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At 63, he is now triple dipping in the Federal retirement system.  He collects disability for his combat injuries, he collects his full retirement benefits for 30 years in the Army, and he is now collecting SS benefits as well.  This is on top of his very well paying six figure civilian job at the Pentagon.  

If he's really making a 6 digit income, he won't get to keep any of his SS benefits.  He is far from full retirement age and will repay $1 in benefits for every $2 over the maximum allowed earnings each year until he does.  The maximum is $14,160 for 2009.
 
For now, the government is planning on just printing more money, and borrowing more.

The partial fix for SS will be to increase the retirement age, which reduces outflow, and increases inflow.  It wouldnt shock me to see the minimum age to qualify for SS to change to 65 before 2011.
 
Ned said:
If he's really making a 6 digit income, he won't get to keep any of his SS benefits.  He is far from full retirement age and will repay $1 in benefits for every $2 over the maximum allowed earnings each year until he does.  The maximum is $14,160 for 2009.

I'm not sure, I don't do his taxes, I just know he gets three checks from the Fed and one from his private employer (who also get their funds through a fed contract).  Maybe he was pulling my leg about SS since he knows it irk's me!  :mad:
 
THANKS Ned -- I couldn't remember the #'s - but would be surprised at 63 you could have that much income & get SS.  JMHO YMMV
 
I spoke to a person recently who's SSN was stolen and used by an illegal.  He was told that the amount paid in would be credited to his account.
 
tswms said:
I spoke to a person recently who's SSN was stolen and used by an illegal.  He was told that the amount paid in would be credited to his account.

LOL, that's amazing... and he doesn't even know who is helping pay his SS...
 
Mc2guy said:
Ignoring the problem and/or shooting the messenger won't make it go away.  Can you show me actual evidence that SS is solvent long-term?  
I don't need to show you any evidence. All the people who are claiming SS will go broke are doing it on speculation and opinions.. It is a fact that SS has been solvent for the last 70 years. And for 70 years opinions have stated SS is going broke. I rely on facts not opinions, they are a lot more reliable.
 
seilerbird said:
I don't need to show you any evidence. All the people who are claiming SS will go broke are doing it on speculation and opinions.. It is a fact that SS has been solvent for the last 70 years. And for 70 years opinions have stated SS is going broke. I rely on facts not opinions, they are a lot more reliable.

I don't even know how to respond to that logic.  It has been therefore it will be?  Hmmm...nope can't argue with that kind of thinking.  Anyone willing to call the assessment of every single organization left, right, and independent who has looked at the numbers mere  "opinion" is clearly smarter than I am.

Unfortunately, I'll probably be here long after you trying to clean the mess left by that kind of logic, but oh well, at least you won't have to worry about it right?
 
Of course you can't argue with logic, your opinions are worthless.
 
This topic is obviously getting very hot, but interesting! Nevertheless, I can't help but to agree with Mc2guy.

Just one more thought........another big problem with our SSA contributions are, is the fact, that they dump all that money into the general fund. And we all know what they do with that. Just my 2 cents worth.

Mariekie

 
Christian

I have heard hearsay, just like you have heard about SS going insolvent, that the US Treasury takes in about $6 Billion (that's with a B) a year in income and FICA withholdings from workers with invalid or duplicate SS number, in all probability what you refer to as illegal immigrants. That can go a long way in keep SS solvent.
 
Bernie, show me how you can be an "illegal immigrant". You are ether immigrating by using legal methods, or you are not immigrating and are therfor illigal without proper papers.>>>D
 
BernieD said:
Christian

I have heard hearsay, just like you have heard about SS going insolvent, that the US Treasury takes in about $6 Billion (that's with a B) a year in income and FICA withholdings from workers with invalid or duplicate SS number, in all probability what you refer to as illegal immigrants. That can go a long way in keep SS solvent.

