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  #1  
Old 08-04-2015, 04:43 PM
Colorado Female Colorado is offline
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Default 2016 SS checks

Investment news is saying no increase for 2016. Oct is when SS will say it. Guess we plan to live on same amount.
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Old 08-04-2015, 06:03 PM
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Guess we plan to live on same amount.
If you call that living.
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  #3  
Old 08-04-2015, 08:26 PM
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If no increase , no increase in medicare's $104.90 but my other Med Ins could increase. Medicare could do some cutting on other Ins and they go up.
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Old 08-05-2015, 12:31 AM
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If no increase , no increase in medicare's $104.90 but my other Med Ins could increase. Medicare could do some cutting on other Ins and they go up.
I do not believe the rates for Medicare are determined the same way the increase for SS is. May be wrong.
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Old 08-05-2015, 02:01 PM
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Bones,
Way I understand the medicare is if you have $80,000 or more income they can raise your medicare with out SS raise. They pay more medicare than I do. Rich people pay different.

For lots of us on SS if no raise, no medicare raise. If SS raised then medicare can raise no more than raise . Up to same per cent, They can change things like they did on the inflation rate how they figure.

They figure medicare on what they paid out. But are limited in how much based on SS raise.
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Old 08-05-2015, 02:56 PM
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Pretty complicated ( at least to me ) but Medicare part b premiums are not tied to any SS adjustments other than the fact that any increase in SS could jump you to another income bracket just like any other income change. But you sound have to income at least 80k.


https://fas.org/sgp/crs/misc/R40082.pdf
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Old 08-05-2015, 04:44 PM
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Missourifree,
Yes and it gets worse at income tax time. I use to have to pay tax on SS. Now my income is way down no tax. I do have to file.
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Old 08-10-2015, 12:21 PM
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Default Social Securitu birthday!

Friday SS is 80 years old .
We all know the balance sheet isn't looking to great .
I just read an article about the options

1. Adjust benifits. Way I see it this will never happen so no use discussing .
Only way is to take in more

2. Taxes.
- Take off cap of $118,500 and tax all income at present rate of if 12.4% ( split between employer and employee)
This would eliminate 66% of the sort fall
- raise deduction by .1% a year until it reaches 14.4 . Eliminates 49% of shortfall.
Both assume no change in Benifits except COLA

3. Gradually phase in age adjust to 68 by 2034 - eliminates 15%.
Make early retirement 64 in 2023 and 69 in 2027- elongated 29%
4. Cola go to chained CPI - eliminates only . 3 %.

Btw some talk of an CPI for elderly to account for medical cost. That would increase shortfall by .2 %

Just thought you all may be interested in option.
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Old 08-10-2015, 07:15 PM
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They give us a tiny raise---then up Medicare A&B--may see2.00 more---
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  #10  
Old 08-10-2015, 09:31 PM
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Medicare did not come up for us low income people. My Rocky Mountain did. That took 1/3 of raise, Rest of raise I left in checking to cover bigger copays. I am planning new budget for next year with cuts some where. Be Oct before we know if RM comes up.
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  #11  
Old 08-10-2015, 10:03 PM
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Quote:
Originally Posted by MissouriFree View Post
Friday SS is 80 years old .
We all know the balance sheet isn't looking to great .
I just read an article about the options

1. Adjust benifits. Way I see it this will never happen so no use discussing .
Only way is to take in more

2. Taxes.
- Take off cap of $118,500 and tax all income at present rate of if 12.4% ( split between employer and employee)
This would eliminate 66% of the sort fall
- raise deduction by .1% a year until it reaches 14.4 . Eliminates 49% of shortfall.
Both assume no change in Benifits except COLA

3. Gradually phase in age adjust to 68 by 2034 - eliminates 15%.
Make early retirement 64 in 2023 and 69 in 2027- elongated 29%
4. Cola go to chained CPI - eliminates only . 3 %.

