tag:blogger.com,1999:blog-626594980028435818.post4111681711202045427..comments2024-03-28T18:11:40.841-04:00Comments on Sightings Over Sixty: What Happens When Social Security Goes Bankrupt?Tomhttp://www.blogger.com/profile/08611148987085476580noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-626594980028435818.post-70961060608879795772016-09-02T06:15:23.624-04:002016-09-02T06:15:23.624-04:00Raising the retirement age sounds really sad. Can ...Raising the retirement age sounds really sad. Can you imagine hundreds of 70 year-olds working in factories? They need to rest and enjoy their lives – maybe even their grandchildren. Also, taking money from upcoming retirees who have earned it, and equivocally paid into <a href="http://decorm.tumblr.com/post/147633533816/why-medicaid-expansion-is-good-news-for-hospitals" rel="nofollow">social security</a> for years is preposterous. Don’t you think they would deserve to get their 6.2% back?Anonymoushttps://www.blogger.com/profile/05165454582253835159noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-4536467906415643472016-05-12T00:51:59.782-04:002016-05-12T00:51:59.782-04:00You never want to find a lawyer based on his comme...You never want to find a lawyer based on his commercial or a flyer you received in the mail. Take the time to ask around and get as much input as you can from local family, friends, neighbors, coworkers, before you simply sign on the dotted line. Utilize social media to help you to choose a lawyer based on all those impartial third party reviews.<br /><br /><a href="https://plus.google.com/u/0/b/115792992690164839367/+RuffiLawOfficesWausau/about" rel="nofollow">Karoline Peak @ Ruffi Law Offices, S.C.</a>Karoline Peakhttps://www.blogger.com/profile/13505943781199150065noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-51579836232751766572015-06-05T18:13:17.701-04:002015-06-05T18:13:17.701-04:00That is a very important take on social security; ...That is a very important take on social security; bringing forth the idea that it essentially doesn't pay for itself. However, it isn't invalid; Jeremy is right when he says that it can never go broke. That's like saying that we'll eventually run out of money for new roads or whatnot. The real bottom line is that it's hinged on our obligation to the system as much as to others, as they are all intersecting and co-dependent. It would be good to have such safety nets, so that the people who will benefit from Social Security in the future would get at least the same level of service for their efforts. Good day!<br /><br /><a href="http://www.jandils.com/" rel="nofollow">Brad Post @ Jan Dils </a> Anonymoushttps://www.blogger.com/profile/01739843183701801329noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-87227494536385020762015-03-21T15:50:48.607-04:002015-03-21T15:50:48.607-04:00I'm not getting into this heated discussion......I'm not getting into this heated discussion...except to say, Tom, thank you for posting all this important information. I'm sure your intent was to help and not to start a dialog of dissention.Sherylnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-18273057739106906402015-03-20T06:35:31.451-04:002015-03-20T06:35:31.451-04:00I have no problem with "anonymous" comme...I have no problem with "anonymous" commentators who attach screen names. It's those who hide completely I have no time for.Dick Kladehttps://www.blogger.com/profile/11793395712483278104noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-70696060145069905422015-03-19T18:37:30.535-04:002015-03-19T18:37:30.535-04:00IMO, there are good reasons to use the "anony...IMO, there are good reasons to use the "anonymous" identity for commenting to Blogger blogs; however, I think it only polite to other commenters to include some form of screen name in one's comment. Lacking screen names, we who comment "anonymously" get blamed for one another's nasty/nice/insightful/crazy comments.<br />Cop CarAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-3416235425192229262015-03-19T17:07:11.597-04:002015-03-19T17:07:11.597-04:00Devaluation of the dollar will fix everything. Gi...Devaluation of the dollar will fix everything. Given what's going on in Europe everyone will be devaluing their currency. Except perhaps China! Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-21170332706868413102015-03-19T13:29:41.629-04:002015-03-19T13:29:41.629-04:00We have done very well because our state took over...We have done very well because our state took over public employees retirement and "required" us to participate in savings. It has been wonderful. I liked the idea of matching SS savings with our own funds. That would have been a very good thing for us.<br /><br />Thank you Tom for opening up the conversations. As for Anon. I always wonder why the people that <b>shoot</b> from the hip choose to do it with a mask on. Sigh!b+ (Retire In Style Blog)https://www.blogger.com/profile/05114209481329773753noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-26751719119611190022015-03-19T10:43:29.232-04:002015-03-19T10:43:29.232-04:00First, let me say that the initial anonymous (who ...First, let me say that the initial anonymous (who also responded to your own comment, Tom) is a jerk and not especially bright (as you pointed out).<br />Second, I failed (as I am sure most people have) to squirrel away the same amount of my pay as SS took from me. Doing that, and investing it each time I reached, say, $1000 would have provided me with a tidy sum for my "golden years." Of course, I didn't do that. My former company always tied in SS with our pension to show how generous they were and to make retirement seem a rosy reward for our devotion to the company.