Author Topic: Ms. Ed glares at her social security statement  (Read 2831 times)

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Offline franksolich

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Ms. Ed glares at her social security statement
« on: September 16, 2012, 07:42:46 PM »
http://www.democraticunderground.com/10021357437

Oh my.

Ms. Ed, the unappellated eohippus.

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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..."

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virgogal (6,980 posts)  Sun Sep 16, 2012, 05:42 PM

1. Wasn't the full retirement age raised several years ago?

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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.

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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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Offline Chris_

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Re: Ms. Ed glares at her social security statement
« Reply #1 on: September 16, 2012, 07:45:12 PM »
Quote
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

Who was in charge of Congress in 1983?  Oh, yeah... Tip O'Neil.
« Last Edit: September 16, 2012, 07:52:00 PM by Chris_ »
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Offline RobJohnson

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Re: Ms. Ed glares at her social security statement
« Reply #2 on: September 17, 2012, 01:22:40 AM »
SSA

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.

Offline Zeus

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Re: Ms. Ed glares at her social security statement
« Reply #3 on: September 17, 2012, 02:34:12 AM »
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%
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.

Offline jukin

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Re: Ms. Ed glares at her social security statement
« Reply #4 on: September 17, 2012, 09:40:31 AM »
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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When you are the beneficiary of a policy that steals from someone and gives it to you in return for your vote, it produces a sense of entitlement and dependency.

Offline JohnnyReb

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Re: Ms. Ed glares at her social security statement
« Reply #5 on: September 17, 2012, 10:45:38 AM »
"I CAN'T LIVE ON THAT!!!!!", says Horse with no Name.
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Offline Gina

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Re: Ms. Ed glares at her social security statement
« Reply #6 on: September 17, 2012, 11:14:58 AM »
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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Offline thundley4

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Re: Ms. Ed glares at her social security statement
« Reply #7 on: September 17, 2012, 11:25:17 AM »
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

Offline Gina

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Re: Ms. Ed glares at her social security statement
« Reply #8 on: September 17, 2012, 12:00:57 PM »
??  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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Offline thundley4

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Re: Ms. Ed glares at her social security statement
« Reply #9 on: September 17, 2012, 12:18:20 PM »
I won't get shit, it's reduced so much.  Makes me mad.

That sucks. 

Offline dixierose

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Re: Ms. Ed glares at her social security statement
« Reply #10 on: September 17, 2012, 01:48:43 PM »
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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Offline jukin

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Re: Ms. Ed glares at her social security statement
« Reply #11 on: September 17, 2012, 03:56:30 PM »
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.
When you are the beneficiary of someone’s kindness and generosity, it produces a sense of gratitude and community.

When you are the beneficiary of a policy that steals from someone and gives it to you in return for your vote, it produces a sense of entitlement and dependency.

Offline JohnnyReb

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Re: Ms. Ed glares at her social security statement
« Reply #12 on: September 17, 2012, 04:28:19 PM »
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.
“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline GOBUCKS

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Re: Ms. Ed glares at her social security statement
« Reply #13 on: September 17, 2012, 04:34:47 PM »
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.

Offline Zeus

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Re: Ms. Ed glares at her social security statement
« Reply #14 on: September 17, 2012, 04:41:43 PM »
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.
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.

Offline JohnnyReb

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Re: Ms. Ed glares at her social security statement
« Reply #15 on: September 17, 2012, 04:47:58 PM »
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.
“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline Zeus

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Re: Ms. Ed glares at her social security statement
« Reply #16 on: September 17, 2012, 05:01:48 PM »
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.
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.

Offline dandi

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Re: Ms. Ed glares at her social security statement
« Reply #17 on: September 17, 2012, 09:10:17 PM »
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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Offline DumbAss Tanker

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Re: Ms. Ed glares at her social security statement
« Reply #18 on: September 17, 2012, 10:39:13 PM »
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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Offline dixierose

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Re: Ms. Ed glares at her social security statement
« Reply #19 on: September 18, 2012, 06:08:08 AM »
Thanks for clearing that up for me, guys!
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