Thread: Social Security

^In my case, I have no complaints, as SS was never deducted from my salary for the entirety of my 28 years in the USG.

See post below.

It appears you and Davis got screwed by the SS system. I do know that government pensions, of any kind, used to be pretty nice, but it seems they just keep reducing things. Just does not seem right to me, but there ya go.


^
Just saw your last post Davis and maybe you did not get screwed if you did not pay anything in. I paid the maximum for each year SS used to calculate my benefits which is why I get quite a bit more than you. At least I am being paid back some of the money they took out of my salary each year.

^I get a bunch of bucks every month. I never calculated SS into my planning, as I never expected anything. That I get a taste is nice. I'm still unclear why I get anything, but SS assures me I "earned it". All good.

Originally Posted by rickschoppers

At least I am being paid back some of the money they took out of my salary each year.

Yeah... on a devaluated USD, they get you on both ends.

The old in and out.

Originally Posted by Mr Earl

Yeah... on a devaluated USD, they get you on both ends.

How so? The weaker baht is helping quite a bit compared to previous years.

Originally Posted by rickschoppers

At least I am being paid back some of the money they took out of my salary each year.

You look at the numbers of what they took and what you get back and, if they're anything like mine, you'll see that SS is a good deal, at least until Ronnie screwed with people who work for any form of government except Military, apparantly.

Without SS, I would not be here and would still be working so I am not really complaining. My plan B has always been to go back to the US and re-enter the rat race, but let's hope that does not happen..

I will only be dragged back into the rat race kicking and screaming.

^

Originally Posted by Humbert

Originally Posted by Mr Earl

Yeah... on a devaluated USD, they get you on both ends.

How so? The weaker baht is helping quite a bit compared to previous years.

Not talking about baht vs USD.

When you pay in your SS taxes, the dollar has a certain value. When you reach retirement age and draw out the dollar is weaker and buys less in the USA.

You do know the Federal Reserve is systematically devaluing the currency don't you?

Forbes Welcome

Rather shocking how many Americans haven't any grasp how badly they are being fucked.

^
And of course the same thing is not happening where you come from. Where is it not happening? It just depends on how deep the penetration is.

Originally Posted by Davis Knowlton

I'm still unclear why I get anything, but SS assures me I "earned it"

You paid into SS when in the military. I did. You would get some SS benefit based on what you paid in.

Originally Posted by rickschoppers

^
And of course the same thing is not happening where you come from. Where is it not happening? It just depends on how deep the penetration is.

It's more like how you yourself can game the system.

I'm American and that's the 'American Way'. You study the angles and work them to your advantage.
I did well riding specific trends in real estate and working independently. I wasn't what you would call conventional.

But as I can see it the average wage earner paying into SS, is fucked over and scammed by an inherently fraudulent and dishonest system.

I'm sure a great many Americans have tales of SS crooks and stories of the honest ones being fucked over.

I paid into SS minimally for a few years, so I qualify, and when the time comes I'll be collecting the SS as early as possible. I'd rather have the money in my hands not the government's.

Originally Posted by Norton

Originally Posted by Davis Knowlton

I'm still unclear why I get anything, but SS assures me I "earned it"

You paid into SS when in the military. I did. You would get some SS benefit based on what you paid in.

Couldn't have been much, as my total earnings for my three years in the Army was slightly over $6,000. I also worked construction now and then, and in bars while in college - some of that was on the books. In any case, I'm quite satisfied with what I'm getting.

Originally Posted by Davis Knowlton

Couldn't have been much, as my total earnings for my three years in the Army was slightly over $6,000. I also worked construction now and then, and in bars while in college

All adds up. "You earned it".

Originally Posted by Davis Knowlton

^In my case, I have no complaints, as SS was never deducted from my salary for the entirety of my 28 years in the USG.

My understanding is one needs 40 quarters (10 years) to qualify for SS. You got three years in the military and you must have had 7 years of civilian employment somewhere. And no it wouldn't be much.

You're affected by the "Windfall Elimination Provision" ... That applies to anybody whose employer doesn't withhold FITW.

And I've confirmed federal retirees under FERS will not have their SS benefits reduced.

Google "Windfall Elimination Provision" and the very first link is a PDF form from the SSA.

[quote=Storekeeper;3240103]

Originally Posted by Davis Knowlton

^In my case, I have no complaints, as SS was never deducted from my salary for the entirety of my 28 years in the USG.

My understanding is one needs 40 quarters (10 years) to qualify for SS. You got three years in the military and you must have had 7 years of civilian employment somewhere. And no it wouldn't be much. ]

This is where my confusion sets in. Three years military paying in. Construction and bar jobs while in school don't come close to making up the remaining 7 years I would need. Might total three or four years. Other than that, I've been self-employed for the past 16 years. Never paid any tax on money made nor was SS deducted as it was all covered as tax free under the Foreign Earned Income exclusion.

So, I have no idea how I qualified.

^ Me neither mate ...

I got it now Davis ... we all earn a maximum of 4 credits per year. It's not based on working a full calendar year but on how much you need to pay in to earn a credit:

* Before 1978 you got a credit even if you only earned $50 in a 3 month period whereas in 2016 it's $1260. So in 2016 once you've earned $5040 you've got your 4 credits for the year.

Interesting conversation. I plan on taking SS at 62. Why not? Get it while I can. Will it still be there when I'm ready to draw? Who knows. A friend was doing some research and he said you can pay back all SS you've drawn from 62 to 67 and then get the full benefit amount. I didn't read it but he did somewhere.

I have not gotten the detailed leter since 2010. I should look into it but am years away and don't really count on it as an absolute. I do know I pay my share and have supported lots of scammers, just the way it is but who the hell could be jelous of someone living on jack all. Mr T would say "I pitty the fool."

I do feel happy when they stop taking it out due to the income cut off but the limits will change to higher amounts as more people live longer. Every year the clock resets and I get taxed to hell till the limit is reached again. Im not complaining at all. It's got to suck to try to live on SS but it's all many have as they have not managed to earn and save for retirement.

I heard on NPR this morning that the average American has about 5000usd in savings. IT could be worse though , could be an average person in th UK. I heard they have about 500euros in savings. Quite sad indeed.

Originally Posted by Davis Knowlton

Couldn't have been much, as my total earnings for my three years in the Army was slightly over $6,000. I also worked construction now and then, and in bars while in college - some of that was on the books. In any case, I'm quite satisfied with what I'm getting.

I receive an annual statement form SS that itemizes the years I worked and what I earned each year. I haven't applied yet, so maybe yours stopped when you began receiving benefits.

^I used to sporadically get one, but haven't in some time and didn't keep any of the old ones.

Davis, you can actually go online and look at SS website to see all you records. All you need to do is open a personal account by giving SS# and user name along with a password. You can print out all your records that way.