Article

2023-11-08 Economy

Bidenomics is a disaster for current and future retirees

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Posted by Besoeker 2023-11-08 05:21|| || Front Page|| [11132 views ] Top

#1 ...My 401K pretty much bled out and the only thing that's really going to save me is my USAF pension...and there have been oblique suggestions that if you're getting a military pension and SSA, well then you really don't need both, do you?

Mike

Posted by MikeKozlowski 2023-11-08 07:05|| 2023-11-08 07:05|| Front Page Top

#2 ..except SSA was taken out for all those years of service and the retirement was part of the contract. Now why should people who never paid into SSA get a penny?

Posted by Procopius2k 2023-11-08 07:30|| 2023-11-08 07:30|| Front Page Top

#3 Many years ago the gov't decided that farmers should be entitled to Social Security benefits. The argument went band forth until it was finally decided that farmer eligibility would be approved via the payment of only three SSA arrears quarters. Needless to say, most farmers were delighted.

Something to do with an upcoming election I was told.

Posted by Besoeker 2023-11-08 08:33|| 2023-11-08 08:33|| Front Page Top

#4 if you're getting a military pension and SSA, well then you really don't need both, do you?

Windfall Provisions

Posted by Frank G 2023-11-08 08:59|| 2023-11-08 08:59|| Front Page Top

#5 Now why should people who never paid into SSA get a penny?

I remember having this very conversation with my grandmother (the nice one) about 40 years ago. She was in the situation P2K describes. It wasn't a pleasant conversation when it hits that close to home, that's for sure. A year later at college I was on the wrong end of a Ponzi scheme that was going through some colleges at the time (I did get the money back, Goodfellas style). I do believe these two things are connected.

Posted by Raj 2023-11-08 09:11|| 2023-11-08 09:11|| Front Page Top

#6 I guess I went to the wrong gas station last night. Well, it was on the way to other places where I wanted to go so I stopped there to fill 'er up and, unfortunately, my wife's car uses premium gas. The cost was over $6 dollars a gallon.

Posted by Abu Uluque 2023-11-08 11:15|| 2023-11-08 11:15|| Front Page Top

#7 nationally, gasoline prices are down significantly from 60 days ago

re Soc Sec you can make a good argument that people who have already received their SocSec taxes repaid them (w Interest) and have other sources of income (documented by recent 1040 filings) should get a reduced inflation adjustment

this would be a pretty gentle way to reduce the entitlement burden and while not 'saving' social security, it could postpone the day when the fund balance hits zero

Posted by lord garth 2023-11-08 12:11|| 2023-11-08 12:11|| Front Page Top

#8 As a retiree, I can say 'Yup'.

Posted by ed in texas 2023-11-08 14:08|| 2023-11-08 14:08|| Front Page Top

#9 if you're getting a military pension and SSA, well then you really don't need both, do you?

It’s part of the same argument that if you have enough money/income from elsewhere, you ought not get anything at all from Social Security. I lack the last six months of earned income to get any payout from Social Security for myself, despite all I paid in since the age of sixteen. On paper I’d get something eventually as Mr. Wife’s widow, but I expect by then to be means-tested out of getting anything at all.

Posted by trailing wife 2023-11-08 18:00|| 2023-11-08 18:00|| Front Page Top

#10 I've got a Gubbamint pension, but also did/declared side business (engineering) and paid FICA taxes on such. I won't get shit from SSA, but them's the breaks, I guess

Posted by Frank G 2023-11-08 18:05|| 2023-11-08 18:05|| Front Page Top

#11 There is a name for a transaction where something is taken from you by force and you get nothing in return - theft.

Posted by M. Murcek 2023-11-08 18:17|| 2023-11-08 18:17|| Front Page Top

#12 Last year I paid federal income tax on 85% of my social security.

Posted by Deacon Blues 2023-11-08 19:10|| 2023-11-08 19:10|| Front Page Top

22:29 Butch Clusose1419
21:47 Butch Clusose1419
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19:52 Airandee
19:10 Deacon Blues
18:50 NoMoreBS
18:31 trailing wife
18:17 M. Murcek
18:10 trailing wife
18:05 Frank G
18:00 trailing wife
17:46 trailing wife
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17:31 jpal
16:49 lord garth
16:43 Procopius2k
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16:11 lord garth
15:51 Super Hose
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