Retirement and social security

[JeffsLightning]

Does anyone here have a breakdown let's say if you work for 25 years
straight and $100 a week gets put into it would you really get paid out with? Really not a big fan of the whole pyramid scheme feel like you can do things with your money to invest better with then big brother telling you what to do etc

That's hard to calculate as SS is based off of your annual total earnings while your working.

If you haven't already you need to setup an account on SSA. All of your earnings and estimate benefits for a particular age (62+) will be there.

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[bglf83]

It appears you actually get out slightly more than you put in SS. The reasoning is that the dollars put in years earlier are worth more - ie inflation.


View attachment 1780652

What if you make more than 146k in the household? Like 246 gets hoses or what?

 

[supercharged91m]

That's hard to calculate as SS is based off of your annual total earnings while your working.

If you haven't already you need to setup an account on SSA. All of your earnings and estimate benefits for a particular age (62+) will be there.

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Thank you sir

 

[VegasMichael]

What if you make more than 146k in the household? Like 246 gets hoses or what?

If you make more than 160k you no longer pay SS taxes for any income beyond that.

How is Social Security financed? | Press Office | SSA

How is Social Security financed?

www.ssa.gov

 

[DriftwoodSVT]

Wow! 55 with a 1 year old son and a 33 year old wife.. Man you need to retire ASAP

I'm sure I don't speak for everyone, but I'd hate to be 55 with young kids.

 

[black4vcobra]

That's not how ss works

It's not supposed to work that way but I see trashy moms on FB saying they got their kids on SS.

For all I know the baby daddies are dead so that might actually fall under the legit rules of children receiving SS. For those kids they are probably better off as baby daddy probably never paid a nickel in child support anyway.

From the SSA website - apparently 4.4 million children collect SS. That is a MASSIVE number IMO and you can't tell me they are all legit cases.

Anyway - "Every year, about 4.4 million children receive monthly benefits because one or both of their parents are disabled, retired, or deceased"

And we know how much people love to milk the disability claim.

 

[cobracide]

It's not supposed to work that way but I see trashy moms on FB saying they got their kids on SS.

For all I know the baby daddies are dead so that might actually fall under the legit rules of children receiving SS. For those kids they are probably better off as baby daddy probably never paid a nickel in child support anyway.

So what if baby daddy dead.. it's money already paid into the system so it's not a free handout.

 

[VegasMichael]

It's not supposed to work that way but I see trashy moms on FB saying they got their kids on SS.

For all I know the baby daddies are dead so that might actually fall under the legit rules of children receiving SS. For those kids they are probably better off as baby daddy probably never paid a nickel in child support anyway.

From the SSA website - apparently 4.4 million children collect SS. That is a MASSIVE number IMO and you can't tell me they are all legit cases.

Anyway - "Every year, about 4.4 million children receive monthly benefits because one or both of their parents are disabled, retired, or deceased"

And we know how much people love to milk the disability claim.

I can attest to this. I taught in a low income part of town and parents whether single or married were getting SS disability that wasn't warranted. I was literally part of the problem since I often had to fill out paperwork saying that I agreed with the student's alleged disability. To not do so would start a shitstorm that I had no hope of winning.

 

[VegasMichael]

^Doctors, counselors and psychologists were part of the problem as well.

 

[TORQUERULES]

I'm sure I don't speak for everyone, but I'd hate to be 55 with young kids.

Making sure the wife is taken care of when I am gone.

 

[black4vcobra]

So what if baby daddy dead.. it's money already paid into the system so it's not a free handout.

That's assuming baby daddy actually worked an "on the books" job for a significant portion of his life. Big assumption.

I can attest to this. I taught in a low income part of town and parents whether single or married were getting SS disability that wasn't warranted. I was literally part of the problem since I often had to fill out paperwork saying that I agreed with the student's alleged disability. To not do so would start a shitstorm that I had no hope of winning.

Thank you for the input. After all, it is a government program and when government programs give money out with little to no need to justify such outlays, the program WILL be rife with abuse.

 

[cobracide]

That's

That's assuming baby daddy actually worked an "on the books" job for a significant portion of his life. Big assumption.

Well if you work off the books there is no SS to collect. SS is a pretty solid system, you get out what you pay in plus COLA. Plus it's capped so if you're a multi-millionaire, you don't care about opting out because it's not that much relative to your income.

Now as for welfare.. that's a disaster.

 

[ford fanatic]

Making sure the wife is taken care of when I am gone.

You'd probably want to get a term life insurance plan for that.