originally Posted by Steve_R

If the SHTF that bad, you think you'll be able to buy groceries or gas with silver coins?

Guns >>> silver coins when the SHTF

Exactly. Had a co-worker (liberal) bragging right before Y2K that he had a side of beef in the freezer and a bunch of MRE's, etc.
He was putting down another co-worker for not 'prepping'.
Other co-worker simply stated "I have several Mausers and thousands of rounds of ammo. And I'm coming over to your house if it hits the fan."

Hard truths. I watched one old couple who were preppers, and they have a bunker full of thousands of bottles of booze. Maybe tens of thousands. Been buying it for 20+ years. Non drinkers, both of them. Their argument is that nobody will barter for gold or money (useless) but booze will always be in demand. I agree with them.

GTOguy · 05-01-2024, 11:57am

Quote:

Originally Posted by Red Baron

You could pack it all up, and move to Portugal on a D-7 Visa. Now you would be taxed between 14 and 48 percent(probably 48% unless the 85/15 principal is available to you where you only pay taxes on 15% of your earnings, but that's kind of a grey area). Portugal has amazing sights to see, and it is the gateway to Europe. Planes, trains, and wrong way automobiles could be in your future. You might have to consult the Magic Eight Ball for more precise answers to your questions, but I can help you conjure them up.

I actually checked into this last year. It is a possibility, and easily doable. I just am entrenched in the car culture here. And she likes it here, as well. But I'm starting to get antsy. I was born in Europe and have been back. I like the way Spain and Portugal look these days.

dvarapala · 05-01-2024, 1:05pm

Quote:

Originally Posted by KenHorse

What does the Federal Railroad Administration have to do with it?

dvarapala · 05-01-2024, 1:07pm

Quote:

Originally Posted by GTOguy

The government wants you to wait to take SS because it is to their advantage, period. I can't count the people I knew who died between 62 and 67.5, never collecting a penny of what they contributed for decades.

@GTRain to the White Courtesy Phone...

dvarapala · 05-01-2024, 1:08pm

Quote:

Originally Posted by Steve_R

If the SHTF that bad, you think you'll be able to buy groceries or gas with silver coins?

Guns >>> silver coins when the SHTF

What about bottle caps?

Raise your hand if you get that reference.

dvarapala · 05-01-2024, 1:11pm

Quote:

Originally Posted by Yadkin

I think the system is going to go belly up, cut benefits 25% in 2033 or so.

They should, but they won't. Boomers vote and they won't stand for it.

dvarapala · 05-01-2024, 1:16pm

Quote:

Originally Posted by DAB

i can assure you, your SS check will be taxed if you have any other decent income, including dividends and cap gains.

What is all your other income is from a Roth IRA?

GTOguy · 05-01-2024, 1:49pm

Quote:

Originally Posted by dvarapala

They should, but they won't. Boomers vote and they won't stand for it.

And late boomers like myself had been paying into it for years when we got the goalpost moved from 65 to almost 68. Asswipes. You can BET we won't stand for it.

Big bob · 05-01-2024, 1:58pm

Quote:

Originally Posted by Steve_R

If the SHTF that bad, you think you'll be able to buy groceries or gas with silver coins?

Guns >>> silver coins when the SHTF

If SHTF you would be the only idiot standing around the store trying to buy shit. Oh that's right your ass would be hidden behind your wife.

GTOguy · 05-01-2024, 2:39pm

Quote:

Originally Posted by Big bob

If SHTF you would be the only idiot standing around the store trying to buy shit. Oh that's right your ass would be hidden behind your wife.

Kevin68 · 05-01-2024, 2:42pm

Quote:

Originally Posted by LATB

I'm taking it next year at FRA. I waited because of taxable income would trigger taxation on the SS. And as I understand it, the SS will not be taxed after reaching FRA.

SS benefits are subject to federal income taxes after FRA if your combined income (AGI, non-taxable interest and SS). Between $32-44K 50% of your benefits are taxable, and after $44K 85% of the benefits are taxable. This is for MFJ.

Before FRA, the difference between your earnings and $22,320, your benefit are reduced by $1 for every $2 you earn. ($1/$3 if you work after FRA). That $22K number rises to ~$59K in the year before FRA. Adding to your working years might increase benefits after you fully retire even though your benefits are reduced while working.

None of this is to say that what you are doing does or doesn't make sense. My main point is that you are mistaken if you think your SS benefits are not taxed after FRA unless you are very poor.

Mick · 05-01-2024, 2:49pm

Quote:

Originally Posted by GTOguy

And late boomers like myself had been paying into it for years when we got the goalpost moved from 65 to almost 68. Asswipes. You can BET we won't stand for it.

No one's Normal Retirement Age has been moved past 67.

https://www.ssa.gov/oact/progdata/nra.html