The Conservative Cave
Current Events => The DUmpster => Topic started by: franksolich on September 16, 2012, 07:42:46 PM
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http://www.democraticunderground.com/10021357437
Oh my.
Ms. Ed, the unappellated eohippus.
Horse with no Name (29,549 posts) Sun Sep 16, 2012, 05:37 PM
I got my Social Security benefits statement this week. One GLARING change
To start with, I haven't received one in a couple of years and for some reason, thought that sending them out was a budget cut.
The one I got previously said:
"your full retirement age (65 years) your payment would be about...."
"At age 67, your payment would be about..."
"At age 62, your payment would be about..."
Now...
"your full retirement age (67 years)...."
"age 70, your payment would be...."
"age 62, your payment would be..."
virgogal (6,980 posts) Sun Sep 16, 2012, 05:42 PM
1. Wasn't the full retirement age raised several years ago?
Horse with no Name (29,549 posts) Sun Sep 16, 2012, 05:43 PM
3. The last one I got said 65. I pulled it out.
proud2BlibKansan (93,348 posts) Sun Sep 16, 2012, 05:49 PM
13. My husband gets them but I don't
He's 62. I think that's why he's getting statements.
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The Social Security Amendments of 1983 (H.R. 1900, Public Law 98-21) contained two provisions which may have an impact on when an individual decides to retire. The two provisions are an increase in the retirement age that can first affect individuals retiring in 2000 and an increase in the delayed retirement credit for those who work beyond full retirement age.
For persons born in 1938 or later, their Social Security benefit may be affected by a provision that raises the age at which full Social Security benefits are payable.
The age for collecting full Social Security retirement benefits will gradually increase from 65 to 67 over a 22-year period beginning in 2000 for those retiring at 62.
The earliest a person can start receiving reduced Social Security retirement benefits will remain age 62.
SSA (http://www.ssa.gov/pressoffice/IncRetAge.html)
Who was in charge of Congress in 1983? Oh, yeah... Tip O'Neil.
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SSA (http://www.ssa.gov/pressoffice/IncRetAge.html)
Who was in charge of Congress in 1983? Oh, yeah... Tip O'Neil.
:exactly:
Of course after Mitt wins the election they will blame him.
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If you were born in 1960 or later the full retirement age for Soc Sec is 67. You can still draw early retirement at 62 but the benefit is reduced by 30%
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If you were born in 1960 or later the full retirement age for Soc Sec is 67. You can still draw early retirement at 62 but the benefit is reduced by 30%
If you were born in 1960 or later your full benefits are going to be reduced by 30% or more so get on the early train.
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"I CAN'T LIVE ON THAT!!!!!", says Horse with no Name.
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If you get a pension you can't even get your SS when you retire. I have paid into it over 17 years and I won't get shit if I get a pension. That is bull. :rant:
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If you get a pension you can't even get your SS when you retire. I have paid into it over 17 years and I won't get shit if I get a pension. That is bull. :rant:
?? If a person gets a government pension, but did work for a private employer, they still get some SS when they retire, but likely not the full amount.
http://www.kiplinger.com/features/archives/krr-public-pension-and-full-social-security-benefits-no-way.html
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?? If a person gets a government pension, but did work for a private employer, they still get some SS when they retire, but likely not the full amount.
http://www.kiplinger.com/features/archives/krr-public-pension-and-full-social-security-benefits-no-way.html
I won't get shit, it's reduced so much. Makes me mad.
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I won't get shit, it's reduced so much. Makes me mad.
That sucks.
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If you get a pension you can't even get your SS when you retire. I have paid into it over 17 years and I won't get shit if I get a pension. That is bull. :rant:
Does it matter the pension amount? I have a small pension from a past employer when I retire...will my SS be reduced by the pension amount, or will I not get SS at all?
(I am 42, so I have 20+ years before retirement...I'm not sure SS will even be an option for me by then...)
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Does it matter the pension amount? I have a small pension from a past employer when I retire...will my SS be reduced by the pension amount, or will I not get SS at all?
(I am 42, so I have 20+ years before retirement...I'm not sure SS will even be an option for me by then...)
I'm 52 and know that SS will not be there for me.
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I'm 52 and know that SS will not be there for me.
If you have any money saved up, then it'll be there for you in black military uniforms with double lightning bolts on the collar.
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Does it matter the pension amount? I have a small pension from a past employer when I retire...will my SS be reduced by the pension amount, or will I not get SS at all?
(I am 42, so I have 20+ years before retirement...I'm not sure SS will even be an option for me by then...)
Railroad and government pensions may be a different case, but social security benefits are not reduced by any amount of pension you receive from a company in the private sector. Benefits are reduced if you report earned income over a certain amount, not pension.
And you can bet the farm that one way or another social security benefits will be available to everyone now alive. Its funding details may change, and age requirements may be tinkered with, but social security will be here for as long as there is an America, and I believe that's a long, long time.
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It 'll happen with a chorus of howling & gnashing of teeth but I suspect Soc Sec will be partially privatized in the not to distant future. Voluntary individual accounts.
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It 'll happen with a chorus of howling & gnashing of teeth but I suspect Soc Sec will be partially privatized in the not to distant future. Voluntary individual accounts.
Barry Goldwater wanted to fix SS 48 years ago and look what happened to him.
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Barry Goldwater wanted to fix SS 48 years ago and look what happened to him.
With the baby boomers retiring something will have to be done or the system will go broke. Not going to be able to tweak it and kick the can down the road and deal with it later.
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Does it matter the pension amount? I have a small pension from a past employer when I retire...will my SS be reduced by the pension amount, or will I not get SS at all?
(I am 42, so I have 20+ years before retirement...I'm not sure SS will even be an option for me by then...)
If you were paying in SS while working for that employer then it shouldn't affect your benefit. Some federal, state and local government retirement plans exempt the employees from paying SS taxes. In those cases all you get is the pension, because you didn't pay into SS.
The current retirement system under the federal government is FERS, in which you pay a small withholding into the pension plan itself but unlike the old Civil Service Retirement System you also pay your full SS taxes. So when you retire you get a smaller annuity under FERS than you got under CSRS but you get the added benefit of collecting full SS along with it when you are eligible. Of course, we have the Thrift Savings Plan too so you really end up with three sources of income.
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If you were paying in SS while working for that employer then it shouldn't affect your benefit. Some federal, state and local government retirement plans exempt the employees from paying SS taxes. In those cases all you get is the pension, because you didn't pay into SS.
The current retirement system under the federal government is FERS, in which you pay a small withholding into the pension plan itself but unlike the old Civil Service Retirement System you also pay your full SS taxes. So when you retire you get a smaller annuity under FERS than you got under CSRS but you get the added benefit of collecting full SS along with it when you are eligible. Of course, we have the Thrift Savings Plan too so you really end up with three sources of income.
What Dandi said. The problem with the SS vs. pension thing is only an issue if your pension comes from a Social Security-exempt system, like the old Federal civil service system (CSRS). A LOT of state and municipal systems (Including teachers) are SS-exempt, and you are screwed under those (Of course, you aren't paying into it during your working life either, so there's that). But, the Fed civil service system that started in the 80s pays a much-reduced retirement but IS integrated into SS, so if you retire under it you collect both.
Where the REAL screwing comes is that if you qualified for SS under some other work history besides the exempt system, then qualified for a retirement pension under an exempt system (Say you worked 20 years for the city in an exempt system, but worked for the required 10-year minimum to qualify for minimal SS as a corporate employee paying FICA taxes), they still won't let you collect both, something I just found out about recently (Fortunately, it doesn't affect me personally).
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Thanks for clearing that up for me, guys!