SHOULD A PERSON
who has retired, drawing social security retirement, working full time, still have to pay social security? Don't seem right do it. [:(!]
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How are you working full time and drawing SS? How's that work? I thought if you were working, you could only make so much in a year and still draw SS? Maybe I'm all wrong. Anyway, you're dealing with the government, what do you expect? Sense? 0 -
I agree with the above, how can you be working full time and drawing benefits? Since FICA retirement is a form of social insurance and not set up like a private pension fund the answer is yes, as long as you are working (even part time) you should be paying into the fund. 0 -
Check the SS laws girls 0 -
"retired, drawing social security retirement, working full time.."
Retired..and working fulltime..? Seems a contradiction...but if
retired and drawing benefits, then still able to work..and still
draw ss..why not pay?? To expect otherwise could appear as greed
to some.0 -
After paying in the army and 47&1/2 years with the same company you're damn right I'm greedy. Don't like it? tough. 0 -
If you have not reached Full Retirement Age(FRA), but are collecting SS, you will have it reduced by $1 for each $2 you earn above just under $13,000.
In the year you reach FRA, and are collecting SS, you will have it reduced by $1 for each $3 above just over $34,000 of earnings. Only the earnings before your FRA count.
After FRA, you can earn what you wish and are capable of getting.
I believe this is correct at the current time, but I haven't checked it for awhile.[:)]0 -
If I am reading this right, once you reach full retirement age there is no penalty on any wages that you earn.
If you are under normal (or full) retirement age (FRA): when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2007 that limit is $12,960 and for 2006, that limit is $12,480. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the FRA is rising.
In the year you reach your FRA: $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach FRA. For 2007, this limit is $34,440; for 2006, this limit is $33,240
Starting with the month you reach FRA:, you will get your benefits with NO limit on your earnings.0 -
I learned something new in this post, thanks dlrjj and pistoljim. 0 -
quote:Originally posted by kristov
I learned something new in this post, thanks dlrjj and pistoljim.
I just found this out right before I posted it.
I also just found out that my full retirement age has increased to 66 years and 10 months.[:0] check it out:
http://www.socialsecurity.gov/OACT/ProgData/nra.html0 -
quote:Originally posted by Rosie
After paying in the army and 47&1/2 years with the same company you're damn right I'm greedy. Don't like it? tough titty.
They may tell you the same.0 -
Good link and I see that my Normal Retirement Age will be reached in January, 2022. That is at least ten years beyond the date I plan to be retired to lake Como in Italy. 0 -
Yep, I know the feeling k. I retired seven years before the minimum age, and eleven before my FRA. The payments work out the same or better over time if you start collecting as soon as possible, since the reductions in benefits are based on percentages of time collected, and if you factor in the present value of money equations, you're better off in the long run to just start collecting at age 62.
This is in addition to the fact that if you happen to die early, you'd never have collected much of anything.[;)][:D][:)]0 -
Rosie, it ain't possible to beat the system. The closest you can come is to quit working and be a parasite on society like I am. [;)] [:)] [8D] 0 -
This is in addition to the fact that if you happen to die early, you'd never have collected much of anything.
I have a feeling that a lot of Social Security is based on the hope that you may well die before you cash that first check! My wife and I are the same age (51) but her pension with the State of California (she is a university professor) is based on 2% multiplied by the number of years worked at age 55 for full retirement benefits. In her case that will be about 70% of her highest year of earnings. Since she'll be working for another four years it looks like I will be working too [:(!], even though my own retirement is already fully funded, although at 50% of my current earnings. Of course I earn three times what my wife does!0 -
quote:Originally posted by JamesRK
Rosie, it ain't possible to beat the system. The closest you can come is to quit working and be a parasite on society like I am. [;)] [:)] [8D]
That is my goal James!0 -
A man really has to need money to have to work after he's 62. I busted my butt in construction for over 34 years. I would have to be hard pressed to go back to working construction. My hats off to anyone that can work after he's sixtytwo years old. I an talking about work, not just showing up to act like your working. 0 -
When Social Security first started only about half of the people lived to the retirement age of that time, and the average collection period was only about four years. There were about seven people paying in for each one collecting.
Today about eighty five percent of the people live long enough to collect, they collect for an average of about fourteen years, and there are only about three people paying in for each one collecting, and that's headed toward two if nothing changes. It's not hard to see why the numbers are against the system right now, especially with the bubble the "baby boomers" like myself are going to start hitting them with soon.0 -
Now you are getting it Victor! I sit behind a desk most of the time, paid very well, have a unlimited use company vehicle and hell they even supply me with a cell phone with unlimited use. Now. I can do this or go home and fight with the old lady all day. Which is better? BTW we live on the SS check very well and my paycheck goes into the bank. I even rolled my pension over and don't have to tap into it. More money for my grand babies. 0 -
"retired and working full time" does not add up in my book.
Retired means NOT WORKING.
Working full time means NOT RETIRED.
I'm not sure our SS program works like it should, but I'm pretty sure I understand the difference between retired and working full time.0 -
If you don't get it by now spurge then I'm sure as hell not smart enough to explain it to you. 0 -
quote:Originally posted by dlrjj
When Social Security first started only about half of the people lived to the retirement age of that time, and the average collection period was only about four years. There were about seven people paying in for each one collecting.
Today about eighty five percent of the people live long enough to collect, they collect for an average of about fourteen years, and there are only about three people paying in for each one collecting, and that's headed toward two if nothing changes. It's not hard to see why the numbers are against the system right now, especially with the bubble the "baby boomers" like myself are going to start hitting them with soon.
Can you imagine the firestorm that will erupt when Boomers crash the system and have no retirement?
No wonder the elite want guns out of the hands of the citizens. Millions of old folks, mad as hell, with nothing to lose.[V][:0]0 -
Social Security is a giant Ponzi scheme. If anybody other than the government came up with it, they would be in prison. Ponzi schemes are designed to collapse under their own weight. Social Security won't be any different. Even if they manage to pull the fat out of the fire for the Baby Boomers, it has to happen eventually. 0 -
I doubt it. I'm an old man now and I have heard this all my life. It's still there. Also if you plan your retirement right and don't have expensive tastes you can live on SS. If you have only made $8.00 an hour all your life don't plan on it though because you won't be getting very much. 0 -
Rosie
I don't sit around the house fighting with my wife. Once I get done with the honey do's ,(the ones i've chose to do for the week ),I'm off duck hunting, fishing, checking out places I might want to hunt or fish,having breakfast or lunch with my son, daughter, or the guys that are retired.I'm having a ball doing what I want to do, when I feel like doing it. I don't miss the mad dash to work , or coming back home in the traffic. I'm enjoying shopping during the middle of the week, when the sales people have nothing better to do then shoot the breeze. Its nice not to have to put up with people that have egos bigger then a ten foot ladder, and brains the size of a single pea.[:D][:D][:D]0
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