How many of you retired folks use
Social Security payments as your primary income source and do you find it adequate for your life style?
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No, we are not.
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thorhammer: 30357872470299/comments/
After 41 years of working and 30 in maintenance I retired at 64 with living my first year on SS. I took the schools 403B and cashed it in and paid off my mortgage the first year. It was tough going as I had no savings and had to sell my silver bars to make it. My knee and ankle problems had me retire early. At 65 I got my Central States Pension and I am now getting more than my take home at the university. I make extra by hitting garage sales all summer and selling old tools on fleabay. I attend two tool shows a year and get a few sales. This month I will be seeing a doctor about getting a knee replacement as the pain is getting worse, But I don't have to go back to work.🙂
Curious why you would use your 403B, a tax sheltered annuity, to pay off your mortgage. Was the interest on your mortgage greater than what you were making on your tax exempt annuity? Sounds like it might have been better to refinance your house at a lower APR and keep the 403B.
yblockhead: 30357872470299/comments/
Still a "newbie" at this as I retired the end of last September. I am trying to hold out on SS for a couple more years if I can. Sor far, so good.............
As @elubsme mentioned above, you might want to do the math on holding out for a slightly higher monthly SSN check facing inflation, versus taking SSN now and investing in any number of safe investments such as Mutuals or Money Market accounts.
I retired in 2020 and will get screwed by Social Security as I my last 20 years of employment was with the government. My SS is subject to GPO (Government Pension Offset) which basically mean SS will only pay me one third of my normal SS payment.
I starting investing in the stock market very early and have retired very comfortably. I have not, will not, apply for SS until some of the pending law suits filed against SS, for GPO, have been resolved. Hopefully before I die!
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I heard a rumor that Brandon says if he gets re-elected he will give every household a laying hen so as to help with egg shortage and high prices of eggs.
My dad said that Herbert Hoover made a promise if he got elected he would provided a hog for everyone for Thanksgiving dinners.
That is why Groundhogs are also called Hoover hogs when on the Thanksgiving table. His promise did not come through.
Also the other politicians do not like George Santos because he can tell bigger lies than them and get elected easily. This makes them other politicians look bad, just telling little white lies.
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montanajoe: 30357872470299/comments/
No, we are not.
Oh?
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Correct
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As your members of Congress (& Social Security) will be quick to tell you, Social Security benefits were always intended to supplement all of your other sources of income.
Folks who live in low cost parts of the country tend to do better in retirement. Of course, ALL of us are going to take a 5-10% bite from our income due to inflation this year, & next year won't be any better.
Neal
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I plan on having at least two homes (beach and mountains) and an offshore fishing boat.
Any SS I draw is only anecdotally factored into my retirement income.
I plan to live it up, and do everything possible to ensure generational wealth for my kids.
Ironically, I love my job.
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Warbirds: 30357872470299/comments/
I plan on having at least two homes (beach and mountains) and an offshore fishing boat.
Any SS I draw is only anecdotally factored into my retirement income.
I plan to live it up, and do everything possible to ensure generational wealth for my kids.
Ironically, I love my job.
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After working a part time job for 12 years after retirement, my SS payments are currently barely covering my Medicare premiums. So I'd have to say NO.
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@...: 30357872470299/comments/
I gots me a plan
https://us.v-cdn.net/6031683/uploads/Z2MLBNMBP126/image.jpeg
With odds of one in 42,000,000,000,000,000 how is that working out?
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He Dog: 30357872470299/comments/
https://forums.gunbroker.com/discussion/comment/11378195#Comment_11378195
With odds of one in 42,000,000,000,000,000 how is that working out?
You're a tiny bit off with your math. You only missed that one by 4,199,999,707,798,662 as the odds of winning the Powerball are 1 in 292,201,338.
I'm rooting for @austin20, I think he's a got a good shot at it
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MPistone: 30357872470299/comments/
https://forums.gunbroker.com/discussion/comment/11379002#Comment_11379002
You're a tiny bit off with your math. You only missed that one by 4,199,999,707,798,662 as the odds of winning the Powerball are 1 in 292,201,338.
I'm rooting for @austin20, I think he's a got a good shot at it
I may have been padding it a bit, but clearly math isn't your strong suite either.🤣
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He Dog: 30357872470299/comments/
https://forums.gunbroker.com/discussion/comment/11379009#Comment_11379009
I may have been padding it a bit, but clearly math isn't your strong suite either.🤣
Lol - Ya I only did the last five numbers in my head and guessed at the rest of 'em. Glad one of us used a calculator 😁
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your both wrong, the odds are 50-50, you either win or lose............
