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Old 06-07-2014, 08:04 AM
 
Location: in the miseries
3,302 posts, read 3,578,775 times
Reputation: 3810

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Quote:
Originally Posted by AZDesertBrat View Post
That would be me...working in retail, collecting SS and still paying into it. I don't mind because it does raise my SS a little every year plus the COLA...if we get it. I figure, when all is said and done, I will collect more SS than I paid in but I figure that's just "interest".
After 35 years your benefits will no longer be raised by working.
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Old 06-07-2014, 11:13 AM
 
Location: SW Florida
9,751 posts, read 7,030,085 times
Reputation: 14250
Quote:
Originally Posted by Pitt Chick View Post
Meh... you still get more out of the system than you put in.

If you want fair, let's do that - only get out what you put in (with interest of course).
That's true, you do get out more than you put in, generally. That is, provided you live long enough.

And for the extra money I send to Uncle Sam for my contract work, sometimes I look at it as though it were a hobby, and one definitely spends money on a hobby. The analogy isn't entirely accurate, of course, because I do get to keep some of that money I earn as a contract employee, so I'll know I continue to pay my way ( and who knows how many others' ways as well??) till I decide I'm done with it.
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Old 06-07-2014, 11:17 AM
 
Location: SW Florida
9,751 posts, read 7,030,085 times
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Quote:
Originally Posted by luvmyhoss View Post
After 35 years your benefits will no longer be raised by working.
I didn't think they would. Because I worked for a total of 43 years when I retired from my full time job, and began collecting SS one year later. The money I make at the contract job isn't really enough to investigate replacing some of those earlier years when I didn't make much with the earnings from the contract work, so I don't think I will even try.
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Old 06-07-2014, 11:22 AM
 
Location: SW Florida
9,751 posts, read 7,030,085 times
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Quote:
Originally Posted by texdav View Post
Has the Op ever considered that you always pay for your SS if you have account. Taxes do not stop because you get SS; you continue to pay those that apply. If you die it goes to government to keep if single or wife and kids if married. that si the system created. Heck; your taxed on SS and some heavier than others. Its like insurance some pay and never collect such as auto; others collect because; its a pool.
Depending on the SS amount and your overall income, you do pay income taxes on your SS, but they don't collect the Medicare and SS taxes from your SS payment. So I guess, in that regard, you don't pay into SS once you retire and begin collecting those checks. Of course, there's no illusion that it's all taxes, anyway, there certainly isn't a lockbox with your earnings and interest saved in it for you future use.....
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Old 06-07-2014, 01:18 PM
 
Location: OH>IL>CO>CT
5,232 posts, read 8,395,972 times
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Default First, or Highest 35 years ??

Quote:
Originally Posted by luvmyhoss View Post
After 35 years your benefits will no longer be raised by working.
Did you mean to say the "First" 35 years of wage earning; or the "Highest" 35 years no matter when they occured in a wage earning life ??

IIRC it is the Highest, no matter when. Could be the first, last , or scattered 35 in a typical 45+ years of work.
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Old 06-07-2014, 02:32 PM
 
Location: in the miseries
3,302 posts, read 3,578,775 times
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The highest 35 years.
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Old 06-07-2014, 08:20 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,984 times
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Quote:
Originally Posted by luvmyhoss View Post
The highest 35 years.
yes the highest 35 years so if you work more than 35 years and if your salary for those additional years is higher than some of your early years, then I certainly does raise your benefit amount.
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Old 06-08-2014, 06:00 AM
 
71,520 posts, read 71,694,121 times
Reputation: 49105
older wages are inflation adjusted for ss computation so your real highest years may be decades ago. you can not go by what your salary was as shown.
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Old 06-08-2014, 07:01 AM
 
Location: Maryland
282 posts, read 305,856 times
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Quote:
Originally Posted by mathjak107 View Post
older wages are inflation adjusted for ss computation so your real highest years may be decades ago. you can not go by what your salary was as shown.
Correct! I can count on you to get the math right.
http://www.socialsecurity.gov/pubs/EN-05-10070.pdf
For example, for a person born in 1952 the computation uses an index factor of 6.21 for earnings in 1972.
So $2,000 earned in 1972 is calcuated as $12,420. Or the same as earning $12,420 in 2014.
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Old 06-08-2014, 07:07 AM
 
Location: Maryland
282 posts, read 305,856 times
Reputation: 338
Quote:
Originally Posted by augiedogie View Post
Kind of a raw deal if you ask me after all those years of making payments to the govt.
I don't like the way SS is structured. In many ways it is a raw deal. The more you pay in, the lesser percentage you get paid out in "retirement". That isn't insurance it is a ponzy scheme.
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