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A lot of people get by on SS. They just don't spend time reading financial forums, so you won't see their opinions here.
My SS will be nearly triple my annual nondiscretionary expenses of $20K. I'm counting the months until I can tap that jackpot at age 70. 29 months to go!
i would never delay ss unless i had a full budget to work with day one by laying out the ss i wasn’t collecting .
the thought of waiting 8 additional years to first spend more is something i would never consider
There is no law compelling participation or punishing non-participants. It was always 100% voluntary.
“The Social Security Act does not require an individual to have a Social Security Number (SSN) to live and work within the United States, nor does it require an SSN simply for the purpose of having one...”
- - - The Social Security Administration
There is no law compelling participation or punishing non-participants. It was always 100% voluntary.
“The Social Security Act does not require an individual to have a Social Security Number (SSN) to live and work within the United States, nor does it require an SSN simply for the purpose of having one...”
- - - The Social Security Administration
according to what i see on the irs website it was made mandatory with few exceptions
“The Federal Insurance Contributions Act (FICA) of 1935 established a payroll tax on U.S. wage earners' paychecks and called for matching contributions from employers.
from irs website
At first, payments into Social Security were considered "contributions," not taxes. The program appeared to be self-funded--as workers contributed, they received credits toward retirement benefits. However, too many people needed help, so the program was expanded to include the families and survivors of retired and disabled workers, the unemployed, and federal workers.
Today, Social Security provides a regular income to retired and disabled workers and the unemployed. Social Security is funded by a compulsory payroll tax called the Federal Insurance Contributions Act (FICA) tax.
def: compulsory;having the power of forcing someone to do something
a compulsory law
The payroll tax is withheld from each paycheck. Withholding means that an employer deducts, or holds back, a set amount of money and sends it to the government. Workers pay the tax as they earn their incomes. This system is known as "pay-as-you-go" or "pay-as-you-earn." Workers' payroll taxes support those who are currently receiving Social Security benefits.
- - -
From its inception, it was a giant *scam* to enact a new tax in the midst of the Great Depression (to satisfy the creditors). And the retirement age of 65 was chosen to insure that the majority of workers who paid the tax would die before ever receiving one dime in benefits. (In 1930s, the actuarial tables listed the male lifespan to be 54-58). Women were courted with the "Survivor's benefit" for the wife, who could collect yet not ever pay one dime in taxes. Thus America was chivvied into "voluntary" socialist servitude to Big Brother, with the matriarchy firmly pushing from behind.
Emphasis mine.
This is a great example of how to lie using statistics. While the average lifespan might have been 54 - 58, that was because of higher infant mortality, not because most men died before 65. If a man lived long enough to start working, what was his life expectancy then? Saying the majority of workers who paid would die before collecting based on that one stat is misleading, to be charitable.
This is a great example of how to lie using statistics. While the average lifespan might have been 54 - 58, that was because of higher infant mortality, not because most men died before 65. If a man lived long enough to start working, what was his life expectancy then? Saying the majority of workers who paid would die before collecting based on that one stat is misleading, to be charitable.
when it comes to his postings , never let your facts get in the way of his story lines that feed his rants .
these are the life expectancy numbers that the social security administration uses when it comes to collecting from social security and life expectancy .
remember also these ages are the point half are gone , but half still go on to older ages . one just didn’t keel over and die because they hit a certain age .
as well as couples can have one out living the other so it’s two horses in a race with one bet so life expectancy numbers are much higher for one of them l
it is always important to match the cohort being looked at to the subject and time frame being discussed .
life expectancy from birth is irrelevant when discussing social security
There is no law compelling participation or punishing non-participants. It was always 100% voluntary.
“The Social Security Act does not require an individual to have a Social Security Number (SSN) to live and work within the United States, nor does it require an SSN simply for the purpose of having one...”
- - - The Social Security Administration
There is no law compelling participation or punishing non-participants. It was always 100% voluntary.
“The Social Security Act does not require an individual to have a Social Security Number (SSN) to live and work within the United States, nor does it require an SSN simply for the purpose of having one...”
- - - The Social Security Administration
When you are born, the hospital gives your parents a form to fill out to apply on your behalf for an SSN. That is how the vast majority of us get SSNs.
FICA was deducted from my paychecks starting from the time I was teenager. I don't recall being asked if I wanted that done, it was just done.
I don't know of anyone who has simply opted out of paying for FICA. In fact, SS lets you know when you have enough work credits earned to qualify to receive benefits. They used to mail you an annual earnings/benefit statement, unsolicited, showing you how much you and your employer(s) have paid into SS based on your work record. It shows how much you/your family would receive should you become disabled or die and also how much money you would receive in retirement based on your own personal earnings record. Now you can access that statement online.
It has never been presented as some sort of optional, generous gift to the government that we'll pay into but never benefit from. Quite the opposite.
I suppose you can get through life somehow without having a SSN but when you think about how often you are asked to provide it - to enroll in school, to get a driver's license, to open a bank account, to take out loans, to put employment applications, on security clearances, etc - I really don't know what kind of life you would have if you didn't have an SSN.
When you are born, the hospital gives your parents a form to fill out to apply on your behalf for an SSN. That is how the vast majority of us get SSNs.
FICA was deducted from my paychecks starting from the time I was teenager. I don't recall being asked if I wanted that done, it was just done.
I don't know of anyone who has simply opted out of paying for FICA. In fact, SS lets you know when you have enough work credits earned to qualify to receive benefits. They used to mail you an annual earnings/benefit statement, unsolicited, showing you how much you and your employer(s) have paid into SS based on your work record. It shows how much you/your family would receive should you become disabled or die and also how much money you would receive in retirement based on your own personal earnings record. Now you can access that statement online.
It has never been presented as some sort of optional, generous gift to the government that we'll pay into but never benefit from. Quite the opposite.
I suppose you can get through life somehow without having a SSN but when you think about how often you are asked to provide it - to enroll in school, to get a driver's license, to open a bank account, to take out loans, to put employment applications, on security clearances, etc - I really don't know what kind of life you would have if you didn't have an SSN.
it is clearly stated on the irs website that ss contributions are mandatory under the fica act.
“ The Federal Insurance Contributions Act (FICA) of 1935 established a payroll tax on U.S. wage earners' paychecks and called for matching contributions from employers.
, Social Security provides a regular income to retired and disabled workers and the unemployed. Social Security is funded by a compulsory payroll tax called the Federal Insurance Contributions Act (FICA) tax.
def: compulsory;having the power of forcing someone to do something
a compulsory law
it is clearly stated on the irs website that ss contributions are mandatory under the fica act
That makes sense and would explain why workers are never asked if they want to contribute to it - because it is mandatory.
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