<br />It's all a farce. Stash away as much as you can as long as you can and you will much happier in retirement.Douglashttps://www.blogger.com/profile/09752593286034877538noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-63621797838977621242015-03-19T09:30:46.539-04:002015-03-19T09:30:46.539-04:00The jewish people voted in Netayanhu guess he know...The jewish people voted in Netayanhu guess he knows how to run a country..I don't like haters who hate cause they put in anonymous comments, I think most people don't have much money for their retirements, but figure thety want to see some of their pension and social security rather than nothing at all..Most companies don't want a worker making a good wage, with benefits and get rid of them one way or another my husband found that out..I worked federal and get a teeny tiny amount, plus social security, saved like crazy but still it is a not a lot with taxes on property going up and food and gasoline, you cannot have heaven on earth at all..More like a season of hell now and then...your blog is very interesting and informative if it helps one person to save some money and live saving money it is great..ciao!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-84571353779531066002015-03-19T08:53:41.345-04:002015-03-19T08:53:41.345-04:00Thank you,Tom, for writing the article. It reminds...Thank you,Tom, for writing the article. It reminds me to write my congress people! I don't have a CPA. Anonymous needs to google a bit before flying off the handle. <br />All of the information is on the net. Here is my understanding of the math.<br />You pay 6.2% on the first $118,000 That equals $7347. If you make $250,000, you still pay $7347 (the cap is $118,000 this year), bringing your "percentage of tax" down to about 2.9%. It IS a regressive tax. <br />Keeping in mind that this amount is half (since most of us are not self employed and our employer pays the other half). So that brings the rate to 12.4%+2.9% Medicare=16 ish percent. The person making 250,000 will pay about 6%+2.9% = 8.9 % <br />Since 1998 the cap has almost doubled. Should have gone up much sooner since the largest group retiring paid their significant SS in the last 20 years.<br />I totally agree that the cap should be taken off.<br /> My question is, will the maximum benefit of The top people go up as well? That would totally ruin what needs to be done.Janettehttps://www.blogger.com/profile/10054888725603183006noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-74800132871076727592015-03-18T20:07:55.315-04:002015-03-18T20:07:55.315-04:00First of all, the first anonymous person who comme...First of all, the first anonymous person who commented needs to remember that this is your blog, Tom, and you're entitled to your opinions. I don't understand the tone and negativity of his/her remarks. I appreciate that you shared Kisner's info w/us. Thanks for your help.Pamhttps://www.blogger.com/profile/04495841077527091378noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-19164722312737765882015-03-18T18:55:04.487-04:002015-03-18T18:55:04.487-04:00I have to agree with Dick. People who say things l...I have to agree with Dick. People who say things like "get a life" and "That's called socialism a'la Obamaism" while hiding behind a curtain don't deserve a forum. <br /><br />I appreciated your post and the information you provided.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-43563348519754165702015-03-18T15:25:04.363-04:002015-03-18T15:25:04.363-04:00Good analysis. One important fact Kisner doesn'...Good analysis. One important fact Kisner doesn't mention is that the longer Congress waits to fix the system the bigger the fix must be. Had the pols lifted the cap three or four years ago nothing more would be needed. Now, it will take some combination of the measures listed to do the complete job.<br /><br />I think "Anonymous" commentators don't deserve to have their views published. Please consider removing them in the future.Dick Kladehttps://www.blogger.com/profile/11793395712483278104noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-90778914206679141972015-03-18T12:31:30.315-04:002015-03-18T12:31:30.315-04:00Hi Tom! I found this post interesting and thought...Hi Tom! I found this post interesting and thought provoking. Obviously it can't cover every single instance of how the tax code works....so we each need to discuss our own situation with a CPA. But I appreciated hearing what some of the "solutions" are and how they might effect my own circumstances. <br /><br />Meanwhile, I find it rather funny (sad funny, not hahaha funny) that some other people have commented in such a negative way. Obviously this topic brings up a lot of fear for people. Currently my husband and I are "semi-retired" and are working because we love our work AND because we appreciate the added income. We are delaying taking early SS to maximize our SS later...but only see SS as a supplement to our income--not the whole thing. We have been self-employed our entire lives and don't have kids so we have no illusions that anyone (our kids or the government) will take care of us when we age. This is not an accident. We are working and planning and taking care of it. And as high earner self employed people I agree that the best solutions for our COUNTRY (and our fellow citizens) is the #2 solution mentioned (even though it would cost my husband I more