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Personally, I think those who had capacity to save and invest - but did not save and did not invest - should take a hit before those who lacked capacity to save and invest.
You would decidedly fit in that first category. A college degree, and 30 years to build a career. Yet you did not save and did not invest.
The only ones that fit into that second category would be the truly handicapped and mentally ill.
You would decidedly fit in that first category. A college degree, and 30 years to build a career. Yet you did not save and did not invest.
The only ones that fit into that second category would be the truly handicapped and mentally ill.
IMHO- SS should be for those who worked and contributed to the system, people who did not and are in need should be funded from a separate program. That's not greed or selfishness, it's proper accounting.
IMHO- SS should be for those who worked and contributed to the system, people who did not and are in need should be funded from a separate program. That's not greed or selfishness, it's proper accounting.
The first recipients didn't contribute a dime. Proper accounting went out the window a long time ago. IMO it should not be viewed as an investment ; it's insurance against out living your money.
The first recipients didn't contribute a dime. Proper accounting went out the window a long time ago. IMO it should not be viewed as an investment ; it's insurance against out living your money.
Don't know where you got your info, but in 1940 when the first benefits were paid out, the ratio of workers to beneficiaries was 159:1, there would have been plenty of money available without borrowing a dime. Of course proper accounting went out the window, but only after congress started raiding the SS piggybank and using it for things it wasn't meant to be used for.
IMHO- SS should be for those who worked and contributed to the system, people who did not and are in need should be funded from a separate program. That's not greed or selfishness, it's proper accounting.
I agree with you partly. But as SS stands for Social Security, I don't have a problem having it used to support children or spouses whose breadwinner has died after paying into the system.
As for "proper accounting", it is not, and has never been an "account" but rather an insurance program. And there has never been proper accounting on it, in any case.
Don't know where you got your info, but in 1940 when the first benefits were paid out, the ratio of workers to beneficiaries was 159:1, there would have been plenty of money available without borrowing a dime. Of course proper accounting went out the window, but only after congress started raiding the SS piggybank and using it for things it wasn't meant to be used for.
I am confused. It sounds like you are agreeing with me that the first recipients didn't contribute but at the same time questioning my source of information.
We saved and lost it all looking for a miracle for one of our kids [which, we basicly did. We are newly retired, but this is what our expenses are so far
[1] putting $500 away a month for cruises, Christmas, grandkids, eating out once a month, etc]
[2] $200 a month put away for whatever breaks and needs to be fixed
[3] $400 a month for food [including chicken, bees, and garden supplies]
[4] $300 a month for car insurance, phone, internet, re taxes, house insurance
[5] $300 a month for health care
[6] $125 for utilities
[7] $100 a month for classes, fun activities, fishing
[8] for whatever
We spend about $200 a month on jewelry supplies, but bring in at least $800 a month from jewelry sales, which are included in income. Neither of us are receiving social security as yet. My husband has applied for ssdi, but you never know. we profit about $1,000 in rent, $135 in pension, $500 of disabled sons $1200 a month ssdi [ biological parent died when he was a baby] and a little bit here and there for baked goods [ thank you cottage laws]
• Electricity $125.00
• Water 15.00
• Trash 19.43
• Phone/Internet 78.33
• Cell phone 8.33
• Netflix 8.62
• Gardener 65.00
• House Ins 48.88
• Auto Ins 44.50
• Prop tax 71.00
• Auto registration 7.40
• Gasoline 40.00
• Auto maintenance 50.00
• Food and non-food grocery 450.00
• Haircut 12.00
• Misc 150.00 (house and garden)
• Sub total: $1,193.49
• Prescriptions 120.00
• Health Ins 860.00
• Other medical (co-pays, co-insurance and deductible) $50
Total: $2,223.49 ($26,682/yr.)
We live in Florida, so our A/C is on all the time in the hot months. We have a one story 1,370 sf 3 bedroom 2 bath home that was built in 2007. Our highest bill was around $140 and our lowest around $60. It averages out to $125 per month. We set the thermostat to between 77 and 79 during the day and 76 at night. We are very comfortable in that range.
Our cell phone is a prepaid that we keep with us in case of emergency when we are out and about. We pay $100/yr. for 1,000 minutes, which is plenty. Our landline has free nationwide calling.
We have a gardener because my husband is disabled. We have 1/3 of an acre lot, so I think it's well worth it.
The misc. amount is a there-abouts. Some months are less, some more. It covers things like a battery for the TV remote control, cut flowers for the dining room table, plants for our front garden, potting soil, just the typical kind of house and garden expenses that come up.
Our biggest single expense is medical care. We will see some savings once we hit Medicare age in about a year and half. We plan to go with a high deductible Part F and a Part D for prescriptions. Plus, my husband is in the process of changing over to all generic medications, which will bring the cost for prescriptions down to $40/month.
We bought this house recently and put a new HVAC unit in. We also replaced the stove, had gutters put in and had some minor maintenance done. We have savings put away for house maintenance and replacement of any large appliances and for large expenses such as a new roof.
This seems to be the appropriate place to put this. Interesting experience recently, conversation with Nephew (about 50 years old). Told him DH was retiring in 3 years but I was getting my SS now and he was letting his grow a bit. I was taken aback when he started sputtering about the "SS is going to run out and I will never get any of it". But he didn't seem angry at the politicians or the economy, it seemed directed at us for figuring out how to get a little more out of our SS!
Or course, I immediately told him we wouldn't break even till DH is something like 81 1/2 years old, so it all might be a wash. I'm still a little shocked about it. This guy is usually very nice and pleasant and friendly towards us. I guess I hit a nerve...
This seems to be the appropriate place to put this. Interesting experience recently, conversation with Nephew (about 50 years old). Told him DH was retiring in 3 years but I was getting my SS now and he was letting his grow a bit. I was taken aback when he started sputtering about the "SS is going to run out and I will never get any of it". But he didn't seem angry at the politicians or the economy, it seemed directed at us for figuring out how to get a little more out of our SS!
Or course, I immediately told him we wouldn't break even till DH is something like 81 1/2 years old, so it all might be a wash. I'm still a little shocked about it. This guy is usually very nice and pleasant and friendly towards us. I guess I hit a nerve...
Yep, it's sometimes bizarre what will rattle some people's cages. His problem, of course, not yours. Perhaps the nerve you hit is his anxiety about whether there will be cuts in SS by the time he receives it. The irritation was misdirected at you, proof, perhaps, of some irrationality on his part.
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