"Your" Social Security (Baltimore, Chance: 2014, renting, mortgage)

[debold4215]

It took me 2and 1/2 years to collect "MY" Social Security. I decided to retire at 59 and a 1/2 and work part time. I applied for SS in Baltimore and was told I was not eligible for SS. I appealed this decision and was turned down again. I had read the rules governing SS and thought I was within the guide lines and appealed SS decision outside of Maryland and eventually was granted benefits but not until I was almost 65. SS paid me back income for about 8 months saying that they could not go back to previous years. I really didn't get to retire until I was 65. The problem was that the staff in Baltimore just did not know what they were talking about. Even their supervisor did not understand the law. So if you are planning to retire realize that SS benefits are not "yours". Those funds are owned by the Federal government and they will do and continue to do anything they can to keep you from getting your money. Most of you are aware of the recent changes in SS because these funds are running low. One of the biggest problem is that money is being taken out of the SS pot to fund other government programs by politicians thereby lessening the funds going towards SS benefits. If you are already retired you also know that no increase in SS income was granted this year because gas prices were down. I don't know about you but I don't spend my entire SS benefit on gas. This is just another way of the government keeping "our" money.

[North Beach Person]

Why were you declared ineligible, did you have years under the old Civil Service Retirement?

[Chance and Change]

the problem is, there should be no limit on what additional income a person can earn once they turn 62 and want to collect. It's insane that so much % if lost if one does not wait till they are 67.
The days are long gone of people being able to retire at 55, and even at 62, if one is healthy and still able and want to work, they have to forego their SS if they don't want to be limited to earning only 15K. It's almost like a controlled program to keep people barely at or above poverty, where they can't continue a middle class life if they elect to get their money at 62. It's almost a structured program to limit ones income, UNLESS they have big investments that pay big dividens. Think of all the people who made minimum wage their whole life or barely above, they are truly strapped.
But reality is, those jobs were necessary jobs that help society function, even when society has so little respect for the jobs or the people doing them.

But these same people who deny benefits and put such stress on the low wage people, would be the same ones complaining if their hotel room was not cleaned, or no one washed the dishes at their favorite eatery, or no one cleaned the building at their office of cleaned the restroom at the place they work. They'd be FURIOUS, but they have such little respect for these jobs and the people who do them.
next, Medicare and Medicaid should be available the day one collects their social Security, not all this additional paperwork and running through needless submission of the same paper work to multiple agencies. In the age of computers, all this data should be on data bases that can actually share info and inter-transfer data.

Maybe the system will never be fixed, because the congressional people truly don't care, because it does not directly affect them. But if their pensions were directed from social security and medicare and medicaid was their only options for medical when they retire, not only would they fix them, but they'd make sure the funding was there for the next 200 yrs.

[goldenage1]

Originally Posted by debold4215

It took me 2and 1/2 years to collect "MY" Social Security. I decided to retire at 59 and a 1/2 and work part time.

As I understand, the only way one can collect at 59.5 is that you are the widow or widower of a deceased worker. You have to have been legally married for a certain length of time, and the worker also has to have enough credits (I think 10 years).

They may have been legitimate reasons for the initial denial, so I can't get too upset.

BTW, I retired at 62 with no problem.

[Flamingo13]

This isn't a Maryland thread..... It's a Social Security thread.

[AeroGuyDC]

Originally Posted by debold4215

It took me 2and 1/2 years to collect "MY" Social Security. I decided to retire at 59 and a 1/2 and work part time. I applied for SS in Baltimore and was told I was not eligible for SS. I appealed this decision and was turned down again. I had read the rules governing SS and thought I was within the guide lines and appealed SS decision outside of Maryland and eventually was granted benefits but not until I was almost 65. SS paid me back income for about 8 months saying that they could not go back to previous years. I really didn't get to retire until I was 65. The problem was that the staff in Baltimore just did not know what they were talking about. Even their supervisor did not understand the law. So if you are planning to retire realize that SS benefits are not "yours". Those funds are owned by the Federal government and they will do and continue to do anything they can to keep you from getting your money. Most of you are aware of the recent changes in SS because these funds are running low. One of the biggest problem is that money is being taken out of the SS pot to fund other government programs by politicians thereby lessening the funds going towards SS benefits. If you are already retired you also know that no increase in SS income was granted this year because gas prices were down. I don't know about you but I don't spend my entire SS benefit on gas. This is just another way of the government keeping "our" money.

