Anonymous
Post 01/29/2013 13:17     Subject: Re:58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:
There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.

Why would that be you fuckhead? The person paid into ss all their lives.


Yeah but they will be getting more out then they paid. duh.
Anonymous
Post 01/29/2013 12:48     Subject: Re:58 and no savings and no pension
Anonymous wrote:
And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security.


This is false. The 1% per year FERS pension is paid into by employees, just as SS is. The benefit is in addition to social security.


phew. for a minute there I was questioning everything. i don't "love" my federal job and frankly I only stay for that little FERS pension (in may case it probably won't amount to much but its more than if I didn't have it).
Anonymous
Post 01/29/2013 12:46     Subject: 58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.


this person has got to be a troll.
Anonymous
Post 01/29/2013 12:46     Subject: Re:58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Get a government job asap for the retirement. You can owe the IRS and work for the feds as long as you are in a payment plan. After 6 years, you are entitled to a retirement with the feds. If you worked till 70, you might get about 10% or so of your pay for the rest of your life, plus SSA. It's better than nothing.


It won't really help. Most Fed jobs now are no longer on CSRS or CSRS-offset, but are now FERS, which is essentially a glorified 401K program. Yes, there are some additional basic benefits to FERS, but not enough to help a late employee. The basic benefits are 1% per year of service of your average of the three highest salaries in your career. So, let's say this employee starts as a civil service at 59 and retires at 67. If he made $100K average, then his annual dispensation from FERS benefts will be $8K annually. And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security. If your FERS payment is higher than your SS payment, than you earn all of your SS payment and FERS will cover the balance of your retirement payout above SS. So the basic benefit will not increase his monthly income. The only difference will be where the money comes from. And then he'll have the TSP (which is the 401K part of the plan) on top of that. Not really different than if he starts a 401K or IRA now and makes pre-tax deposits to the account.


Seriously? I may need re-think why I am working for the federal government. I assumed FERS was in addition to SS. I can get a 401K (like TSP) anywhere.


I don't think PP was right (well, the calculation of benefit was, but the people who are subject to pension offsets for social security benefits are people/spouses who never paid into social security). By definition everyone in FERS is participating in social security and gets both a SS benefit and a FERS annuity.
Anonymous
Post 01/29/2013 12:46     Subject: Re:58 and no savings and no pension
And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security.


This is false. The 1% per year FERS pension is paid into by employees, just as SS is. The benefit is in addition to social security.
Anonymous
Post 01/29/2013 12:42     Subject: 58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.


I dont get your anger.. If we were talking about someone who say, came to the US for college, deferred their loans, made a few million and then left the country 20 years later and defaulted on their debt and retired without ever paying any US tax on their retirement income, I'd see your point. But they've closed that loophole to a large degree. So, fine, take your SS, live wherever you want, but you owe us Tax. Or, if you dont want to pay US Taxes in retirement, you can give up your citizenship, pay taxes on the fair market value of all of your assets today and move back to your home country free and clear.

To take the argument further, why let people move out of state then? Shouldn't you be equally pissed off people move to 0% income tax states in retirement as much as moving to Costa Rica?
Anonymous
Post 01/29/2013 12:34     Subject: Re:58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:Get a government job asap for the retirement. You can owe the IRS and work for the feds as long as you are in a payment plan. After 6 years, you are entitled to a retirement with the feds. If you worked till 70, you might get about 10% or so of your pay for the rest of your life, plus SSA. It's better than nothing.


It won't really help. Most Fed jobs now are no longer on CSRS or CSRS-offset, but are now FERS, which is essentially a glorified 401K program. Yes, there are some additional basic benefits to FERS, but not enough to help a late employee. The basic benefits are 1% per year of service of your average of the three highest salaries in your career. So, let's say this employee starts as a civil service at 59 and retires at 67. If he made $100K average, then his annual dispensation from FERS benefts will be $8K annually. And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security. If your FERS payment is higher than your SS payment, than you earn all of your SS payment and FERS will cover the balance of your retirement payout above SS. So the basic benefit will not increase his monthly income. The only difference will be where the money comes from. And then he'll have the TSP (which is the 401K part of the plan) on top of that. Not really different than if he starts a 401K or IRA now and makes pre-tax deposits to the account.


Seriously? I may need re-think why I am working for the federal government. I assumed FERS was in addition to SS. I can get a 401K (like TSP) anywhere.
Anonymous
Post 01/29/2013 12:31     Subject: Re:58 and no savings and no pension
Anonymous wrote:Get a government job asap for the retirement. You can owe the IRS and work for the feds as long as you are in a payment plan. After 6 years, you are entitled to a retirement with the feds. If you worked till 70, you might get about 10% or so of your pay for the rest of your life, plus SSA. It's better than nothing.


It won't really help. Most Fed jobs now are no longer on CSRS or CSRS-offset, but are now FERS, which is essentially a glorified 401K program. Yes, there are some additional basic benefits to FERS, but not enough to help a late employee. The basic benefits are 1% per year of service of your average of the three highest salaries in your career. So, let's say this employee starts as a civil service at 59 and retires at 67. If he made $100K average, then his annual dispensation from FERS benefts will be $8K annually. And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security. If your FERS payment is higher than your SS payment, than you earn all of your SS payment and FERS will cover the balance of your retirement payout above SS. So the basic benefit will not increase his monthly income. The only difference will be where the money comes from. And then he'll have the TSP (which is the 401K part of the plan) on top of that. Not really different than if he starts a 401K or IRA now and makes pre-tax deposits to the account.
Anonymous
Post 01/29/2013 12:21     Subject: 58 and no savings and no pension
Have you sought financial aid from the private school? If you haven't tsk, tsk. You absolutely should.
Anonymous
Post 01/29/2013 12:07     Subject: Re:58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:
There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.

Why would that be you fuckhead? The person paid into ss all their lives.


+1. What are you thinking pp? That the poverty stricken elderly should choose San Fran to retire to? Then they're really gonna need some outside help when the shit hits the fan.
Anonymous
Post 01/29/2013 12:04     Subject: 58 and no savings and no pension
Anonymous wrote:
Anonymous wrote:There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.


I'm not clear what is wrong with moving somewhere cheaper when you retire? Why shouldn't you get your SS?
Anonymous
Post 01/29/2013 11:57     Subject: Re:58 and no savings and no pension
I assume you've fully explored the financial aid options at your child's school? My children are in public, but my friends who send their kids to private have to re-do their financial aid applications every year, to allow for changing circumstances.

Oh, and I agree there's nothing wrong with retiring to a cheap tropical paradise. You paid in to SS, you should be able to spend it where ever you like.
Anonymous
Post 01/29/2013 11:49     Subject: Re:58 and no savings and no pension
Anonymous wrote:
There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.

Why would that be you fuckhead? The person paid into ss all their lives.
Anonymous
Post 01/29/2013 11:26     Subject: 58 and no savings and no pension
Anonymous wrote:There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.


That should be illegal or at least COLA for the area. What a horrible thing to do you asshole.

They disallowed this for Australian scum bags trying to live on welfare and SS in bali.
Anonymous
Post 01/29/2013 11:19     Subject: 58 and no savings and no pension
There are people who move out of the country and retire. Belize and Mexico have large ex pat retire coms. They can live nicely on ss.