Btw some talk of an CPI for elderly to account for medical cost. That would increase shortfall by .2 %

Just thought you all may be interested in option.
We've talked about this before. The problem is that SS is set up as a Ponzy Scheme: "later investors" (ie-younger tax payers) pay in and "earlier investors" (ie- those in retirement) draw out the cash. Bernie Madoff is serving time now for just such a privately run program;

To solve the problem, they must take advantage of the miracle of compound interest. The money paid in must be invested to earn over the course of long term. That measly $24 the Indians got for Manhattan Island, had it been invested at 5%, would now be worth about 4 Quadrillion bucks-- about 100x more than the value of all RE property there today.

I'm about to receive my first SS check. IF I live to be 85, I'll get back about 1/2 million dollars. But if they had invested my contributions, I would have $6.5 million in my account today. I wouldn't need Medicare. And when I die, the balance could go to my heirs. Poverty would be eliminated inthis country.

They don't want to solve the problem. The want to maintain power by keeping us submissive.
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  #12  
Old 08-11-2015, 12:22 PM
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Doc,
I paid into a county pension plan about 30 years. 4% from my checks and county put in 4%. Low pay and part time to start with for years. Was not much. Interest seems to be a thing of the past. The lack of interest is what is hurting us older ones. We planned and it did not work. Govt has seen to that.

They did tighten up some loop holes in SS. They have increased age.
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  #13  
Old 08-11-2015, 12:35 PM
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Quote:
Originally Posted by doc View Post
We've talked about this before. The problem is that SS is set up as a Ponzy Scheme: "later investors" (ie-younger tax payers) pay in and "earlier investors" (ie- those in retirement) draw out the cash. Bernie Madoff is serving time now for just such a privately run program;

To solve the problem, they must take advantage of the miracle of compound interest. The money paid in must be invested to earn over the course of long term. That measly $24 the Indians got for Manhattan Island, had it been invested at 5%, would now be worth about 4 Quadrillion bucks-- about 100x more than the value of all RE property there today.

I'm about to receive my first SS check. IF I live to be 85, I'll get back about 1/2 million dollars. But if they had invested my contributions, I would have $6.5 million in my account today. I wouldn't need Medicare. And when I die, the balance could go to my heirs. Poverty would be eliminated inthis country.

They don't want to solve the problem. The want to maintain power by keeping us submissive.

But isn't that , while good idea , only an academic solution with no real world connection. Just Where would you propose to invest to earn all that interest ?

I am talking about real world actionable solutions that could be enacted.
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Last edited by MissouriFree; 08-11-2015 at 01:11 PM.
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  #14  
Old 08-11-2015, 02:56 PM
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Quote:
Originally Posted by MissouriFree View Post
Friday SS is 80 years old .
We all know the balance sheet isn't looking to great .
I just read an article about the options

1. Adjust benifits. Way I see it this will never happen so no use discussing .
Only way is to take in more

2. Taxes.
- Take off cap of $118,500 and tax all income at present rate of if 12.4% ( split between employer and employee)
This would eliminate 66% of the sort fall
- raise deduction by .1% a year until it reaches 14.4 . Eliminates 49% of shortfall.
Both assume no change in Benifits except COLA

3. Gradually phase in age adjust to 68 by 2034 - eliminates 15%.
Make early retirement 64 in 2023 and 69 in 2027- elongated 29%
4. Cola go to chained CPI - eliminates only . 3 %.

Btw some talk of an CPI for elderly to account for medical cost. That would increase shortfall by .2 %

Just thought you all may be interested in option.
Removing the cap, eliminating deductions, etc only serve to turn SS into a welfare program instead of the psuedo retirement account that some believe it to be.
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  #15  
Old 08-11-2015, 04:16 PM
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Removing the cap, eliminating deductions, etc only serve to turn SS into a welfare program instead of the psuedo retirement account that some believe it to be.
You will have to explain why you think that I don't get it. By the way I never mentioned eliminating deductions.
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  #16  
Old 08-19-2015, 02:33 AM
Selena Selena is offline
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Quote:
Originally Posted by MissouriFree View Post
But isn't that , while good idea , only an academic solution with no real world connection. Just Where would you propose to invest to earn all that interest ?

I am talking about real world actionable solutions that could be enacted.
I agree there should be no cap. Mixed emotions about raising the age of which you can collect full benefits. Those who bust their a$$e$ hauling lumber, setting up/taking down concrete forms etc. are lucky to be able to do that when in their early 50s.

