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  Topic: 10 Things Everyone Should
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10 Things Everyone Should
Know About Social Security

U.S. News & World Report, by Emily Brandon

Original Article

Posted By:JoniTx, 2/19/2013 3:16:48 PM

Nearly every working American pays into the Social Security program, but not everyone understands the benefits they qualify for due to their contributions. And most workers will no longer get paper statements that explain how much they have paid into the system and what benefits they are likely to receive in retirement. Here are 10 things everyone should know about Social Security: You contribute 6.2 percent of your income. Workers pay 6.2 percent of their earnings into the Social Security system, up to $113,700 in 2013. Employers pay a matching 6.2 percent for each worker. Self-employed workers must

      


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Reply 1 - Posted by: thelmalou, 2/19/2013 3:30:00 PM     (No. 9185309)

#1 - It won´t be there when most of us retire (if we´re ever able to).

#2 - #9 - See #1.


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Reply 2 - Posted by: thelmalou, 2/19/2013 3:30:18 PM     (No. 9185310)

Der...#2 - #10.


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Reply 3 - Posted by: thethirdruffian, 2/19/2013 3:44:12 PM     (No. 9185337)

People put in 12.4% of their income, not 6.2%.

The "match" is calculated into your pay as a total cost of employment.

Souce: me being an employer who does this as part of determining 120 peoples´ salaries every year.

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Reply 4 - Posted by: bob913, 2/19/2013 3:47:35 PM     (No. 9185344)

The money is stolen by congress and there is no lockbox, just worthless IOU´s!

There would be no issue if these were privately invested. Search on google about Galveston, TX that went private.

Other countries get great returns. In short you could be getting 3 times the money or more if it wasn´t for the criminals in congress who of course exempt themselves and give themselves very generous pensions after just 6 years.

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Reply 5 - Posted by: octrojan, 2/19/2013 3:51:24 PM     (No. 9185355)

Fact #11...SS was never intended to be your retirement. It was created as a supplement to the funds you had already set aside and as a way so that seniors wouldn´t starve. It´s basically a welfare program.

Government misinformation has led people to believe it´s a real retirement plan, causing them to undersave.

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Reply 6 - Posted by: Jethro bo, 2/19/2013 4:08:23 PM     (No. 9185374)

For those of us that understand Socialist Security(Ponzi scheme), this is more like 10 things everyone should know about their lottery winnings. One of us is going to be real lucky. The rest of us are out of luck and money.

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Reply 7 - Posted by: A Balrog of Morgoth, 2/19/2013 4:18:35 PM     (No. 9185394)

Fact #12: Fact #1 is not a fact. Workers pay 12.4% of their income. We just call half of it the "employer´s matching contribution."

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Reply 8 - Posted by: enuf8, 2/19/2013 4:22:16 PM     (No. 9185398)

I certainly don´t want the gov´t hands on my 401K or IRA/Mutual Funds to have it disbursed by the gov´t. The same result as the snatched SS funds.

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Reply 9 - Posted by: Bumblebee, 2/19/2013 4:27:29 PM     (No. 9185406)

When you are 65 the Medicare monthly premium deduction is taken off the top of your SS check. Since I was a homekeeper with four kids I didn´t receive a salary for my work and so now as a widow I get what my husband got. Since he was a farmer and didn´t always make much profit in those days he didn´t pay in much, so my SS check is about $530.

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Reply 10 - Posted by: MattMusson, 2/19/2013 4:55:16 PM     (No. 9185437)

THat 2033 number is fiction. Because of the bad economy and the low rate SSN gets on it´s loans to the govt it could go into the red this decade.

11 - IMPORTANT TO KNOW

Once SSN is pay as you go - everyone takes a 25% automatic cut. It´s baked into the cake.

