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I don’t know that I agree with you on this. Welfare is a benefit given to the poor to prevent them from being completely destitute. They don’t necessarily pay for it. It comes from taxes paid by all. SSI is something people pay for over the course of their entire career so it is more of a forced savings for the future. In theory people pay for it themselves. To me that is not welfare in the true sense of the word. Jay
SSI is not SS
SSI is a welfare supplement to SS. SSI is Supplemental Security Income.
It is JUST as simplistic to say "I want my money NOW because I might die in x years". My how the conversation has turned! You used to be an idiot to wait because dontcha know SS will be gone in 5 years and I want all the money I'm owed NOW! Then it turned 180 degrees to "only idiots take their SS at 62 because they're greedy and don't know how much your benefit goes up over time by waiting".
Now the pendulum swings yet again (whiplash time) - it's not REALLY an 8% increase because (duh) you spend down your own investments. I'm still coming out ahead if I live to 90 and of course I'll be spending down my assets more quickly prior to taking my SS - how do people not take that into account? Actually that's why most are afraid to or just can't wait to take SS.
It's a balancing act but no one wants to figure out their own case they just want someone to tell them - "Do I take it at 62 or wait until 70? And please don't make me think about it, just tell me!".
Honestly, I think people accept whatever argument suits what they were already wanting to do before they knew anything and just call it good, relieved they don't have to change their plans.
I don't view these discussions like you do. There's always been back and forth arguments for and against. I read the reasons why and take them into consideration. I haven't noticed any whiplash pendulum swings though in debates on this in various forums.
I don’t know that I agree with you on this. Welfare is a benefit given to the poor to prevent them from being completely destitute. They don’t necessarily pay for it. It comes from taxes paid by all. SSI is something people pay for over the course of their entire career so it is more of a forced savings for the future. In theory people pay for it themselves. To me that is not welfare in the true sense of the word. Jay
you are wrong .. ssi is a welfare program and has nothing to do with social security funds , it comes from general tax funds and has nothing tio do with working and contributing .... there is also ssdi which is social security disability and not welfare , and there is social security retirement ...you are mixed up
Thanks again everyone for the responses. It sounds to me like it makes more sense to take SSI earlier rather than tap your retirement savings. I will let my friend know. Jay
ssi has nothing to do with social security funding , it is welfare for very low income people who have no work record for ssdi or ss retirement.
Supplemental Security Income benefits are paid out of general U.S. Treasury funds, not from Social Security taxes. You need not have worked a certain amount, or paid FICA taxes, to be eligible.
SSI Asset Limits
To be eligible to receive SSI benefits based on disability, an SSI applicant or a current SSI recipient who is single cannot have more than $2,000 in assets. (Though not all assets count toward the SSI resource limit, discussed below.)
If an SSI applicant or recipient is married (even if only one person is eligible for disability), the asset limit is $3,000. Only the IRA or pension plan of the ineligible spouse isn't treated as part of the spouses' assets.
Similarly, if a child under age 18 lives with one parent, the SSA deems the resources of a parent or parent’s spouse. The SSA will ignore the first $2,000 of the parent's total countable resources, or, if the child lives with two parents, $3,000. Any assets above that amount will be counted toward the child's $2,000 resource limit.
Last edited by mathjak107; 06-15-2019 at 11:06 AM..
I don't view these discussions like you do. There's always been back and forth arguments for and against. I read the reasons why and take them into consideration. I haven't noticed any whiplash pendulum swings though in debates on this in various forums.
Years ago, I read many retirement or money magazine that recommend taking SS at 62. Then the Great Recession hit, can’t rely on the stock market. I think since then the pendulum has swung a little bit back.
Years ago, I read many retirement or money magazine that recommend taking SS at 62. Then the Great Recession hit, can’t rely on the stock market. I think since then the pendulum has swung a little bit back.
True but that is no different then those that rely on their home for retirement money.
There is no guarantee it will go up. And the housing bust hit them big time as well.
The difference is the I, some people are not careful when they post.
or they don't know the differences .....
'
only ssdi , ss retirement and survivor are funded with the fica dollars we pay in from working ...
ssi is a welfare program funded with regular tax dollars for low income seniors or the blind and disabled . there is no requirement to have worked at all , you just need to stay under the 3k cap in assets ..
ssi actually is not a supplement to ss retirement . it is welfare for those who can not qualify for ss retirement and are low income /asset or blind or disabled so they go on a welfare program instead of the social securty fica funded program ,
I don't view these discussions like you do. There's always been back and forth arguments for and against. I read the reasons why and take them into consideration. I haven't noticed any whiplash pendulum swings though in debates on this in various forums.
while very few actually took advantage of or even knew about file and suspend options , the media started promoting filing later and taking advantage of file and suspend and restricted application .. delaying started to interest more and more and so to avoid any more pressure on the ss funds they ended file and suspend and restricted application.
you could count on most tv shows and articles playing up those two options before they were terminated promoting at least delaying to fra for one of a couple and 70 for the other .
Last edited by mathjak107; 06-15-2019 at 11:39 AM..
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