Important

antelopedundee said:
Thanks. According to that, the statement I was asking about is both confusing and wrong. SS bennies are now considered income which has nothing to do with the success of the program. The bennies were initially taxed by the Pubs and the tax increased by the Dems. At least Iowa is wisely phasing out taxing SS bennies.
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I pay SS tax on 85% of what I get from the Government. That 85% is taxed at the same rate as my regular W-2 income.

The whole idea I'd if you cease to work after retirement age, your income will not be high enough to see any punative affect from the SS tax. If you are like many of us who just keep working, the tax rate is substantial.

It's the same with Medicare. When you hit 65, you can opt for three Medicare plans. If you have a low income, they are all three quite reasonable. However, if you keep working, what anything past Plan A will cost you goes up dramatically.

The best thing to do if you still work past 70 is to have Plan A and a private policy. I have my regular Health Insurance through my Business.

For over 20 years, I have maxed out my SS before the year ended. Of course, the Government keeps upping the amount, and the percentage. You do the math, and you can get an idea how much I have paid in through the years. I waited untill 70 to start drawing, that was my max out year. The shame is since I choose to work, they make me pay taxes on the money that I paid in and had already paid taxes on.

I think it sucks that Seniors such as myself are penalized because they wish to continue working. The Government should show us a little more consideration.

Fat Chance.
 
Retirement

vtmarmot said:
I never minded paying taxes, but then, I've never had to live hand-to-mouth either. Somebody has to pay for roads and military and such. It's waste that's galling, and there's plenty of that in government.

I'm 67. I don't trust that social security will be there for me at 90 or even 80. I don't trust that my 403b won't be stolen by some hacker somewhere along the line. I'm going to keep working and putting away money in some sort of cash vehicles as long as they'll have me. My wife works, but has no benefits, so my work provides health care for us both.

Hopefully, it will work out in the end. I'm not going to stop working when my full SS kicks in at 70 or my pension at 70 1/2. I figure I'll stay on full time until 75 and then maybe go part time. My brother is 75 and still doing computer work (like me) full time.

If it turns out that I'm over cautious, then some worthy causes will get a nice donation. Am I paranoid, yes. Do I have a "bucket list"? No. My bucket list is to live comfortably and die in my own bed. Retiring at 65 and going to live in some sunny place and fish all the time is no longer realistic for most. I'm just embracing the new reality. Life has been good to me and my wife. No compaints. Studies say that people that work longer are healthier and happier anyhow.
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Wall Street will steal their portion first. Then it gets invested, later that will crash the market. Wash , rinse, repeat. Wall Street going to make everyone who plays life more comfortable.
Check this one out on the website. United states Court of Appeals for the First Circuit. Docket #17-1293. Our employees are greedy and most politicians know they will vote.
 
jackie schmidt said:
I pay SS tax on 85% of what I get from the Government. That 85% is taxed at the same rate as my regular W-2 income.

The whole idea I'd if you cease to work after retirement age, your income will not be high enough to see any punative affect from the SS tax. If you are like many of us who just keep working, the tax rate is substantial.

It's the same with Medicare. When you hit 65, you can opt for three Medicare plans. If you have a low income, they are all three quite reasonable. However, if you keep working, what anything past Plan A will cost you goes up dramatically.

The best thing to do if you still work past 70 is to have Plan A and a private policy. I have my regular Health Insurance through my Business.

For over 20 years, I have maxed out my SS before the year ended. Of course, the Government keeps upping the amount, and the percentage. You do the math, and you can get an idea how much I have paid in through the years. I waited untill 70 to start drawing, that was my max out year. The shame is since I choose to work, they make me pay taxes on the money that I paid in and had already paid taxes on.

I think it sucks that Seniors such as myself are penalized because they wish to continue working. The Government should show us a little more consideration.

Fat Chance.
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My SS bennies are taxed as well, but the way he worded his statement didn't suggest that. Since you waited until 70 to start collecting at least your bennies aren't reduced by what you make so there's that.
 
https://www.ssa.gov/planners/taxes.html Tells more about this. Here is the really bad part of the taxing SS. When it was started in 1983 that income threshold noted on the previous post that referred to the SS rules was $32,000 because that was a really big income for retired people in 1983 and therefore only those with big retiree incomes paid taxes on SS. That income amount has not been changes ever in 35 years. So nearly everyone now pays tax on SS- for example a married couple with 2 SS incomes sometimes pays the tax and just a little of any other income now gets their SS taxed for sure. When this was started it should have had an income escalator built into to it. In the past I have called my US senator about this and they told me until some other tax was developed to make up for this situation it would not change.
 
The point of this

The point here, boys and girls, is that SS is not in trouble. The point is YOUR Congress has allowed borrowings of SS funds. Now over 4 TRILLION (yes TRILLION) is OWED to the fund we retirees paid into for 40 years and now draw from.

Were those ILLEGAL borrowings paid back we would be drawing over $33,000/year not the measly $15,000/year.

Since the era of LBJ's Great Society all kinds of hanky-panky has gone on. Like, for instance, the Food Stamp program is paid by the US Department of Agriculture.

SO, when you call your ELECTED representatives. DEMAND they get these IOU's paid back!!! (they are aware of these borrowings, but they don't know you know)

The GOP should win BIG come November 6,,,,,so demand honesty for a while.

.
 
I have never been more anxious about an election than this one....and for obvious reasons.
 
Why worry about things beyond our control? If the other side gains a majority, they'll just have another opportunity to discredit themselves.
 
JerrySharrett said:
The point here, boys and girls, is that SS is not in trouble. The point is YOUR Congress has allowed borrowings of SS funds. Now over 4 TRILLION (yes TRILLION) is OWED to the fund we retirees paid into for 40 years and now draw from.

Were those ILLEGAL borrowings paid back we would be drawing over $33,000/year not the measly $15,000/year.

Since the era of LBJ's Great Society all kinds of hanky-panky has gone on. Like, for instance, the Food Stamp program is paid by the US Department of Agriculture.

SO, when you call your ELECTED representatives. DEMAND they get these IOU's paid back!!! (they are aware of these borrowings, but they don't know you know)

The GOP should win BIG come November 6,,,,,so demand honesty for a while.

.
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When the basic benefit amounts were set was it based on how much was actually in the fund or some other formula? Where does the $33,000 figure come from?
 
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