Are you a Maryland liberal?

[Richard Martin]

Originally Posted by debold4215

Those funds are owned by the Federal government and they will do and continue to do anything they can to keep you from getting your money. Most of you are aware of the recent changes in SS because these funds are running low.

Two things.

The Federal government does not own the Social Security Trust Fund. The Federal government cannot just take the funds and do as they please. They may borrow from the fund (physical paper securities are actually given to the Trustees of the SSTF in exchange for the borrowed funds) but if the SSTF needs the money back then the Federal government must return it.

The SSTF is actually running a surplus at this time and is expected to do so until 2020. Then the fund balance will start being depleted until about 2035. In 2035, either the benefits must be reduced or the contributions must increase. This is the only responsible way to handle the SSTF.

The SSTF cannot borrow money to keep the fund afloat. Unlike just about every other pension fund in the United States, the SSTF is required by law to remain solvent at all times. I wouldn't have it any other way.

[Vacanegro]

Originally Posted by debold4215

It took me 2and 1/2 years to collect "MY" Social Security. I decided to retire at 59 and a 1/2 and work part time. I applied for SS in Baltimore and was told I was not eligible for SS. I appealed this decision and was turned down again. I had read the rules governing SS and thought I was within the guide lines and appealed SS decision outside of Maryland and eventually was granted benefits but not until I was almost 65. SS paid me back income for about 8 months saying that they could not go back to previous years. I really didn't get to retire until I was 65. The problem was that the staff in Baltimore just did not know what they were talking about. Even their supervisor did not understand the law. So if you are planning to retire realize that SS benefits are not "yours". Those funds are owned by the Federal government and they will do and continue to do anything they can to keep you from getting your money. Most of you are aware of the recent changes in SS because these funds are running low. One of the biggest problem is that money is being taken out of the SS pot to fund other government programs by politicians thereby lessening the funds going towards SS benefits. If you are already retired you also know that no increase in SS income was granted this year because gas prices were down. I don't know about you but I don't spend my entire SS benefit on gas. This is just another way of the government keeping "our" money.

It's a problem - yes. It's a system fully in the red with current contributors paying for benefits for those collecting benefits.

No one will dismantle it because that would be political suicide for any politician, but the folks at the SSA and GAO have to make changes to keep the program functioning - even if it is not solvent.

[InchingWest]

Originally Posted by Chance and Change

The days are long gone of people being able to retire at 55, and even at 62, if one is healthy and still able and want to work, they have to forego their SS if they don't want to be limited to earning only 15K. It's almost like a controlled program to keep people barely at or above poverty, where they can't continue a middle class life if they elect to get their money at 62. It's almost a structured program to limit ones income, UNLESS they have big investments that pay big dividens.

So why didn't you save more?

I think I've read the average Boomer (age 55) has $12k saved for retirement. OUCH. Pretty sure I had that beat at 19. Nearing 30 and have never earned more than 42k/year. I just live frugally.

Do I feel sorry for current 55 year olds nearing retirement and who have little/no savings other than maybe "equity" in some home that the next generation might not even want, and which you can't even tap because the alternative would mean either renting or paying off a HELOC? Nope. I don't feel sorry one bit for the generation that had inherited the greatest economy this planet ever produced.

And on a side note: given the situation of so many "cash-poor" retirees and those nearing retirement it's no wonder the reverse-mortgage scam became so prolific.

[Richard Martin]

Originally Posted by Vacanegro

It's a problem - yes. It's a system fully in the red with current contributors paying for benefits for those collecting benefits.

The system was designed this way. From day one the OASI was paying benefits out of the pockets of those that are still working. As long as there is more money coming in than being sent out, and reserves have not been depleted, the system is fully funded and running in the black.

As of 2014 the SSTF took in $884.2 billion and distributed $859.2 billion. The SSTF reserve account increased to $2.7 trillion. This is a system that is clearly solvent and running in the black for 20 more years. In 2020 they will start drawing down the reserves. Not until 2035 will the SSTF be in the red.


https://www.ssa.gov/oact/STATS/table4a3.html

It is good that people are aware that there WILL BE (not at this time) a problem unless we either increase the contributions of those that are currently working, or they plan to decrease benefits.