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re: Social Security Summary
Posted on 7/9/26 at 10:57 pm to bayouteche
Posted on 7/9/26 at 10:57 pm to bayouteche
quote:
Military service benefits should be excluded from SS just like Railroad Board.
We are all entitled to our opinions; however, this isn't an apples to apples comparison. Railroad board members don't pay social security taxes while Veterans paid FICA while they served. When deployed service members don't pay income taxes but they are still forced to pay their Social Security premiums!
I believe everyone that paid for benefit should be entitled to receive that benefit. Obviously, you are free to believe whatever you want.
0
Posted on 7/9/26 at 11:05 pm to Lesalli
quote:takes about 5 minutes to create an account online then you can check it anytime you want
haven't gotten a report mailed in over 10 years. I was curious about mine.
Posted on 7/10/26 at 3:46 am to La Place Mike
quote:Then it's not my problem. Self reliance instead of government dependency is a better idea for society - look at what generations of welfare have sowed these days.
Odds are they would have never have invested the money.
Posted on 7/10/26 at 3:54 am to Horsemeat
quote:
Meanwhile if you had deposited that money into an ETF like VOO you'd be up tenfold over what the ponzi scheme is paying you
You would be taking food out of the mouths of those poor politicians. How would they steal it if you don’t pay into it?
Posted on 7/10/26 at 4:51 am to Ramblin Wreck
I’m 46. If I could opt of SS for a lump sum payout of 50% tax free of what I have contributed to this point I would take it and investing that money would come out way ahead of any SS disbursements I would get. I’d love it if our government let people opt out in such a scenario.
Posted on 7/10/26 at 5:12 am to Ramblin Wreck
Posted on 7/10/26 at 5:26 am to lsu xman
quote:
Just have self control and don't blow it all on the young girls there.
What’s the point in going then?
Posted on 7/10/26 at 5:42 am to Ramblin Wreck
You even wanting your money back is an ‘entitlement’ - according to the current perspective in DC.
Keep paying, it’s just a tax now, it seems.
Keep paying, it’s just a tax now, it seems.
Posted on 7/10/26 at 6:47 am to Ramblin Wreck
Social security is a scam
If that goes into the S&P your worth over 10 million dollars
Our government just robs the frick out of us
If that goes into the S&P your worth over 10 million dollars
Our government just robs the frick out of us
Posted on 7/10/26 at 7:42 am to Ryan3232
quote:
Let's say you withdraw an even $3,000 per month. $36,000 a year. Lets say 40% is taxed and you actually receive $21,600 a year. We're gonna need you live util around 87 for you to not take a total loss
There is a serious issue with your calculations and understanding of how income is taxed.
1. You are not paying a 40% federal income tax rate on Social Security. 40% or higher may be subject to income taxes depending on other taxable income, but the tax rate will be much less than 40%.
2. Total benefits of $36,000 annually will be subject to medicare part b payments of $2,220 per annum to be covered by Medicare. Assuming no voluntary federal income tax withholding, monthly net benefits from Social Security will be (3000-165) $2835.
3. The following example comes out of tax return prep software.
Single 67, taking standard deduction. and also withdrawing $5,000 from Qualified IRAs and 401ks per month.
Total income would be 96,000 (36000 + 60000)
$30,600 of the 36000 social security benefits would be taxable....so adjusted gross income would be $90,600.
less standard deduction of $17,750 and less $5,064 of enhanced deduction for seniors (max is $6000 but limited to 5064 by adjusted gross income exceeding $75,000).
Taxable income would be $67,786 ($90,600-17750-5064).
Federal income tax on same is $9825. The effective tax rate is slightly over 10% in the given example (nowhere near the 40% you were claiming).
ETA: The highest federal tax bracket is 37% and a single person's taxable income would have to exceed $626,350 to reach that tax bracket and then only taxable income in excess of $626,350 would be subject to the 37% tax rate.
This post was edited on 7/10/26 at 7:51 am
Posted on 7/10/26 at 10:16 am to dgnx6
Gotta support that low productivity portion of out society.
Posted on 7/10/26 at 10:25 am to Solo Cam
quote:I'm not smart enough to calculate the most accurate numbers, but if he had saved 250,000 and put that in S&P 500 in 2015, that would be worth about $1.1m now. I figure the 250k is conservative for where he was in 2015.
If that goes into the S&P your worth over 10 million dollars
Our government just robs the frick out of us
Posted on 7/10/26 at 10:30 am to boxcarbarney
quote:
Only about 15% of the male population who make it to 67 go on to live to 92 in the US. We've been had.
Social Security impacts your spouse also. My wife gets 50% of my SS amount.
Posted on 7/10/26 at 10:39 am to Auburn80
quote:peanuts. My wife would get our entire estate plus death benefit from life insurance. She won’t need half of my SS check plus she will still get hers. Non issue
Social Security impacts your spouse also. My wife gets 50% of my SS amount.
I firmly believe that taking the money on day one (age 62) is the right thing to do.
Posted on 7/10/26 at 10:49 am to cgrand
quote:
firmly believe that taking the money on day one (age 62) is the right thing to do.
It may be for you. It was not for me.
Posted on 7/10/26 at 10:51 am to Horsemeat
quote:Unfortunately, the reality is it's more like thirty-fold for initial contributions.
Meanwhile if you had deposited that money into an ETF like VOO you'd be up tenfold over what the ponzi scheme is paying you.
Posted on 7/10/26 at 10:57 am to La Place Mike
quote:Right. With 40yrs of contributions up to the income cap every year, the number would be $485,100.
Has anyone realized the OP's claim is statistically unlikely?
Posted on 7/10/26 at 11:01 am to Ramblin Wreck
I get mine via email every year. Just go to the website and create an account.
I’ve been paying in since age 15. Will qualify for payment just in time for SS to go bust.
I’ve been paying in since age 15. Will qualify for payment just in time for SS to go bust.
Posted on 7/10/26 at 11:03 am to TigeeDaleC
He didn’t put up a half million on day one.
Assuming they keep paying, anyone who thinks SS is a bad deal for the recipients is dumb.
30 years of $1500 contributions is worth less than 30 years of $2500 collections. LINK
Assuming they keep paying, anyone who thinks SS is a bad deal for the recipients is dumb.
30 years of $1500 contributions is worth less than 30 years of $2500 collections. LINK
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