Reply to High earners/savers: How do you feel about social security?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would like to benefit from SS in a few years. I spent many years scraping by as a journalist, always paying into the system. Spouse and I are now pretty well set financially, but the thousands each month to which we will be entitled is not just chump change--it will pay for groceries, gas, home repairs, etc. It may even allow our investments to grow untouched, which is important because at least one of us will likely need assisted living.[/quote]

And you like everyone who has paid in should be entitled to what they earned for sS.  It's a program everyone pays into.  
Just because you manage to save for retirement doesn't change that. [/quote]

You paid in to support current retirees.  Future workers will pay in to support you as a retiree.

How many times does this need to be repeated.[/quote]

I get that.  But just because we were high earners and saved does not mean we shouldn't get our "SS support payout" for our retirement.  Fact is everyone is entitled to their SS even if they were a higher earner

[/quote]

I agree with this. I think the math should be straightforward. You put in x/you get y without any other commentary.

Maybe there should be an option for those who wish to forgo their SS and a plan for how it could be used for the most needy. But that would be ripe for trouble and a hot mess. [/quote]

The math on your federal income, property and state tax (if applicable) isn’t straightforward in terms of how it is spent.  Why should it be for this?

I think what needs to be reiterated is that SS exists primarily to keep elderly people out of poverty, which is what the plan was designed for.[/quote]

There is a calculator on the SS website. It should be the same for all. There are other programs that are poverty based. [/quote]

Don’t even know what you are saying.  SS is by far the largest income contributor for poor elderly people.

Are you saying everyone should receive the same amount of SS?  Thats one idea put forth.[/quote]

SS is based on an algorithm. We contribute, our employers contribute, and we receive the contributions based on math. Everyone is entitled to their SS.

For those who can’t survive on SS as calculated, there is SSI. [/quote]

It’s not that easy. My Dad’s SS is about $1500/month. His housing alone is 1000. He does not qualify for SSI. He doesn’t even qualify for heating assistance etc. because he has some equity in a cheap house (not here) that would be dumb to sell because rent on a 1br apartment would cost more than his mortgage.[/quote]

That’s really hard. But it also should not have been a surprise. We are repeatedly told what our benefits will be. I hope that isn’t his only source of income. [/quote]

DP. Some people worked to the maximum their health and abilities allowed and saved the max they could and ended up relying on SS.. It doesn't mean they were lazy or made poor financial decisions. Divorces, health issues, disabilities and other misfortunes often derail plans. [/quote]

But plenty end up their thru poor choices.  At some point, it is not the responsibility of everyone else to fix their poor choices.  Like how do you "own a home for 30+ years" and not have the mortgage paid off when you retire?  It's a bad financial choice to not work towards paying it off and to borrow against it.  
If you choose not to do that, well then retirement/final years might not be that nice for living....but you had a choice
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Well it's SS. The person paid into it, and the amount they get is based on how many years that they worked and the income they earned, so no one is bailing them out. And if they did refinance and take money out of their house, you have no idea why, could have been medical debt. [/quote]

Sure if it's for medical debt, but most people I know don't use it for that.  They refinance to renovate, take a vacation, etc.  When the ultimate goal should be to own your home before retirement, so you can sell (if needed) and downsize/something less expensive.  But most are obsessed with borrowing and always having debt.

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