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Old 06-13-2019, 05:03 PM
 
12,044 posts, read 5,713,540 times
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Quote:
Originally Posted by eddie gein View Post
I don't know why I remember this but I do.

In 1976 Sixty Minutes did an expose on Social Security. They showed this old guy who was like 106 years old. He paid in one payment after Social Security was implemented and then retired. He had been cashing checks ever since.
I don't know about other States - BUT in the State of Texas, the law used to be that a Teacher could retire with full pension one day, get job as a clerk the next day (enough to get ONE CHECK) showing he/she paid into Social Security - quit the following day -- and then claim SS benefits for the rest of their lives. We changed that. Other States still have it in place.

As others have already stated -- the Disability part is the real problem. There are Disability Circles with Doctors/Lawyers/Corrupt Federal Employees that not only allow this ...... they promote it.

I remember a woman in St Louis bragging that she got all 3 of her children on SS Disability and SHE collects the checks monthly. When the kids turn 18 - THEY will collect the checks for the rest of their lives.
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Old 06-13-2019, 05:23 PM
 
26,671 posts, read 19,053,753 times
Reputation: 14254
Quote:
Originally Posted by eddie gein View Post
I don't know why I remember this but I do.

In 1976 Sixty Minutes did an expose on Social Security. They showed this old guy who was like 106 years old. He paid in one payment after Social Security was implemented and then retired. He had been cashing checks ever since.
wow. pretty sweet gig.
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Old 06-13-2019, 05:26 PM
 
9,594 posts, read 4,598,726 times
Reputation: 5458
Quote:
Originally Posted by uggabugga View Post
wow. pretty sweet gig.
Would be, if it was true. Doesn't work that way. You need 40 quarters or 10 years of work to draw now. Some of the first people may have needed less.

Last edited by Floorist; 06-13-2019 at 05:54 PM..
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Old 06-13-2019, 06:14 PM
 
15,356 posts, read 17,616,116 times
Reputation: 13483
Quote:
Originally Posted by Toyman at Jewel Lake View Post
when you die, all of your "investment" reverts to the government.

Social Security has survivor's benefits. If you die, your spouse gets your monthly SS benefit if it's higher than what the spouse's check is. There are a lot of elderly widows that are collecting off their spouse's SS.

If divorced,even your former spouse can get a check when you die if the former spouse didn't remarry and if the former spouse was married to you for at least ten years. Your former spouse AND widow can both collect from your social security when you die.

Also - surviving children under 18 get social security benefits when their parent dies.
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Old 06-13-2019, 07:06 PM
 
349 posts, read 110,030 times
Reputation: 482
Quote:
Originally Posted by Kibby View Post
I don't know about other States - BUT in the State of Texas, the law used to be that a Teacher could retire with full pension one day, get job as a clerk the next day (enough to get ONE CHECK) showing he/she paid into Social Security - quit the following day -- and then claim SS benefits for the rest of their lives. We changed that. Other States still have it in place.

.
This used to be quite common, I was in High School in the mid 80's and had a teacher who was about to retire. He talked about the fact that he had retired from the Marines and after retirement he had become a teacher and was looking forward to both benefits. I will say he was a real card, he was a Marine DI and used that same forceful voice to his high school students. With some of the things he said he wouldn't have made it past the first week in today's schools.
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Old 06-13-2019, 08:29 PM
 
9,594 posts, read 4,598,726 times
Reputation: 5458
Quote:
Originally Posted by Kibby View Post
I don't know about other States - BUT in the State of Texas, the law used to be that a Teacher could retire with full pension one day, get job as a clerk the next day (enough to get ONE CHECK) showing he/she paid into Social Security - quit the following day -- and then claim SS benefits for the rest of their lives. We changed that. Other States still have it in place.

As others have already stated -- the Disability part is the real problem. There are Disability Circles with Doctors/Lawyers/Corrupt Federal Employees that not only allow this ...... they promote it.

I remember a woman in St Louis bragging that she got all 3 of her children on SS Disability and SHE collects the checks monthly. When the kids turn 18 - THEY will collect the checks for the rest of their lives.
First of all, states don't make social security rules. Second, federal law requires a person to have 40 quarters, 10 years in the system.
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Old 06-13-2019, 10:36 PM
 
Location: Jewel Lake (Sagle) Idaho
27,554 posts, read 17,643,245 times
Reputation: 15628
Quote:
Originally Posted by Southern man View Post
All of what you say is true, however during the meltdown of 2008-2009 my SS didnít go down, but my index funds sure did.
How much have your index funds gone up since then? Vs your SS?
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Old 06-14-2019, 12:44 AM
 
Location: the Sticks
8,604 posts, read 2,474,427 times
Reputation: 4529
Quote:
Originally Posted by Floorist View Post
Many have died before they drew out much of what they paid in. What about that money?
Since I was self employed and paid in all of mine, I would have to live to 90 to get all of mine back.
And that is exactly why Ill start pulling mine the day I am eligible. My financial guy checked the math. Ill be 76 before If I waited until 67 for it to catch up. Chances are I will be dead by then.
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Old 06-14-2019, 01:47 PM
 
Location: Ohio
19,916 posts, read 14,235,190 times
Reputation: 16091
Quote:
Originally Posted by uggabugga View Post
not yet, anyway.

However, the Center for Retirement Research found the boomer cohort born between 1946 and 1964 will actually have paid more into the system than they will receive in benefits.
Their methodology leaves a lot to be desired.

This is just another moronic propaganda piece by people who don't understand.

Social Security is an insurance plan. It is not, nor has it ever been, an investment plan. It's merely a supplement to your employer plan and your own personal savings and investments.

If you were in a position where your employer did not have a retirement plan, then you'll have to rely on your personal savings and investments and your insurance benefits. If you weren't able to save or invest, then it's probably a good thing you have an insurance plan.
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Old 06-14-2019, 05:00 PM
 
4,505 posts, read 885,984 times
Reputation: 1905
In other words, this is another 1 of those "When I was your age..."-type threads.
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