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02-18-2010, 11:22 AM #1Rude and Vile Master
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And while I'm runing your plans - Social Security at risk
Every year, the Social Security Administration sends you (if you were ever employed) a customized brochure telling you how much money you will be entitled to at retirement thanks to your faithful contributions to our social safety net program.
This year, the following was included in the brochure. Did you notice it? I didn't - this was clipped by someone else on the TMMO website and I stole it.
Thanks to the MyTotalMoneyMakeover forum user Eric_SoCal for this catch.
So if you WERE scheduled to receive $1000 a month in 2037 - on the route we're headed now, you'll actually get $760 a month. That's about $9120 a year.
Think that's bad? That's not factoring in inflation. If inflation averages 3% per year, that $760 you'll be getting in 27 years is the equivalent of $342 in today's dollars.
Please - DO NOT DEPEND UPON SOCIAL SECURITY AS A RETIREMENT PLAN!!!
Fix your finances and start preparing for the future NOW!!!If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-18-2010, 12:39 PM #2Registered User
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well i guess it's a good thing i haven't been counting on living off SS benefits for a great long time now... i still think they aren't grasping the reality of it.... i am not going to be waiting by the mailbox when i get older....but then again if we don't get busy and fix a few things in this country i think SS benefits are going to be the least of our concerns....
“After the last tree has been cut down, after the last river has been poisoned, after the last fish has been caught.
Only then will you find that money can't be eaten.”
~ Cree Indian Prophecy
2012 goals:
Weight today: 115.2
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02-18-2010, 01:00 PM #3Registered User
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Jeez Greebo...you killjoy.
How much we enjoy what we have is more important than how much we have. Life is full of people who have more than they know what to do with, but cannot be content. It is the capacity to enjoy life that brings contentment.---Unknown
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02-18-2010, 01:03 PM #4Registered User
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DH and I have not expected to have SS benefits and have been planning and saving as if there will be none. The writing has been on the wall for a long time now.
Use it up, Wear it out,
Make it do, Or do without. ~unknown
You can't always get what you want
But if you try sometimes you just might find
You get what you need ~Rolling Stones
A clean house is a sign of a wasted life. ~unknown
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02-18-2010, 02:53 PM #5
What an eye opener!
We had no plans to count on SS and are stocking away as much as we can." May we never let the things we can’t have or don’t have or shouldn’t have spoil our enjoyment of the things we do have and can have. As we value our happiness, let us not forget it. One of the greatest lessons in life is learning to be happy without the things we cannot or should not have."
-Richard L. Evans
~Check out C@rols Blog on FV
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02-18-2010, 02:58 PM #6Moderator
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Maybe I am wrong, and someone please correct me if I am...
but..........
hasn't our government tapped into SS funds on and off through the years and moved the money over to the general fund ?
How can any program work correctly if it has been tampered with ?--------My signature--------
The economy is now uncharted waters... grab a oar and start rowing. ~~
Put the frog in pot, turn up the heat real slow, and the frog doesn't hop out. And by the time he realizes, he should , it's too late... think about it.
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02-18-2010, 03:07 PM #7 You are correct....
the tapping into the ss benefits has been happening for years and years and it will continue for years and years and that is why...I to am not counting on ss to retire on...
QUOTE=ladytoysdream;1328101]Maybe I am wrong, and someone please correct me if I am...
but..........
hasn't our government tapped into SS funds on and off through the years and moved the money over to the general fund ?
How can any program work correctly if it has been tampered with ?[/QUOTE]
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02-18-2010, 03:08 PM #8Rude and Vile Master
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Social Security is effectively designed as a ponzi scheme. Money you pay into social security is not saved - it is used to pay out social security benefits to recipients. This works as long as there are more dollars produced than consumed - but bear in mind that ponzi schemes outside of Social SEcurity are illegal for a reason...they crumble eventually.
Originally Posted by ladytoysdream
So - when there is surplus money, and nobody to receive it, while there is certainly an ARGUMENT that the Gov't should have sat on the $ or invested it or *something* - they have simply spent it.
So now, as the baby boomers collecting proceeds start to pile up and the number of income producers start to drop, we're heading into a major deficit.If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-18-2010, 03:17 PM #9Moderator
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Mahalo Greebo - just got mine last week and didn't notice it.
Travel light. The baggage of the past can only hold you back.
“Decluttering isn't just simplifying your life. It's having a vision, setting new priorities and using those notions to get rid of obstacles.”
— Peter Walsh
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02-18-2010, 03:19 PM #10Moderator
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I understand what is going in currently is being paid out currently. The baby boomers are starting to retire in bigger numbers. What is also hurting things currently, is more baby boomers retiring early at 62 instead of waiting till 65.
People whose unemployment have run out and are old enough to retire, are going to retire early.
My plan is to retire at 62 when I get there...no ands ifs or buts.--------My signature--------
The economy is now uncharted waters... grab a oar and start rowing. ~~
Put the frog in pot, turn up the heat real slow, and the frog doesn't hop out. And by the time he realizes, he should , it's too late... think about it.
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02-18-2010, 03:22 PM #11Rude and Vile Master
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Interesting... Originally Posted by ladytoysdream
...my plan is to retire when I can afford to. (Aka when I've earned it...)If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-18-2010, 03:31 PM #12Moderator
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I've worked all my life. Sometimes a full time and a part time job at the same time. Once I had 3 part time jobs for a total of 45 hours a week. I have raised 7 children. I have a few health issues that are slowing me down currently. I will retire at 62 when I get to that point. If my severe sleep apnea lets me, that is. I just am thankful every morning when my feet hit the floor.
--------My signature--------
The economy is now uncharted waters... grab a oar and start rowing. ~~
Put the frog in pot, turn up the heat real slow, and the frog doesn't hop out. And by the time he realizes, he should , it's too late... think about it.
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02-18-2010, 03:40 PM #13
Oh Greebo,It'll be FIIIIIIIIIIIIIIINE.
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02-18-2010, 03:45 PM #14Rude and Vile Master
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I think that what I said came out wrong. I mean I intend to retire "early" and to hell with SSA.
But ...
Hey - listen - you've paid into Social Security all your working life without ever having been given a say in the matter (no, I don't believe voting counts either) so I'm not ABOUT to criticize you for taking some money back! If the Gov't says when you hit 62 you can retire because you put money in all your life, take advantage of it by all means!!! Originally Posted by ladytoysdream
I mean - understand me here - I don't think having a pulse or kids or anything else entitles you or me to anything - if there were never SSA, and you'd worked all your life but put nothing into any kind of retirement, and blew all your money and got to 62 and said "I've worked all my life, everyone else can pay for me now" I'd tell you to pound sand.
It's the fact that you've paid into SSA for 40+ years that entitles you to GET SSA in my book, and more power to you!If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-18-2010, 03:45 PM #15Registered User
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Bingo! I so agree! Originally Posted by Greebo
Sadly, my parents and my MIL are living on SS. They are in their 70's and 80's respectively, and I'm just hopeful that it will last for them. (All live with family members so have that security at least). Surely don't expect it will be around for me, but will hope for the best and prepare for the worst, and plan NOW for the future.
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