Quote:
Originally Posted by homenj
Also, if you’re on SSDI through your dad’s Social Security, how much of that money you’re getting from SSDI is from your dad’s earnings?
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Exactly ZERO.
The reason is because no one can collect Social Security Disability (SSDI) on another's account.
Either you qualify for SSDI on your own accord or you don't. End of story.
If you don't, you may qualify for SSI (Supplemental Security Income) which is a joint federal and state program administered by Social Security, but not funded by Social Security.
As a minor, you may collect survivor's benefits from a deceased parent.
As a minor, your parent receiving SSDI or Social Security Retirement may also derive a benefit.
Quote:
Originally Posted by rjm1cc
Counting your employer match I would say that it is yours. My ASSUMPTION is that if it was invested in say an IRA over the years it could produce a monthly benefit close to what you are getting.
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Nonsense, and smart investors diversify their holdings, like buying into an annuity, which is like Social Security.
The whole point of Social Security is so the 95% of the population who have no freaking clue how to invest and should not have to enrich another to oversee their investments just so they can have something for retirement can get a benefit.
Quote:
Originally Posted by rjm1cc
However the formulas are designed to give low income workers a higher benefit (based on what you paid in) than higher income earners.
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No, it is not. Everyone gets 90% of the first $1,115 of their average monthly wages, the majority get that plus 32% of everything over that up to the 3rd Bend-Point and a minority of people get 15% of everything over the 3rd Bend-Point.
Quote:
Originally Posted by Dire Wolf
What is commonly called Social Security is actually Old Age, Survivors and Disability Insurance (OASDI). You are paying an insurance premium each month, and if you hit certain scenarios, the insurance pays out. What it pays out is based on a formula that takes into account what you paid in. But fundamentally, it’s insurance. Some people get more than they pay in. Others get less, even nothing.
There’s no real answer to the questions you are asking. The money someone pays in goes towards paying out to current recipients or into a trust fund. It isn’t set aside for you. Just like what you pay for car insurance isn’t.
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Wow! Someone actually gets it.
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Originally Posted by luv4horses
You pay in half and your employer pays in half. But essentially you are paying in all of it since your employer would otherwise have added that to your salary.
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There's no evidence of that.
With reduced costs an employer might decide to lower their prices on goods and services rather than pay you mo' money.
Quote:
Originally Posted by luv4horses
The best thing about Social security is that you are forced to put the money aside. Otherwise we would ignore saving for future needs when we are elderly.
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That much is true, but we'd just go back to the way it was which means you live with your children, or other family members, or you live in an SRO pension home funded by tax payers.
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Originally Posted by adjusterjack
The money I put into SS is long gone. It went to pay retired people while I was in my working years.
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No, it was not and you cannot prove.
On the other hand, I can prove the money you put in is sitting in a trust fund.
Quote:
Originally Posted by ILTXwhatnext
I seem to recall that it's possible to put in enough years (30?) of SS work and pension work to collect both.
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Yes, I know a number of people who have done exactly that.
You have to work 35 years -- which is 7 years less than the French have to work -- to get 100% of your potential benefit.
For each month/year less than 35 years your potential benefit is reduced.
Consider two people: one earns $60,000 every year for 35 years and the other earns $60,000 every year but only works for 25 years.
The average monthly wage for the one who worked 35 years is $5,000 while the average monthly wage for the one who worked 25 years is $3,571.
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