in the long run) <br /><br />And while I am sympathetic to anyone who is struggling, I do believe that those of us who are still working and can plan ahead should do so and your information is helpful. Thank you. Kathy @ SMART Living 365.comhttp://smartliving365.comnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-7937838473120087812015-03-18T07:46:15.019-04:002015-03-18T07:46:15.019-04:00Social Security what about pensions which are bein...Social Security what about pensions which are being threatened daily, people put in their entire life thinking the pension will be there well it looks like that is not the case toooooo..I know about the maximum amount, my later mother in law was married to a man for over 17 years he had many businesses when he passed from this earth she got his huge monthly benefit which her kids took and had a good ole time, all cause she could not live without a warm body near her, she had 9 kids and never learned to cook, clean and live well, her money went kaput, we used to get phone calls because of it, we lived away and helped but I got the groceries and paid the bills in person never giving her real money..I know people who get the maximum and they have annuities and investments they also get, plus the maximum social security, they lived frugally but made good money, saved it and are living well now, all a matter of persepective, your adding up of the payroll taxes is wrong, I agree the payroll taxes are regressive but your calculations are way off..check your facts..You are really scaring people who don't get much at all..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-59962466351325912702015-03-17T22:00:25.747-04:002015-03-17T22:00:25.747-04:00Ouch. I feel like I have to defend myself. It'...Ouch. I feel like I have to defend myself. It's true that self-employed people can deduct 1/2 of their SS tax from gross income, so it does bring the rate down a bit. I plead guilty to exaggerating ... but not by much. Moreover, employees cannot take that deduction, which, in a way, if you count the employer's payment as part of compensation, suggests they actually pay more than self-employed people.<br /><br />The payroll tax certainly is regressive -- which doesn't mean higher earners pay less, but that they pay at a lower rate. Everyone earning over $118,500 pays at a lower rate. The more people earn beyond that, the lower the rate. Finally, I'm just talking here about the payroll tax, not other income taxes which can indeed bump up a millionaire's rate to 39.6%. Still, I don't feel sorry for millionaires. I'd rather go after millionaires instead of working stiffs or retirees themselves to close the SS gap Kisner is talking about.Tomhttps://www.blogger.com/profile/08611148987085476580noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-70550596860207018102015-03-17T21:49:43.026-04:002015-03-17T21:49:43.026-04:00I signed up for SS and I'm now receiving check...I signed up for SS and I'm now receiving checks. I could have waited longer and received more, but I figured I'd take it now before changes are made. Fortunately, this isn't my sole source of income. People forget that this was intended as a safety net, not a sole source of income.stephen Hayeshttps://www.blogger.com/profile/17659054447637207734noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-40640317321128223282015-03-17T21:29:04.989-04:002015-03-17T21:29:04.989-04:00I think our entire economic system needs fixing. ...I think our entire economic system needs fixing. Social security is just one piece of the puzzle. That's just my humble opinion and I really don't know any answers. I hope someone does.Olgahttps://www.blogger.com/profile/00692441479616299920noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-78988286189927717982015-03-17T17:10:56.058-04:002015-03-17T17:10:56.058-04:00Thanks for the article by Kisner. I think I'll...Thanks for the article by Kisner. I think I'll go check out what more he has to say. I didn't know there is a maximum amount you can get from SS, but I do know that number is about half of what most people receive monthly. If it were not for my annuities income, I would be hard pressed to live on my SS, but it helps incredibly in paying bills and giving me a decent quality of life in retirement. Thanks for all these interesting and informative articles, Tom. DJanhttps://www.blogger.com/profile/07152183871573797791noreply@blogger.comtag:blogger.com,1999:blog-626594980028435818.post-39196641056738984392015-03-17T13:37:36.135-04:002015-03-17T13:37:36.135-04:00Tom,
You need to speak to a CPA before you speak/...Tom, <br />You need to speak to a CPA before you speak/write about taxes. Self employment taxes are 50% tax deductible, so you are not paying 15%. Also, your withholding tax rates are incorrect:<br />http://www.suburbancomputer.com/tips_tax.htm<br />They are NOT regressive. The more you earn, the more you pay. What you have listed is preposterous. How could a person making minimum wage pay 15% while someone earning $250K pays 7%? Ridiculous. In reality that richer person will be paying 33% if married, filing jointly.<br />Stop scaring us retirees. Social Security is going nowhere. It's the disability payments that are a problem because many boomers lost their jobs, can't get new ones, so go out on disability. That's the real problem: fraud.<br />Get a life, please. And get your facts straight.<br />And anyone earning over a million, now pays 39.6% in taxes. The less you earn the more you keep. That's called socialism a'la Obamaism.Anonymousnoreply@blogger.com