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Reply 11 - Posted by: Axeman, 2/19/2013 5:01:05 PM     (No. 9185451)

Another important fact left out:
SS is already paying more out in benefits than it takes in with payroll taxes. Since it is a "pay as you go" scheme that means it is collapsing. There is no trust fund.

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Reply 12 - Posted by: m0j0mojo, 2/19/2013 5:03:45 PM     (No. 9185453)

all you need to know is IT IS A PONZI SCHEME if it had invested your money everyone would retire a millionaire and the kids would inherit instead they steal your money and make it that much harder to save for retirement

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Reply 13 - Posted by: lakerman1, 2/19/2013 5:09:19 PM     (No. 9185468)

Here is an additional bit of information.
The congress established something called ´end points.´ (google for a full explanation.)
Bend points are applied to the earnings record to overpay low wage earners at retirement, and to underpay high wage earners at retirement.
So a mechanism already exists to expand means testing, and zeroing out high earners
social security check. Who would complain?
Just the ´rich´ people...

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Reply 14 - Posted by: Charactercounts, 2/19/2013 5:10:10 PM     (No. 9185470)

#5, that´s correct. But it´s pretty hard to put anything away when the government is taking 12.4 percent for social security, and about 50% for federal and state taxes, not to mention your property taxes, which in the case of most people around here come to about $12,000 for a tract house.

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Reply 15 - Posted by: whyyeseyec, 2/19/2013 5:37:57 PM     (No. 9185528)

FDR and Congress knew in 1935 when they passed SS they were going to steal it. People were expected to use it for 2-3 years and pass away....

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Reply 16 - Posted by: LouD, 2/19/2013 5:50:27 PM     (No. 9185554)

The amount you get is adjusted for inflation? Well, we went two years without a raise in SS, but the prices of everything still went up. How´s that for an "adjustment"?

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Reply 17 - Posted by: LadyVet, 2/19/2013 6:36:31 PM     (No. 9185623)

#14, don´t forget the increased health insurance payments, thanks to Obamacare.

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Reply 18 - Posted by: jfodoch, 2/19/2013 8:09:55 PM     (No. 9185730)

It´s us against the bureaucrats -- I´m
tired of the sugar-coating of it! They´re feathering their own nests at our expense, and those who don´t see it are either lo-info or just hanging-out.

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Reply 19 - Posted by: nonsense, 2/19/2013 10:04:12 PM     (No. 9185865)

dingy Harry told me that SS is just fine, no problems whatsoever. I´m sure Nasty Piglosi said something similar.

Two old fools who think that we are old fools.

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Reply 20 - Posted by: saguni, 2/19/2013 10:35:41 PM     (No. 9185902)

Ha!! Poster #15: People were expected to use it for 2-3 years and pass away...


In 1935 when they set the retirement age at 65, the average life expectancy was about 60...they were hoping from the get-go to never pay out anywhere near what was paid in.

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Reply 21 - Posted by: ColonialAmerican1623, 2/19/2013 11:09:13 PM     (No. 9185934)

"Nearly every working American pays into the Social Security program"

It is the immigrants that have never paid into the system collecting benefits that I have a problem with. That was never calculated into the system.

Like #9, many receive less that $1000 a month and live in poverty.

Not only do the self employed pay double taxes, but they are paying for 100% of their major medical.

The article doesn´t mention notch babies.



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Reply 22 - Posted by: msjena, 2/20/2013 12:02:30 AM     (No. 9185986)

You have to take it at age 70, and if you are still working, you are taxed on it!

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Reply 23 - Posted by: Japanorama, 2/20/2013 4:58:38 AM     (No. 9186075)

The inflated dollars you receive in social security payments won´t buy a cup of coffee.

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Reply 24 - Posted by: shamus, 2/20/2013 7:10:41 AM     (No. 9186210)

Benefit will be automatically cut by 25% when the trust fund is exhausted.

Current projections are for the trust fund to be exhausted in 2033, but this is almost certain to happen sooner, perhaps in only ten or fifteen years.

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