The financial crash decreased the number who could collect disability - not enough current credits. Different program yes but that also means they weren't earning SS credits either.

Means testing should occur (and double/triple dipping on public pensions but another subject for another day). But.. if a medical or natural disaster did a number on your finances, you should be allowed to start collecting (but no retroactive).

The other elephant in the room is pre-tax deductions - not speaking of 401k contributions but HSA, FSA, DCFSA, med premiums. Also what did a number on federal/state revenue.

A person is delusional if he/she thinks he/she would have this huge retirement fund if he/she could have invested it themselves. Interest rates have been low since the early 90s. Corporate bonds are a crap shoot for the average investor, banks will get their pound of flesh first (after Uncle Sam) in bankruptcy court as does the bankruptcy trustee/lawyers. Stock market bubble burst and/or other correction can decrease your portfolio by 50% faster than you can blink, even if you have a large investment firm executing your trades.
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  #17  
Old 08-19-2015, 08:53 AM
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BANK interest rates are low. Don't confuse that with return on investment in one of the many mutual funds that invest in the DowJones Industrial Average. That average went in the tank with the melt down of ,07, but has, after these ensuing 8 yrs has doubled it's value again__ a return of roughly 8.5% \yr. And if my plan were in effect, all that money pouring in every year (increasing demand) would essentially guarantee rising stock value.

Those of us who have already reached our mid_60s know how rapidly our strength,speed, endurance and mental abilities are deteriorating on a yearly basis. Raising retirement age wil keep younger folks out of the work force longer, delay advancementl for them longer and keep higher paid people with deteriorating skills working longer. Not a good idea.
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  #18  
Old 08-19-2015, 12:53 PM
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Quote:
Originally Posted by Selena View Post
I agree there should be no cap. Mixed emotions about raising the age of which you can collect full benefits. Those who bust their a$$e$ hauling lumber, setting up/taking down concrete forms etc. are lucky to be able to do that when in their early 50s.

The financial crash decreased the number who could collect disability - not enough current credits. Different program yes but that also means they weren't earning SS credits either.

Means testing should occur (and double/triple dipping on public pensions but another subject for another day). But.. if a medical or natural disaster did a number on your finances, you should be allowed to start collecting (but no retroactive).

The other elephant in the room is pre-tax deductions - not speaking of 401k contributions but HSA, FSA, DCFSA, med premiums. Also what did a number on federal/state revenue.

A person is delusional if he/she thinks he/she would have this huge retirement fund if he/she could have invested it themselves. Interest rates have been low since the early 90s. Corporate bonds are a crap shoot for the average investor, banks will get their pound of flesh first (after Uncle Sam) in bankruptcy court as does the bankruptcy trustee/lawyers. Stock market bubble burst and/or other correction can decrease your portfolio by 50% faster than you can blink, even if you have a large investment firm executing your trades.

I can't agree with means testing at all. A person puts in (involuntarily I might add)they must get the benifit they paid for.
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Last edited by MissouriFree; 08-19-2015 at 09:41 PM.
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  #19  
Old 08-19-2015, 09:44 PM
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Quote:
Originally Posted by doc View Post
BANK interest rates are low. Don't confuse that with return on investment in one of the many mutual funds that invest in the DowJones Industrial Average. That average went in the tank with the melt down of ,07, but has, after these ensuing 8 yrs has doubled it's value again__ a return of roughly 8.5% \yr. And if my plan were in effect, all that money pouring in every year (increasing demand) would essentially guarantee rising stock value.

Those of us who have already reached our mid_60s know how rapidly our strength,speed, endurance and mental abilities are deteriorating on a yearly basis. Raising retirement age wil keep younger folks out of the work force longer, delay advancementl for them longer and keep higher paid people with deteriorating skills working longer. Not a good idea.
Doc,
Your plan is unclear to me - - who does this mutual fund investing -? individuals with thier own money or the fedgov with SS collection from companies and individuals ?
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Last edited by MissouriFree; 08-20-2015 at 05:56 PM.
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  #20  
Old 08-20-2015, 05:04 PM
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Hubby is getting SS. I'm not. Hoping to wait until I'm 70 to start collecting in order to get the max benefits. Since it rises 8% each year after your full retirement age that's a pretty good investment.
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