Unfortunately Bernie, $6 Billion is a drop in the bucket compared to the ~ $624 Billion outlay that Social Security cost in 2008.  That does not include the roughly $500Billion paid out in Medicare, just the retirement and disability component of SS.

 
[quote author=BernieD].... the US Treasury takes in about $6 Billion (that's with a B) a year in income and FICA withholding from workers with invalid or duplicate SS number, in all probability what you refer to as illegal immigrants.[/quote]

Bernie,

Knowing your financial background, you might appreciate an attempt at validation of the numbers or, what my old boss used to call "a sanity check"....

We have no factual numbers for illegal aliens in the US (most are afraid to come out of the woodwork), but I'll use one estimate I've read of 20M. Some of those will be below working age &/or not in the working population &/or (not) paying withholding, but let's treat the full 20M for this calculation.

$6B/20M = $300/year/illegal paying withholding.

Anyone have a tax table to figure out how this translates to earnings?

Refining the numbers, I'd guess that, of the 20M, no more than 30% are in the workforce, and many of them are in jobs paying minimum wage or close to it. That would change the calculation to:

$6B/6M = $1,000/ year withholding.

Still need the tax tables.

Further refining the numbers, I'd venture to guess that no more than 25% of the working illegals are actually paying FICA or any other taxes. So ....

$6B/1.5M = $4,000/year.

Still need those tax tables.

I'll let the financial experts fill in the blanks.
 
If folks have any doubt about the current and future state of Social Security, I am not asking you to believe me on my word alone.  Please go and read for yourself.  Make your own conclusions.  It is a lengthy read, but it very clearly shows where the program is, the challenges it faces given the current economic climate, increasing life expectancies, and dramatic jump in claimants.  Again, please read and think about what this means to you, your children, and their children.

http://www.ssa.gov/OACT/TRSUM/index.html

 
Tom said:
Further refining the numbers, I'd venture to guess that no more than 25% of the working illegals are actually paying FICA or any other taxes. So ....

$6B/1.5M = $4,000/year.

Still need those tax tables.

Current payroll tax rate is at 15.3% total, 7.65% for employee and employer.
 
Tom - No tax tables needed. 15.3% is withheld for FICA & Medicare up to $106,000 (+/-). So if someone had $4000 withheld, they made roughly $26,000. Now, keep in mind that that's for self-employed. If you have a boss, then he paid half so if you had $4000 withheld, then you made $52,000. And let's not forget that unidentified FICA goes into the general fund, not into the SSA fund.

To those fighting pro/con SS in trouble - I have seen plenty of things related to the troubles social security is in if something isn't done. I have seen not one single thing that explains why SS is not in trouble.

My opinion (and it's just my opinion) is still that no matter what, the government cannot allow the social security system to collapse. It's not just the seniors who will be pissed, it's also those of us who will find ourselves taking care of our parents and grandparents who suddenly have no income or significantly reduced income. The effects of a Medicare collapse are too scary to consider.

Have a nice evening.
Wendy
GO BRONCOS !!!!
 
Mc2guy said:
If folks have any doubt about the current and future state of Social Security, I am not asking you to believe me on my word alone.  Please go and read for yourself.  Make your own conclusions.  It is a lengthy read, but it very clearly shows where the program is, the challenges it faces given the current economic climate, increasing life expectancies, and dramatic jump in claimants.  Again, please read and think about what this means to you, your children, and their children.

http://www.ssa.gov/OACT/TRSUM/index.html

Like I mentioned B4, it's more a matter of priorities than any discourse on financial planning.  If we shut down NASA, most of DoD, FHA, FCC, CIA, DIA, FEMA, DOT, DOC, half of congress, NPS, NFS, BIA, FBI, DHS, NSA, BLM, and about 100,000 more federal offices and agencies, then we'd have about $2 Trillion for SS/Medicare, every year.  After the demographic bulge in the population dies off, we can re-start all the former agencies, if needed.  I mean, what is more important, our senior citizens or going to the moon?
thanks, G.
 
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