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Started By
Message
re: Social Security Centenarians
Posted on 3/4/25 at 11:14 pm to La Place Mike
Posted on 3/4/25 at 11:14 pm to La Place Mike
For numbers.
Median income is $40k. Average life expectancy is about 80. Annual return in private market is about 10% historical
If you retire at 67, you will collect about $380k from social security. That includes the annual increase they do over the 13 years you would collect (3 to 3.5%).
If you retire at 67 with 401k/IRA etc instead of SS, you will retire with about $2.2m if you were making $40k for 40 years. Never making more or less than that.
If you retire with $2.2m, you would make about 10% of that a year that you could pull from and never touch principal. That is about 9x to 10x what social security would pay you at that time - but you would also have the $2.2m principal to bequeath
Edit:
use this calculator: LINK
Set the number of periods to 40 (work career)
Set starting number to $0
Set interest rate to 10%
Set the periodic deposit to 4960 (40,000 * 12.4%)
Set it to PMT at end
Adjust the periodic deposit to your annual salary. See how much you are getting robbed. The more you make, the more you get robbed.
Median income is $40k. Average life expectancy is about 80. Annual return in private market is about 10% historical
If you retire at 67, you will collect about $380k from social security. That includes the annual increase they do over the 13 years you would collect (3 to 3.5%).
If you retire at 67 with 401k/IRA etc instead of SS, you will retire with about $2.2m if you were making $40k for 40 years. Never making more or less than that.
If you retire with $2.2m, you would make about 10% of that a year that you could pull from and never touch principal. That is about 9x to 10x what social security would pay you at that time - but you would also have the $2.2m principal to bequeath
Edit:
use this calculator: LINK
Set the number of periods to 40 (work career)
Set starting number to $0
Set interest rate to 10%
Set the periodic deposit to 4960 (40,000 * 12.4%)
Set it to PMT at end
Adjust the periodic deposit to your annual salary. See how much you are getting robbed. The more you make, the more you get robbed.
This post was edited on 3/4/25 at 11:19 pm
2
Posted on 3/4/25 at 11:22 pm to facelessman07
quote:
do we have definitive proof that people aged 200+ have been receiving benefits? Like hard data with receipts?
Of course not. But the alternatives are
1_ Someone is getting a deads person check
2_ Someone stole a name from a grave site and is using their SS# to get a check
3_ An illegal was given a SS# to work, and turned that into a SS check
4_ Its a clerical error, and yet the system isnt designed to flag reasons to stop checks, and see if anyone barks
Reminder: A 200 yr old was born in 1825. The income tax wasnt created until 100 years later. There would be not be a requirement to have 40 quarters on file in order to receive a SS check
Posted on 3/4/25 at 11:47 pm to facelessman07
By what I've studied, some funeral homes have been alleged to not report a death. If the family of the deceased person knows the system, yes, there are probably some people collecting S.S.
Posted on 3/4/25 at 11:55 pm to RobbBobb
My favorite is the fricker whose over a century older than our nation. Either incredible incompetence from Social Security Administration, and/or one bold arse thief
Posted on 3/5/25 at 12:00 am to facelessman07
Even if they aren’t receiving benefits, it shows our database is a total POS and one to fraud. But I bet a number of these folks have been receiving checks…so we’ll see where that goes.
Posted on 3/5/25 at 5:06 am to seedmonster77
quote:
Musk talked about it a little on Rogan
And what I took from it wasn't so much that it's all about social security checks going out to dead people (though that certainly happens to an extent) but that it allows a second order of fraud. What he explained (that was news to me) is that many other agencies that disperse entitlements use the Social Security database to prove someone is eligible for other benefits. So, if Agency A, B, C, etc ping the database and the answer comes back, "yes, this person exists and has a social security number" then the fraudster could be getting other benefits even if they aren't receiving a social security check. I thought that was interesting.
Posted on 3/5/25 at 5:25 am to notsince98
quote:
Media didn't debunk anything.
Exactly, the media just lied like that have for the last 60+ years. Fortunately their lies don't work any more.
Posted on 3/5/25 at 5:54 am to GeauxBurrow312
Liberals with their jealousy would claim it would be racist for someone that's been a high earner to have so much money.
I would have 4 or 5 million in SS when I retire if it had been invested in the stock market.
I would have 4 or 5 million in SS when I retire if it had been invested in the stock market.
Posted on 3/5/25 at 6:06 am to facelessman07
quote:
have been receiving benefits?
Like with other things that have been found, whether the benefits were paid out or not, apparently the money was allocated to do so... So, where is that money if it hasn't been paid out...
The constant CR has created a lot of black holes for money for programs that no longer exist but they have been continuously funded +7% each year... So, where is that money if it wasn't spent?
Posted on 3/5/25 at 6:17 am to The Maj
Musk said some are getting checks, but the big problem is using the SS numbers for scams in other govt systems because the various systems are not integrated.
