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Old 01-07-2016, 08:04 PM
 
Location: VT; previously MD & NJ
2,236 posts, read 1,371,809 times
Reputation: 6473

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Quote:
Originally Posted by Escort Rider View Post
I have to shake my head at the idea of a campaign to increase Social Security benefits. The real issue is how to sustain the current benefits for the long run. So where will the funding come from in order to increase the benefits? Such talk is pandering to the lowest common denominator, and it only encourages those who think they should be guaranteed the lifestyle of their choosing for as long as they live.
I agree.
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Old 01-07-2016, 08:20 PM
 
Location: Tennessee
23,767 posts, read 17,704,665 times
Reputation: 27821
Quote:
Originally Posted by TuborgP View Post
A topic related article that really is topic related whether you agree or disagree.
Conservatives are still trying to prove there's no retirement crisis -- but workers may know better - LA Times
I don't think the average person is going to do okay in retirement, but SS has become so mismanaged and people have, unfortunately, come to see it as their main or sole retirement solution.

There are many, many people out there who didn't save amply, probably on the logic SS would take care of them.
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Old 01-07-2016, 10:02 PM
 
Location: Wasilla, AK
7,347 posts, read 4,205,261 times
Reputation: 16050
Quote:
Originally Posted by jlawrence01 View Post
Often, employees take the lump sum as it is a great way to purchase those large ticket items that they did not save for. For example, when Procter & Gamble spun off their orange juice assets about 15 years ago, the local Florida Ford dealership experienced a mini boom.

As for Kodak, the total pension liability was 86% covered with $4.9B in assets to cover $5.6b in benefits.

Statement from PBGC on Bankruptcy Filing of Kodak Corporation

In other words, Kodak pensioners will get nearly all the benefits they were promised.

I'd like to see the assumptions those Kodak figures are based on. All too often, plan income expectations are way too optimistic and actuarial calculations underestimate longevity. And then there is the possibility of the government raiding stronger plans in order to prop up weaker ones.
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Old 01-07-2016, 10:02 PM
 
Location: SoCal
13,435 posts, read 6,428,145 times
Reputation: 10018
Quote:
Originally Posted by TuborgP View Post
Ummm not sure about paying since I read online for free. As far as reading BS is that your summation after reading the link? The bankruptcy was with their parent company and they came out of that in 2012. Am I missing something more current? If so please link so I can put all in perspective. Isn't all of this more about the message and not the messenger?
Sorry TurboP, I didn't read closely, it's not you, it's my general disliking for the latimes. I think I meant get them as a daily paper.
This is what I've heard recently on the news.
http://www.nytimes.com/2015/09/21/bu...tent.html?_r=0
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Old 01-08-2016, 01:07 AM
 
33,046 posts, read 22,143,580 times
Reputation: 8970
Quote:
Originally Posted by Serious Conversation View Post
I don't think the average person is going to do okay in retirement, but SS has become so mismanaged and people have, unfortunately, come to see it as their main or sole retirement solution.

There are many, many people out there who didn't save amply, probably on the logic SS would take care of them.

I didn't save on the logic that there's nothing left to save on $8 per hour when you have no benefits and student loans to repay.
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Old 01-08-2016, 01:31 AM
 
72,167 posts, read 72,121,987 times
Reputation: 49667
you didn't save based on the fact you kept a job path for life that was for teens and didn't do a thing to alter it
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Old 01-08-2016, 01:38 AM
 
6,923 posts, read 7,328,190 times
Reputation: 9840
Quote:
By waiting to 70 my wife and I will receive in excess of $4,300 in social security benefits alone for over $51,600. Run that through that calculator and I won't way any federal taxes and won't pay state income taxes either.
Nicet4…..I take it you're presuming there's NO other income. what if one spouse has a pension. That alone could put them into taxable SS territory. No?
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Old 01-08-2016, 01:46 AM
 
72,167 posts, read 72,121,987 times
Reputation: 49667
no ira accounts ? what about rmd's ? the danger of being at that threshold of getting ss taxed is that the two moving targets can make a very small amount of money you may have to draw out from a retirement plan a tax disaster .

when you are up at the limit of getting ss taxed taking an extra 1k over the limit would lose 1/2 that extra money to taxes.

in the accumulation stage , i agree , i would rarely let the tax tail wag the dog .

but in retirement things can be quite different as the consequences of that tax tail take on more and more weight just because so much can hinge on your taxable retirement income (magi).

in retirement you have linked , aca subsidy's , what you pay for medicare , getting your ss taxed , aca surcharges , amt taxes , ability to deduct insurance and medical expenses and over all tax rates all linked together .

it reminds me of our computer department at work .

they would make a change in the software for the sales dept . and the next thing you know someone from accounting is yelling their computers are down .

Last edited by mathjak107; 01-08-2016 at 02:39 AM..
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Old 01-08-2016, 03:23 AM
 
6,353 posts, read 5,183,419 times
Reputation: 8529
Quote:
Originally Posted by lenora View Post
Not quite correct. A retired worker's average benefit is about $1340/month.

https://www.ssa.gov/policy/docs/quic...stat_snapshot/
that counts as "workers" people who worked very little, including people like my wife who only paid in for 11 years. She gets about $900 a month. But she does not have to live on $900 a month!
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Old 01-08-2016, 06:59 AM
 
Location: Los Angeles area
14,018 posts, read 17,788,557 times
Reputation: 32309
Quote:
Originally Posted by Larry Siegel View Post
that counts as "workers" people who worked very little, including people like my wife who only paid in for 11 years. She gets about $900 a month. But she does not have to live on $900 a month!
That excellent point is so often over looked. My example is even more instructive that the example of your wife. I get about $160 per month, yet it would be erroneous to conclude that I am struggling financially. I have a comfortable, but not lavish, pension and live quite well. (The salary of my career job was not subject to Social Security [FICA] withholding, so my SS benefit is based on paltry amounts that I earned from part-time jobs while in college and from occasional moonlighting jobs later.)

Therefore, as you point out, the "average" SS retirement benefit understates what the average person who worked for a lifetime gets.
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