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Old 08-21-2019, 05:43 PM
 
73,032 posts, read 72,816,997 times
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There are no restrictions on most state pensions owning stock ,using hedge funds, etc .....

The federal govt is prohibited from buying up public companies..so I doubt ss ever was looking at a 7% roi as a base number
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Old 08-21-2019, 05:54 PM
 
Location: SoCal
13,903 posts, read 6,646,116 times
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Quote:
Originally Posted by Mircea View Post
Why? It's not mandatory. They'd only need to get working to maintain the same Life-Style and few actually do.







It's shocking really you people lived here all your lives and don't understand it.

Supplemental Security Income (SSI) is a State-run program administered by the Social Security Administration.

That means SSA prints the checks, which saves the States money, since SSA is already printing 10s of Millions of checks each month anyway. No sense in duplicating services.

To qualify for SSI you must be disabled. Generally, SSI is for adults who were born disabled and were never able to work. It is also for adults who attempted to work, but became disabled and do not have 40 qualifying credits for Social Security Disability or who do not meet the qualifying credits under the pro-rated qualifying credit scheme for Social Security Disability.

It's also for adults age 65 or older who either do not qualify for Social Security or were not married and cannot obtain spousal benefits.

I knew a veteran who is dead now, but he worked on his parents farm his whole life and never actually got a paycheck. His Social Security benefit was $80/month. SSI provided additional income.



Oh, yes, they are, but you might have to relocate and the vast majority of people have no interest in relocating, especially since it will force them to step outside their comfort zone.



I don't believe care will deteriorate, because care is mandated by the States.

Every State has statutes that mandate the number of care-givers per institution population. The statutes do vary for any number of reasons.

Generally, the statutes say that if an LTC has a patient population of 100, then there must be N-number of doctors, N-numbers of PAs/NPs/RNs, N-number of LPNs and N-number of CNAs.

The numbers are determined in part by the organization of the group in question.

For example, in a particular State, the Nurse Practitioners may be well-organized and lobby the State legislature to demand N-number of specific jobs for NPs and then PAs, RNs and LPNs be damned. If those medical professionals want jobs, they can lobby the legislature.

It's more likely that eligibility requirements will be tightened.

One thing people don't consider when looking at the effects of a $15/hour federal minimum wage, is that both the wage cost and the labor cost of LTCs will balloon which will blow through both Medicare and Medicaid funds very quickly.

The wage cost is not just $15/hour it's $15/hour plus FICA, plus HI, plus SUTA, plus FUTA, plus WC and then the labor cost is the wage cost plus the cost of benefits.
SSI is also for people who are 65 and older and not disable. See link below. That’s the people I was refer to, answering one poster. You spoke too soon and maybe you lectured too soon.
https://www.ssa.gov/benefits/ssi/
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Old 08-21-2019, 06:52 PM
 
30,019 posts, read 35,132,603 times
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Quote:
Originally Posted by mathjak107 View Post
There are no restrictions on most state pensions owning stock ,using hedge funds, etc .....

The federal govt is prohibited from buying up public companies..so I doubt ss ever was looking at a 7% roi as a base number
Agreed never said they were
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Old 08-21-2019, 09:11 PM
 
7,708 posts, read 9,548,941 times
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Quote:
Originally Posted by fluffythewondercat View Post
You could have just said "I'm complacent" and saved a lot of words.

No one is going to give you a better offer, because you settled for what you have.
And yet, with this kind of a response, you could have done all of us a favor, and not replied at all.
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Old 08-21-2019, 10:27 PM
 
Location: Scottsdale, AZ
8,203 posts, read 5,012,274 times
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Quote:
Originally Posted by MassVt View Post
And yet, with this kind of a response, you could have done all of us a favor, and not replied at all.

Ah shucks, I'm so sorry I forced you to read it. Struck a nerve, eh?
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Old 08-22-2019, 06:53 AM
 
Location: Austin
12,418 posts, read 7,072,390 times
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My neighbor shared with me a few years ago she and her husband had "no savings", but said their combined government pensions after 40+ years of federal and state employment would more than compensate for no retirement nest egg.
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Old 08-24-2019, 01:35 PM
 
11,122 posts, read 9,497,108 times
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Okay, a pension is a form of retirement savings. But you're trusting that the pension will stay solvent. A lot of them are not going to.

Quote:
Originally Posted by texan2yankee View Post
My neighbor shared with me a few years ago she and her husband had "no savings", but said their combined government pensions after 40+ years of federal and state employment would more than compensate for no retirement nest egg.
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Old 08-24-2019, 01:36 PM
 
11,122 posts, read 9,497,108 times
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And for those counting on Social Security....

https://www.yahoo.com/finance/news/c...190313860.html
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Old 08-24-2019, 01:59 PM
 
73,032 posts, read 72,816,997 times
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Quote:
Originally Posted by BBMW View Post
And for those counting on Social Security....

https://www.yahoo.com/finance/news/c...190313860.html
Meh ....another fear mongering article about ss .....with 80 million retiring ,voting boomers ss will be fully funded at the 11th hour ... we find billions for soy bean farmers at the drop of a hat
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Old 08-24-2019, 02:28 PM
 
Location: Grove City, Ohio
10,183 posts, read 12,494,886 times
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Quote:
Originally Posted by BBMW View Post
And for those counting on Social Security....

https://www.yahoo.com/finance/news/c...190313860.html
From the article:

Quote:
“If nothing is done, the [Social Security] Trust Fund is depleted in 2035,” Edelman Financial Engines executive chairman Ric Edelman told Yahoo Finance’s YFi PM.
I am 71 and in 2015 I will be 87 years old and if still around... who knows.

But it (Social Security) is easy to fix something that has been done many times before.

From The Motley Fool:

This Is the Best Way to Fix Social Security, New Analysis Shows
After examining a multitude of tax and benefit provisions, the Penn Wharton Budget Model reaches a surprising conclusion.


There were a total of six options that go together but the easiest to understand where to "Increases the payroll tax rate to 13.6% (currently 12.4%)" and "Lifts the payroll tax earnings tax cap to $150,000 (currently $132,900)".

Social security needs to be made stronger, not weaker, because as many have remarked private pensions are on their way out and people (like me) have not or are not saving like they should.

How would raising the payroll tax rate to 13.6% impact the average family? In September 2017 the census revealed that real median household income was $59,039 which with the payroll tax now being the 6.2% means the employee is currently paying $3,661, or $70/week, while an increase to 13.6% would come to $4,015 annually in payroll taxes for $77/week.

I did my first W2 work in 1965 and paid 3.625% on first $4,800 so yes, there have been plenty of increases over my lifetime as well.

Unless the country totally crumbles social security will always happen because to institute across the board cuts is political death to any party that proposes it. If it does happen pensions and everything associated with retirement monies, with maybe the exception of gold bullion buried in your backyard, will be gone as well.

Thing is it doesn't take a huge increase to simply fix it. 1% does the number.

And I would like to see more. I would like to see a voluntary second tier where if an employee contributes 8% instead of 6.8% starting at age 30 he can collect the same benefit at age 65 as he would contributing a lower rate at age 70.

I work in construction and we can not expect people to work as brick layers to age 70.... the work is to hard and at 70 is dangerous as well.

Another thing to remember about social security it isn't just a retirement. What happens if you become disabled?
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