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Thread: Social Security Benefits

  1. #1

    Join Date
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    Default Social Security Benefits

    I was just checking my benefits online at SSA.gov

    Found this statement interesting:

    "Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2035, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits"

    Wondering if this is to encourage people to take benefits early, create fear or have us contact our congress critters?








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  3. #2

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    Default Re: Social Security Benefits

    Iíll be 70 when that happens. And, yes, itís a little scary.


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    Scott Harrison
    Senatobia, MS

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  5. #3

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    Default Re: Social Security Benefits

    Quote Originally Posted by evilanne View Post
    I was just checking my benefits online at SSA.gov

    Found this statement interesting:

    "Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2035, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits"

    Wondering if this is to encourage people to take benefits early, create fear or have us contact our congress critters?
    Maybe all of the above.
    I did the math and started to get my wife's and my SS early instead of waiting until we turned 70.
    May the force be with us.

  6.  
  7. Default Re: Social Security Benefits

    Even if you take benefits early couldnít they still cut that distribution?

  8.  
  9. #5

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    Default Re: Social Security Benefits

    Quote Originally Posted by emichael View Post
    Even if you take benefits early couldnít they still cut that distribution?
    The government can do what ever they want to SS.
    May the force be with us.

  10.  
  11. #6

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    Default Re: Social Security Benefits

    Quote Originally Posted by emichael View Post
    Even if you take benefits early couldnít they still cut that distribution?

    Yes, but any SS benefits collected before 2035 will be the full amount due for the age you start drawing at. So none of those benefits received during that time will have been reduced to offset any SSA collections shortfall (which is projected to be 21% the first year and who knows what the following years). The likelihood is (if this actually happens) that you'd be money ahead by drawing when you are eligible as opposed to waiting to get full or max SS benefit.

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  13. #7

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    Default Re: Social Security Benefits

    Well if you start taking it at 62, when 1st eligible, you are taking a 30% cut off the top. So if everyone started at 62 maybe the year will get pushed out a bit.

    If you wait until 70, you get an increase of 24% so a 31% cut would be only 7% less than FRA, so overall that doesn't sound too bad

    Happy Trails

  14.  
  15. #8

    Default Re: Social Security Benefits

    just run the numbers.
    example say one put 100k into the system and same from employer/s. So 200k of ones money is in the system.
    if one waits until full retirement age lets use 67, at the higher rate it will take until one is 77 to just break even from the 200k that was put in, and the money not collected from 62 thru 67 which could have been invested. if one waited to 70 to collect the break even is even worst.

    just run some numbers like the above, it is not exact but gives one a different perspective. many youtube vids showing this also.

    and who doesn't know or heard of someone waiting to retire later to get that bigger % and they die or get really sick one or two yrs after retirement and never enjoying that extra % of money.
    "Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798

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  17. #9

    Default Re: Social Security Benefits

    Social Security cost-of-living adjustment could be 6.2% in 2022

    Social Securityís annual cost-of-living adjustment for 2022 could be the highest itís been in years.

    Based on the latest consumer price index data, beneficiaries could see a 6.2% boost next year.

    The preliminary estimate is subject to change before next yearís adjustment is officially calculated.
    https://www.cnbc.com/2021/08/11/soci...t-in-2022.html
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor. Please do your own due diligence.


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  19. #10

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    Default Re: Social Security Benefits

    Quote Originally Posted by tsptalk View Post
    Social Security cost-of-living adjustment could be 6.2% in 2022


    https://www.cnbc.com/2021/08/11/soci...t-in-2022.html
    That sounds good to me. Iíll take 6.2%.
    May the force be with us.

  20.  
  21. #11

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    Default Re: Social Security Benefits

    Quote Originally Posted by nasa1974 View Post
    That sounds good to me. I’ll take 6.2%.
    The cost-of-living adjustment is just enough for Medicare and BCBS Price to spill the 6.2 % on the ground.
    11/26/2021
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    =$68.15 a Barrel, Daily Status -10.24

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  23. #12

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    Default Re: Social Security Benefits

    Quote Originally Posted by nnuut View Post
    The cost-of-living adjustment is just enough for Medicare and BCBS Price to spill the 6.2 % on the ground.
    True. But if it covers the increase it's better the 1% and Medicare and BCBS goes up 4%.
    May the force be with us.

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