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Old 04-11-2015, 09:08 PM
 
Location: Out in the Badlands
10,425 posts, read 8,794,092 times
Reputation: 7738

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Quote:
Originally Posted by Burkmere View Post
Currently, but not necessarily in the future. And not if someone such as our current President has his/her way.
Maybe he would link it to the EPA and global warming, bypass Congress...seems everything like everything else is going that way...
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Old 04-12-2015, 06:37 AM
 
8,211 posts, read 11,932,798 times
Reputation: 18044
Quote:
Originally Posted by NCN View Post
Could someone please explain means testing to me? I have no idea what you are talking about.
Let me google that for you

Quote:
Originally Posted by NCN View Post
You can always judge a society by the way they treat their young and old people. Ours murders the unborn and steals from the old.
Oh, wonderful. First we have someone who wants to turn this into the Politics Forum and now we have someone who wants to bring abortion into the conversation.
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Old 04-12-2015, 10:23 AM
 
268 posts, read 212,462 times
Reputation: 190
I'm so sorry; what is "means testing?"
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Old 04-12-2015, 10:46 AM
 
1,833 posts, read 1,085,093 times
Reputation: 1500
Quote:
Originally Posted by HappyTexan View Post
What used to be static is now turning fluid.

Congress just approved certain unions in financial problems to cut their current retiree pensions.
That would have been unheard of a mere 5 years ago.
So even if you take it early is no guarantee you are "locked in".

Your best bet is to stay on top of the hearings that go on inside the various labor departments.
There was a flurry of "We should manage 401K/IRA accounts" meetings a few years ago which ended up in some infighting between Congress, DOL and that new Consumer Protection Agency all saying they could do it themselves.

We have the upcoming "SSDI has run out of money" next year so pay attention to how that gets solved.

And even though SS is our money that we contributed over the years, it's treated as another entitlement program right up there with welfare as far as most of the media is concerned and the youth is convinced we are draining all their finances.

SS is full of non negotiable Treasuries from all the borrowing Congress has done and Congress has no money to pay them off.

I think we all realize that the status quo is unsustainable and the height of the boomer birth was 1957 which means the greatest number of boomers will turn 66-67 in another 8-9 years. That means we have 8-9 more years of increasing SS recipients until we peak in 2023 and then start dropping.

Between SS going broke and talk of government managing our 401K/IRA accounts there are days that I think my safest bet is the "First National Bank of the Mattress".

But at this current time government is pushing for current workers to have automatic savings taking out of their paychecks. Both states and the Fed are doing this so they now have a revenue stream and investors get low yield special Treasuries at about 2% interest rate.

Just keep abreast of what is going on in DC and don't wait for headline news because when it hits the headlines it's too late to act.
THIS, to the tenth power.
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Old 04-12-2015, 12:04 PM
 
Location: Hayden
446 posts, read 554,310 times
Reputation: 1147
I figured out if I waited till I was 63 or 64 to take my SS it would take me till I was 78 years old to recover what I didn't collect those years.

So that's why I'm taking SS at 62.

I think means testing for SS is inevitable at some point.

But I think it unlikely they will exclude people who are already getting it.
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Old 04-12-2015, 02:37 PM
 
Location: Anchored in Phoenix
1,942 posts, read 3,924,565 times
Reputation: 1767
I'm 55. Saved a lot. In fact up until recently I did not even remember all the social security taxes I paid in and employer paid in. I was not even expecting to be getting my money back out in fact. But then this probable "means testing" is what I was preparing myself for. I read a long time ago that social security will go bankrupt, and medicare before that. So I never took it seriously.

This forced me to save a lot, and give up a lot of the enjoyable expenses that many people indulge in. I'm working in high tech and my only indulgence is red wine. I'm otherwise just into fitness, nutrition, and a hermit.

For retirement I will have to move to a low tax state so that California will not get its mitts on my 401k.
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Old 04-12-2015, 02:37 PM
 
6,653 posts, read 3,764,565 times
Reputation: 13753
Quote:
Originally Posted by Burkmere View Post
A financial show I listen to regularly (Hanson and McClain on KFBK out do Sacramento..fee only advisors) advise to take SS early if you DONT need it at 62. Their reason is that they think it will be means tested down the road.

I'm curious to know if anyone is going to take it at 62 or before FRA for that reason primarily? I'd hate to wait u til 70 to discover I won't get as much as I thought!
I doubt they do means testing. But even if they do, it'll be targeted at the wealthy, which I am not.

Social Security is not in trouble financially. It's Medicare that has the big issues. They're getting ready to make some big changes in that, and that can't be good.
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Old 04-12-2015, 04:55 PM
 
Location: P.C.F
1,973 posts, read 1,646,595 times
Reputation: 1607
More doom and gloom shock jock radio..I am reading a LOT of junk here as well.. Turn off the doom and gloomers folks.. Its for entertainment NOT FOR Being taking seriously!!
Quote:
Originally Posted by Burkmere View Post
A financial show I listen to regularly (Hanson and McClain on KFBK out do Sacramento..fee only advisors) advise to take SS early if you DONT need it at 62. Their reason is that they think it will be means tested down the road.

I'm curious to know if anyone is going to take it at 62 or before FRA for that reason primarily? I'd hate to wait u til 70 to discover I won't get as much as I thought!
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Old 04-12-2015, 05:08 PM
 
519 posts, read 431,624 times
Reputation: 981
IMHO means testing is not very likely (beyond what already exists in terms of taxing payments up to 85% and formula based means testing). I say this for several reasons. First, the cost to administer would likely equal or exceed what was saved. Second, to have it reduce costs in any material way the level of assets would have to dip fairly low (think mid- six figures) to capture enough bodies to meaningfully impact SS spending. Finally, the fix for SS is fairly easy thru a combination of increased FRA and increasing the cap on SS wages.

The one to worry about is not SS IMHO. What you should be worried about is Medicare. That is where the real $s are and is a can of worms to fix.
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Old 04-12-2015, 10:34 PM
 
Location: Whereever we have our RV parked
8,827 posts, read 7,728,859 times
Reputation: 15129
Anything is possible in the future. Our nation is not financially strong. We have 17 trillion in Fed. govt. debt, growing all the time, approximately equal to the GDP of the entire country for one year. There is no SS trust fund. Current taxes go to pay current beneficiaries. Its all a house of cards, and its only a question of when, not if things will go bad, unless the govt. gets serious about being responsible.
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