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The chances of anything being left for me in 20 years are slim. I’m not counting on
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"A chicken in every pot and two cars in every garage" A guns worst enemies. Politicians and Rust.--------------------------------------------Ray
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hillbille: 30357872470299/comments/
your both wrong, the odds are 50-50, you either win or lose............
Can I interest you in a bridge? The tolls you can collect are a sure thing...
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roswellnative: 30357872470299/comments/
The chances of anything being left for me in 20 years are slim. I’m not counting on
I have always gone on the assumption that their would be no SS for me and planned for my retirement accordingly. It was never designed to be your sole retirement plan.
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@...: 30357872470299/comments/
https://forums.gunbroker.com/discussion/comment/11379054#Comment_11379054
I have always planned on the assumption that their would be no SS for me and planned for my retirement accordingly. It was never designed to be your sole retirement plan.
You are definitely one of the smart ones, by planning for your retirement now. I know a bunch of folks who did not and their situation kinda sucks - paycheck to paycheck.
I have read from a few trusted economist that SS is expected to run out by 2034. From what I have gatherer, and the government will likely prove me wrong, existing recipients will continue to receive the same payments but the new retirees will only receive 80% of what they were due. That reduction will continue on a timed basis until the fund is completely exhausted.
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MPistone: 30357872470299/comments/
https://forums.gunbroker.com/discussion/comment/11379065#Comment_11379065
You are definitely one of the smart ones, by planning for your retirement now. I know a bunch of folks who did not and their situation kinda sucks - paycheck to paycheck.
I have read from a few trusted economist that SS is expected to run out by 2034. From what I have gatherer, and the government will likely prove me wrong, existing recipients will continue to receive the same payments but the new retirees will only receive 80% of what they were due. That reduction will continue on a timed basis until the fund is completely exhausted.
Heck, I started planning for my retirement nearly 40 years ago.. I was blessed to have worked 39 years for a corporation that had a pension and a 401K plan.
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The problem I see is that the SS has been hijacked by young people filing for SSI. They pay people with disabilities like depression and anxiety OUT of the fund doubling the issue of needed payment INTO the fund.
I know a girl that used to work for me that started getting SSI for body pain because of narcotic abuse. She was about 35 and so will be drawing over 900 a month for life. It’s very mismanaged
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I am happy my wife never really paid into SS ( she paid some when she was in school and worked summer jobs but those were typical low paying college kid jobs). She started teaching at age 25 and her teacher retirement pension is amazing.
Two years ago the state put through some changes that reduced the amount a teachers pension would be based on so Wifey retired before those changes took effect. In Ky. teachers can retire and begin drawing their teacher pension if they have a minimum of 27 years of service and are at least age 55. At that time Wifey was age 56 and had almost 31 years of service so she retired, took the summer off and then went right back to teaching. She is now a retired rehire and she is drawing her pension and her teachers salary. If she continues teaching an additional three years she will have 5 years service in another pension bucket and will be eligible for a second much smaller pension.
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I just bought a Ohio Mega Millions ticket, wish me luck!
I am to be on Medicare 01-03-2023, I will still have employer health insurance since I am not leaving my job for a while but Medicare automatically becomes primary. The SSI web site shows my SSI and Medicare application is still pending, since 12-16-2022, somewhere in MO. No other information is available.
I sure love Government, NOT.
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@...: 30357872470299/comments/
I am happy my wife never really paid into SS ( she paid some when she was in school and worked summer jobs but those were typical low paying college kid jobs). She started teaching at age 25 and her teacher retirement pension is amazing.
Two years ago the state put through some changes that reduced the amount a teachers pension would be based on so Wifey retired before those changes took effect. In Ky. teachers can retire and begin drawing their teacher pension if they have a minimum of 27 years of service and are at least age 55. At that time Wifey was age 56 and had almost 31 years of service so she retired, took the summer off and then went right back to teaching. She is now a retired rehire and she is drawing her pension and her teachers salary. If she continues teaching an additional three years she will have 5 years service in another pension bucket and will be eligible for a second much smaller pension.
Hopefully you folks were able to contribute to the KDC (Kentucky Deferred Compensation plan also. I know KDC offers 401(k) and a 457(b) plans plus Roth and a weird Traditional IRAs that is treated like a Roth as an after-tax plan.
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The next big change to SS will be to make benefits needs-based. Right now, the main thing is what your earnings were during your working life. SS used to be tax-free, but then they decided that taxing SS benefits was a slick way to move money from the SS Trust Fund into the General Fund where they could finance new vote-buying legislation. So now many of us pay ordinary income tax on 50% or 85% of our SS benefits depending on other income. Get ready for the next wave when they will cut your benefits if they think you have too much other income, or your net worth is too large.
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I retired at 54...but I'm still too young to collect Social Security. It's not factored at all into my retirement. I consider myself fortunate.
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55% Social Security 45 % pension.
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