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Old 01-20-2016, 07:30 AM
 
Location: Pennsylvania
12,609 posts, read 4,262,013 times
Reputation: 9936

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Quote:
Originally Posted by Mircea View Post
Only if the FICA payroll tax is increased.



The question is irrelevant, since Social Security is Insurance.

Why don't you tell us if you "broke even" on your auto insurance and home/renter's insurance?

Surely, you could set up a spreadsheet for that.

There is obviously something wrong with the system when this guy and his wife are netting $4,300 per month, and likely have no mortgage to pay, possibly no car payments, no student loans to pay off, and obviously no day care bills.


In other words they are living a lot better than me (and by the way I am conservative with money and don't waste it). Meanwhile both I and my wife are going to work 40 hours a week, every single week, and paying into SS. And hoping we'll get some of it back.


Enough said. I need to get back to work, of course.
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Old 01-20-2016, 10:18 AM
 
Location: RVA
2,174 posts, read 1,273,469 times
Reputation: 4497
I really don't understand your post at all. Why is something wrong with the system based on your statement? If the two of you working full time only net less than $4300 a month, then you are contributing far less in to SS than he did, and make far less. So of course you have less, and will get less. It is the income level you are living. And assuming he had no debt, then he also was good with his money, but at a higher level. He also is delaying until 70 to collect. If he drops dead at 69, his wife picks up only his. It is easy for someone aged 60 today, that has paid in for 40 years at maximum to have a non working spouse, and by delaying to 70, their total SS would be $5k a month. ($60k a year). Sounds like you feel that only those that "need" the money to live deserve to get SS, regardless of what was paid in as premiums. The higher amount you get back from SS, the far lower your ROI is and the less the chance you will get even close to all of it back. People that pay far less in to SS, get theirs back at a younger age, then are collecting off the premiums of those that paid more in, and delayed. You should be estatic he gets that much, it means he's supported the system more than you, but you will have the better chance that you will see the benefit of his labors.
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Old 01-20-2016, 10:27 AM
 
Location: Asheville NC
1,613 posts, read 1,319,620 times
Reputation: 4220
Quote:
Originally Posted by BeerGeek40 View Post
There is obviously something wrong with the system when this guy and his wife are netting $4,300 per month, and likely have no mortgage to pay, possibly no car payments, no student loans to pay off, and obviously no day care bills.


In other words they are living a lot better than me (and by the way I am conservative with money and don't waste it). Meanwhile both I and my wife are going to work 40 hours a week, every single week, and paying into SS. And hoping we'll get some of it back.





Enough said. I need to get back to work, of course.
He is waiting to collect at 70, he and his wife paid in all their working lives. If they had kids they are grown and gone, who knows if they have paid off home/homes and cars, or no loans student or otherwise. They paid into Social Security so they deserve it. So why shouldn't they live better than you??

Last edited by funisart; 01-20-2016 at 10:31 AM.. Reason: Add
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Old 01-20-2016, 11:47 AM
 
Location: Grove City, Ohio
10,143 posts, read 12,410,961 times
Reputation: 13997
Quote:
Originally Posted by BeerGeek40 View Post
There is obviously something wrong with the system when this guy and his wife are netting $4,300 per month, and likely have no mortgage to pay, possibly no car payments, no student loans to pay off, and obviously no day care bills.


In other words they are living a lot better than me (and by the way I am conservative with money and don't waste it). Meanwhile both I and my wife are going to work 40 hours a week, every single week, and paying into SS. And hoping we'll get some of it back.


Enough said. I need to get back to work, of course.
You think we always had it easy?

Welcome to the club.

I never made crap until I was in my 30's and to prove a point here's a snapshot of my social security statement showing earnings from the time I started working, still in high school, until 1980.



I was 35 years old in 1973 when I had to make due with $4,275 which was equivalent to $22,820.89 today. Equivalent to $438/week and you think somehow I had it easier than you?

In 1978 I was 30 years old, marred with a young family and earned $14,120, equivalent to $51,329.45 today, but that is because I earned that income from TWO jobs and together my standard work week was always at least 60 hours. I was a man with a young family and I did what I had to do.

In my entire life I've never known what a standard 40 hour work week was and if I had to average it out I believe I would be very safe to say I've always worked at least 50 hours/week from the time I was 25 years old onward. From 1985 to 2005 I could easily say I always worked at least 60 hours/week and I paid taxes on all of it.
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Old 01-20-2016, 01:07 PM
 
Location: Columbia SC
9,018 posts, read 7,782,871 times
Reputation: 12277
If one paid more into "the system" than they deserve to get more back. That is Economics 101. One is entitled to make as much money as they legally and morally can make. My first wife's family (and her) always begrudged those that did better than they did. Though hard workers, they never made big money and they disliked those that did. They believed the harder you worked, the more you sweated, the more you should make but it does not really work that way.

I did much better in life after I parted ways with them.
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Old 01-21-2016, 03:49 AM
 
Location: Pennsylvania
12,609 posts, read 4,262,013 times
Reputation: 9936
Quote:
Originally Posted by nicet4 View Post
You think we always had it easy?

Welcome to the club.

I never made crap until I was in my 30's and to prove a point here's a snapshot of my social security statement showing earnings from the time I started working, still in high school, until 1980.



I was 35 years old in 1973 when I had to make due with $4,275 which was equivalent to $22,820.89 today. Equivalent to $438/week and you think somehow I had it easier than you?

In 1978 I was 30 years old, marred with a young family and earned $14,120, equivalent to $51,329.45 today, but that is because I earned that income from TWO jobs and together my standard work week was always at least 60 hours. I was a man with a young family and I did what I had to do.

In my entire life I've never known what a standard 40 hour work week was and if I had to average it out I believe I would be very safe to say I've always worked at least 50 hours/week from the time I was 25 years old onward. From 1985 to 2005 I could easily say I always worked at least 60 hours/week and I paid taxes on all of it.
Chalk up my comment to a bad day and week at work. Not saying you don't deserve the $$ you put in, or that you didn't work hard. I'm just very frustrated with the costs of everything right now, and it does feel like Generation X is going to get screwed when it comes time to collect our SS
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Old 01-21-2016, 08:43 AM
 
Location: RVA
2,174 posts, read 1,273,469 times
Reputation: 4497
Well, we boomers could say we're getting the worse deal. You all have a much greater chance of living longer than we do. I'd trade places anyday. More time is priceless.
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