Free Ebook.


Enter your email address:

Delivered by FeedBurner

« Star Money Articles and Carnivals for the Week of June 14 | Main | The Seven Pillars of Financial Success, Pillar 6: Get Insured »

June 19, 2010

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The extra $1,500-$2,000/month is gravy for sure! People should NEVER count on it, even though there's a good chance it'll be there.

How many years away from 62 are you FMF?

The gravy of $1500 - $2000..... where did you get that fact? I know people who are retired, and most certainly don't get that type of amount. You're right, it may be best not to plan on this.

That's easy for MasterPo: ZERO.

Don't count on getting dime from Uncle Obama (whoever his hand-picked successor is) when MasterPo retires, even if the system is technically still around.

The day will come soon when if you have over $100k in personal retirement plans (401k, IRA, SEP, SIMPLE etc) you will be deemed "rich" and "not need" SS.

Mark MasterPo's words.

Might mark them if you expressed them a but more coherently. Honestly, does the silly third person gimmick never get old?

Master Po,

How is Uncle Obama going to hand pick a successor? He was elected President and the next President will also be elected.

If I was a betting man I would bet with Financial Samurai and not Master Po. I think most likely everyone that has paid into SS will get money out of SS. Will payments be decreased, possibly. Will more of it be taxed, possibly. However, no matter how rich you are, I think everyone will continue to get SS.

It is very possible, however, that at some point, means testing would be applied to social security benefits, resulting in a reduction in benefits for some.

Jiml,

I think the better "polital" route is to continue on the path that we are now on, that is, tax the SS income more. Rather than means test and actually decrease the SS payment.

Just my opionion. BTW, I work for SS but these are just my personal opinions.

David M - Impossible. There simply isn't enough money in SS to pay everyone for the rest of their lives. Even with tax increases. Just not there. They (whoever is in office at the time) will *have to* come up with ways to trim back the SS rolls. The Supreme Court has already ruled many years ago that you do NOT have a right to SS even if you've paid in all your life!

As to the first part, that's the Chicago way. And never let a good crisis go to waste. :-(

FS --

I have over a decade and a half before I have to even consider retirement.

MasterPo
other than what you think you've heard from the Sunday and Fox news folks, you have no idea what the Chicago way means.

BilV - Enlighten us.

MasterPo doesn't think it has much to do with deep-dish pizza.

MP
You know, I considered doing just that in my above post. I chose then and do so now, not to "enlighten".
1. This is a personal finance blog, not a political one.
2. We won't agree.
3. No purpose would served and no one else on this site would care.(Or frankly even read).
4. It has a lot to do with deep dish pizza..........(Okay I joking about that. We can even agree on that point. ;-)

But I find your stylized manner of posting amusing(I mean that in a good way--no sarcasm inteneded). Talk to you later.

I think a couple of things will be put in place to address the upcoming Social Security Shortfalls. The easiest one is to increase the maximum amount of earnings that are subject to Social Security tax. Currently the maximum amount is $106,800. The other change that would probably make the most sense is raising the full retirement age which is currently set at 67.

Reducing COLA's or the actual benefit that someone receives from Social Security probably will not make the cut.

The comments to this entry are closed.

Start a Blog


Disclaimer


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.

Stats