A good example would be earned income tax credit. There is probably 50 billion of fraud in that system alone.
There are several social programs that can be used with a social security number, why do you think they wanted illegals to have them rather than an itin number.
A good example would be earned income tax credit. There is probably 50 billion of fraud in that system alone.
There are several social programs that can be used with a social security number, why do you think they wanted illegals to have them rather than an itin number.
Posted on 3/5/25 at 9:06 am to GeauxBurrow312
quote:
Im saying 12.4% into the market, not 12.4% into the ponzi scheme that SS is
The problem with your plan is no one is paying 12.4%. THEY are paying 6.2%. Unless you want to force the employer to keep paying the additional 6.2%. Good luck with that! You are also forcing business to pay to implement a plan.
A lot of people don't contribute to their companies retirement plans now. You could argue that they would if they had the extra 6.2% but based on my experience they would not contribute near the much.
Who would mange that private fund? What will be the guarantees that the money will be there when they retired? Like it or SS does give guarantees.
All of the arguments against SS are moot points. Just face it, Social Security isn't going anywhere. FIY. I am not a fan of Social Security. I would love to see every business in the country set up retirement plans since that is what I do!
Posted on 3/5/25 at 9:08 am to La Place Mike
quote:
Like it or SS does give guarantees.
Unless you die before collecting, then your next-of-kin gets NOTHING.
Posted on 3/5/25 at 9:11 am to GeauxBurrow312
quote:
Median income is $40k. Average life expectancy is about 80. Annual return in private market is about 10% historical
If you retire at 67, you will collect about $380k from social security. That includes the annual increase they do over the 13 years you would collect (3 to 3.5%).
If you retire at 67 with 401k/IRA etc instead of SS, you will retire with about $2.2m if you were making $40k for 40 years. Never making more or less than that.
If you retire with $2.2m, you would make about 10% of that a year that you could pull from and never touch principal. That is about 9x to 10x what social security would pay you at that time - but you would also have the $2.2m principal to bequeath
I applaud your effort and Dave Ramsey would be proud of you, BUT that's not how it works. You over simplified the problem.
Posted on 3/5/25 at 9:12 am to Wally Sparks
quote:
Unless you die before collecting, then your next-of-kin gets NOTHING.
Unless your next of kin is your spouse and children under 18.
This post was edited on 3/5/25 at 9:13 am
Posted on 3/5/25 at 9:13 am to GeauxBurrow312
quote:
The numbers he said are accurate for what’s recorded Most of them aren’t getting paid by SS though, but many are. And the dems want to gloss over that.
Social security is also the dumbest fricking thing ever. If anyone ever took a finite math course in college or high school, future value would tell you that you are robbed by social security
I've run the social security investment calculator several times in various threads on this forum showing the average American would be much better off if their social security and Medicare payroll taxes (both theirs' and their employers match) were invested in a broad market mutual fund that could not be touched until age 64.
Posted on 3/5/25 at 9:19 am to Bass Tiger
quote:
I've run the social security investment calculator several times in various threads on this forum showing the average American would be much better off if their social security and Medicare payroll taxes (both theirs' and their employers match) were invested in a broad market mutual fund that could not be touched until age 64.
Very few people will invest their 6.2% and you have to consider what will be the sequence of returns for each Individual based on how they are invested. There is not a one size fits all solution
Posted on 3/5/25 at 9:43 am to facelessman07
quote:
So here’s my question, do we have definitive proof that people aged 200+ have been receiving benefits?
We, the everyday common citizen, will never know unless DOGE makes it public who was receiving the money. Think of it this way, if you have family members receiving SS, are you able to go online, or do a public records request, to see if they are receiving money? How much? Or for how long? That information is not available for those that have no need to know; therefore, why would it be for those that are 110+ years-old potentially receiving these funds. It is also why the left and the media can debunk it with no risk of being called on it, because outside of a select few, no one will see the actual data.
Posted on 3/5/25 at 9:54 am to facelessman07
No matter what, there should be ZERO unverified # s on the ss roster.
It's the 21st century and we have unlimited computer power to purge any list of ANY inconsistency, period.
It's the 21st century and we have unlimited computer power to purge any list of ANY inconsistency, period.
Posted on 3/5/25 at 9:57 am to GeauxBurrow312
quote:
Social security is also the dumbest fricking thing ever. If anyone ever took a finite math course in college or high school, future value would tell you that you are robbed by social security
It's a Ponzi scheme from every angle. There is no "Social Security" trust fund. There is no standing account of money that was paid in previously.
The payroll taxes taken out in March 2025 will go for SS payments in April. Period.
Those who got in earlier are paid out of the funds paid in by the newcomers to the program.
Posted on 3/5/25 at 9:58 am to Ostrich
quote:
Assuming you saved/invested it. And most people wouldn't, which is the point of SS
It's not the government's job to make sure you plan for your future.
Offering pittance on a lifetime of mandatory participation is straight retardation.
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