just got notice......
in mail I am getting a 1.6% pay raise, hoooohooooo, hope it doesn't bankrupt Social Security........ don't matter to me though I will take a pay raise for doing nothing anytime
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hillbille wrote:in mail I am getting a 1.6% pay raise, hoooohooooo, hope it doesn't bankrupt Social Security........ don't matter to me though I will take a pay raise for doing nothing anytime
REALLY!
Gosh I sure hope it doesn't put you in a higher tax bracket :!:
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That raise will give me an extra 2o bucks a month. Then my disposal service just sent me a notice that my garbage pick up is going up 20 bucks! Life sure is full of disappointments! I was thinking of upgrading on my brand of beer. Guess I'll have to stay with my current swill. :roll: 0 -
I retired from the federal government and have watched this for years. The government calculates how much of a raise they need to bestow in order to bump the recipient just barely into the next higher tax bracket.
So if you get $800 a month, a 1.6% raise nets you $10.24 a month or $122.88 a year. Putting you in the next tax bracket raises your tax $135 per yea and you lose $12.20. In addition to this, everyone you pay thruout the year (utilities, local taxes, rent, consumer goods, motel rates, gas, etc) raised their rates because they saw you were getting more money.
(Like Brookwood mentioned...everyone and his brother thinks they are entitled to your 1.6%. So when a dozen different people with their hands out get the 1.6% that equals 19.2% loss to your bank account not a raise).
Thank you for putting so much new money into the system and rejuvenating the economy.
This is a real effect, BTW.
I traveled a lot on the job before I retired and Per Diem suffered the same way. At every Per Diem adjustment we had hopes of finally getting our expenses covered. However, each increase generated increases in motel, car rental, taxi fares, airlines, etc. that exceeded employees' increases.
I'm now considering the moonshine business.
Maybe I can make enough money avoiding the alcohol tax that I can pay my income. property, state and personal tax.0 -
Actually, things aren't that rosy. Social Security is giving you a 1.6% increase, BUT Medicare is going to take back a big chunk of that. 0 -
just turned down my medicare, that will save me $135.00 month.......... I use VA exclusively so medicare was never usedtruthful wrote:Actually, things aren't that rosy. Social Security is giving you a 1.6% increase, BUT Medicare is going to take back a big chunk of that.0 -
i was required to pay into this for 48 years and now for the last two weeks i am damn glad i got it to help......medicare and supplemental policy ..... 0 -
spasmcreek wrote:i was required to pay into this for 48 years and now for the last two weeks i am damn glad i got it to help......medicare and supplemental policy .....
didn't know you were having medical issues, hope they have you figured out and on the path back to normal......0 -
wooo hooo,congrats to you. 0 -
Death and taxes are you certainty. 0 -
Didja miss the part where your Medicare is going up 3.2%? 0 -
thanx.....2-1/2 weeks of crap and hopefully a reasonably corrective path laid out next week.....do not like lolling around 0 -
Par for the course...
I got less than a 1-1/2% raise this year... I almost told my mgr to keep it since I could afford the tax increase. Instead, I upped my 401k percentage. Never missed a beat. I'd rather chance losing it in the 401k than pay it to the gub'ment.0 -
wpageabc wrote:Death and taxes are you certainty.
Death is a certainty. You can opt out of taxes and swap that for three hots and a cot.0 -
spasmcreek wrote:i was required to pay into this for 48 years and now for the last two weeks i am damn glad i got it to help......medicare and supplemental policy .....
I only worked 30 years and have been retired for 20 years - 6 years with Social security as of now. I have already gotten back what I paid in and in another year I will have gotten back that my employers paid in. The Government model for Social Security finances is clearly flawed.0
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