fishinwrench Now I'm Going To Lose Sleep Because Of You

[tjm]

On 7/27/2024 at 10:55 AM, fishinwrench said:

It should be enough to at least survive on, but I don't know of anywhere that I could live on 800.00/mo. 

Not even in a van down by the river. 😔

That is why it might be best to wait until you are "full retirement age", you can possibly increase your draw by upping the amounts you pay in from now until then,  benefits are based on a percentage of average income over the 35 years your earnings were highest, and you never have to reduce your work income.  Maximum benefit is $4,873 per month, based on how much you have paid in,  so at $800 per month you ain't paid in at much more than the poverty level, something like the lowest 20%?

You pre-retirement guys all need to consult an accountant familiar with the tax laws and SS. 5-10 years of increased pay in might change your pay package, and yes it's all a gamble that you'll live long enough to collect it all back, but the dead guy's can't use the money anyway.

It's also important to remember that SS was never meant to be the main retirement income for any but the poorest people, or those incapacitated before reaching retirement.  Anyone capable of earning above poverty levels should have paid for a real retirement plan by the time they reach 50. It was always a Ponzi scheme meant to support the users by a constantly increasing number of new contributors, so with reduced fertility in the USA we really need immigrants to continue the contributions.  In construction I worked with a number of men from south of the border who were paying into your retirement fund each week with zero expectation of ever getting any of that back, simply because their SS numbers weren't theirs. I don't know how many nationwide use the same SS# but we once had three on the same jobsite until the accountant discovered it, not a problem, the next day they all had new SS cards. I don't know about other jobs, but I have serious doubts that any immigrants that are working in any industry are really "undocumented", it would be more accurate to say they are "falsely documented" and are possibly why the SS isn't bankrupt.  

[jdmidwest]

3 hours ago, tjm said:

That is why it might be best to wait until you are "full retirement age", you can possibly increase your draw by upping the amounts you pay in from now until then,  benefits are based on a percentage of average income over the 35 years your earnings were highest, and you never have to reduce your work income.  Maximum benefit is $4,873 per month, based on how much you have paid in,  so at $800 per month you ain't paid in at much more than the poverty level, something like the lowest 20%?

You pre-retirement guys all need to consult an accountant familiar with the tax laws and SS. 5-10 years of increased pay in might change your pay package, and yes it's all a gamble that you'll live long enough to collect it all back, but the dead guy's can't use the money anyway.

It's also important to remember that SS was never meant to be the main retirement income for any but the poorest people, or those incapacitated before reaching retirement.  Anyone capable of earning above poverty levels should have paid for a real retirement plan by the time they reach 50. It was always a Ponzi scheme meant to support the users by a constantly increasing number of new contributors, so with reduced fertility in the USA we really need immigrants to continue the contributions.  In construction I worked with a number of men from south of the border who were paying into your retirement fund each week with zero expectation of ever getting any of that back, simply because their SS numbers weren't theirs. I don't know how many nationwide use the same SS# but we once had three on the same jobsite until the accountant discovered it, not a problem, the next day they all had new SS cards. I don't know about other jobs, but I have serious doubts that any immigrants that are working in any industry are really "undocumented", it would be more accurate to say they are "falsely documented" and are possibly why the SS isn't bankrupt.  

Try telling your boss to up your income so you can retire comfortable, see how that works.

Best to have another income source than Social Security.  Never trust the government, ever.....

[snagged in outlet 3]

1 hour ago, jdmidwest said:

Never trust the government, ever

This

[fishinwrench]

2 hours ago, jdmidwest said:

Best to have another income source

And don't trust IT EITHER !  😅

[Mitch f]

1 hour ago, snagged in outlet 3 said:

This

 

[tjm]

4 hours ago, jdmidwest said:

Try telling your boss to up your income so you can retire comfortable, see how that works.

No one is going to retire in comfort on SS.

take up a hobby  or gambling that can provide/justify added income that you can pay the taxes on? Maybe you sold a fly rod for $1000 more than you paid for it? sold a bee hive for $X000? I mentioned consulting an accountant, not your boss, it's numbers. Just a theory that I heard, but if paying an extra 100 per year could raise the benefit a hundred a month?

 

4 hours ago, jdmidwest said:

Best to have another income source than Social Security. 

yes if  you read what you quoted, I said that if a person is capable of earning above poverty level they should have a real retirement plan, SS isn't meant to be a primary retirement.  It's kinda like an insurance plan.

[slabseeker]

On 7/27/2024 at 10:55 AM, fishinwrench said:

van down by the river. 😔

I know when this came out on SNL it was meant to be a bad thing.  But if it was one of these on the White or Buffalo that might be OK.

 

 

[snagged in outlet 3]

48 minutes ago, slabseeker said:

I know when this came out on SNL it was meant to be a bad thing.  But if it was one of these on the White or Buffalo that might be OK.

I could be content somewhere on the White like that.  But my wife....  Now that's a problem😂

[Mitch f]

I’m torn about buying a retirement home at LOZ to visit on the weekends. I don’t want to spend all my weekend time in maintenance though. I might just opt for a semi permanent boat slip rental at a preferred location on the lake, then just stay at a hotel or resort instead. 

[fishinwrench]

6 minutes ago, Mitch f said:

I’m torn about buying a retirement home at LOZ to visit on the weekends. I don’t want to spend all my weekend time in maintenance though. I might just opt for a semi permanent boat slip rental at a preferred location on the lake, then just stay at a hotel or resort instead. 

RV pad👍 

That way if you get tired of your current location.....or neighbors.....you can just move it to another.