Displaying 1 - 10 of 105 Forum Posts1 2 3 4 5 Next
  • Aug 13, 2017 04:29 AM
    Last: 1mo
    5k
    J.K.Logic Wrote:

    2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still.

    So does that also increase what is coming out of every single person's pocket who isn't receiving benefits by $30 -$35 more?
  • Aug 10, 2017 05:21 PM
    Last: 1mo
    1.3k
    You make many good points there. It will more than likely reform and be a shadow of its former self, and the former being not so great to begin with. Looks like we need to start burying our money.
  • Aug 10, 2017 05:21 PM
    Last: 1mo
    1.3k

    I recently stumbled upon an article that makes an argument that Social Security will probably not be disappearing any time soon. I know everyone, including myself has worried about it. I know I've said the common phrase "that's if Social Security is still around when I'm that age." These fears have been around ever since the program's creation. So there's bit of relief right there.

    The article states that many of the government's projections, especially the one where SS will run out by 2034, is full of errors. Economic changes are very possible in the near future. One for instance, Millennials outnumber the Baby Boomers. Once they reach their prime earning years, revenues supporting current retires should grow. The Social Security Administration can't take these possible economic changes into account when they run the numbers because they are using straight-line-math to project trends into the future. These projections could paint a somewhat okay picture of things to come, but they are what the article says "vastly inadequate for predicting what is likely going to happen."

    Groundbreaking Economic Developments:

    Few groundbreaking economic developments of the last few decades -- the Internet, China's rise, mobile technology -- were widely forecasted, much less by government officials. Whatever today's concerns, it is far too soon to analyze how tomorrow's unknowns will affect Social Security.

  • Jun 28, 2017 04:40 PM
    Last: 21d
    835
    This is truly exciting. I see more of the progressive northern/eastern/ western states doing it, possibly. I have my doubts about the South and Midwest. Most states in the South have smaller budgets for education. This would truly turn many higher education problems around, if other states jumped onto the bandwagon.
  • Jun 26, 2017 05:06 PM
    Last: 1mo
    8.8k
    J.K.Logic Wrote: Is a really good resource. Calculators are also good, but this gives you exact information based on your personal history of paying into the system. I signed up a few months ago. Even though I'm very far away from retirement age, it was good to know that I can see what I should expect in the future for retirement, assuming (hopefully) the program lasts long enough for that to happen.
    It's a good resource for sure. A good friend got me onto it. I'm hoping the program lasts long enough, otherwise I'm up a creek.
  • Jun 26, 2017 05:06 PM
    Last: 1mo
    8.8k

    Okay, so, I just registered an account. I found it would be very helpful for everyone, not just for those who are already, or about to retire. Check this link out. This government website helps you keep track of the money you have pumped into the Social Security program. I think it only took me 5 minutes to get everything going, after I clicked on the "Sign in or Create an Account" button. You will have to fill out the typical information such as name, SS number, desired username and password. Then, to further verify your identity, it will ask you as series of questions, relating to accounts you may have opened in the past. Afterward, you will be sent a security code, either by phone or email, once you input the code, you're all set up.

    Once you're able to access your new account, you will be able to see your earnings record, the estimated benefits you would be eligible for if you ever become disabled, your last reported earnings, estimates for what your SS retirement will look like, as well as benefits you are receiving if you're already retired. So there you have it, an online one-stop-shop for your personal Social Security information.

  • May 09, 2017 04:48 PM
    Last: 4mo
    1k
    bryce28 Wrote:

    Like most tax credits, I would wager most aren't aware of this.

    You're right. It's out there in the stacks of vague and jargon-filled information, with every other tax credit.

  • May 09, 2017 04:48 PM
    Last: 4mo
    1k

    I am not at this point in my life, but as someone who will hopefully retire one day, as well as someone who will possibly have kids one day, this article brings up some good points which cross over both subjects. We all know, higher education is absolutely expensive, and it is becoming more and more difficult for families to save up for such a thing, especially middle to low income households. Then again, saving for 25 years of retirement income is a lot harder than paying for a four year college. At least there are grants, loans and scholarships for college.

    So what does the article say? You should save for your retirement first. For example, let's say it costs 80k for four years of college. Now, let's say you have an annual income of 50k. If you're determined to replace that income after you retire at the age of 60, it's going to be rather difficult. So if you live until the age of 85, then you'd be looking at having to save $1.25 million for your retirement, and that's not even accounting for inflation.

    You should consider loans, grants and scholarships at least to pad the college budget. I think the population of those who saved and drop cold hard cash on their kid's education is getting smaller by the year. Have your kid look into AP classes, community college classes, or, perhaps have them join the armed forces and have them take advantage of the Post 9/11 G.I Bill.

    College aid formulas do not count what you already have in your 401k, IRA or any other retirement account. The article states that you should put your funds into your 401k, then fund your Roth or traditional IRAs, which can be used for college if needed.

    So there you have it, does anyone else have any other strategies that I have listed here?

  • Mar 27, 2017 01:43 PM
    Last: 5mo
    3.1k
    I can't agree with you more on that one. They make it a mess on purpose to discourage anyone interested in government help. It's sad, really.
  • Apr 19, 2017 03:39 PM
    Last: 5mo
    1k

    Just like my last thread, this one brings more concerning news, regarding our favorite government agency. According to this article, the agency has reduced its auditors by 25%, from 13k to 10k, in the past 6 years due to $900 million in budgets cuts over those years. As a result, the IRS recovered way less from audits since 2010. It dropped from $16 billion in 2010 to $9 billion last year. That's definitely a hefty loss. Now let's think about how much a recent executive proposal of cutting the funding further by $239 million will do. Yeesh...

    Of course, some of us are thinking that we could all use a little bit a of a break from the tax baby sitter. If you think about it though, what unpaid taxes slip through the cracks only has us paying more later. It all comes out in the wash anyway. Also, this loss of vigilance really only benefits the rich who'd rather not pay as much or at all.

    Like the article said:

    "the government is forgoing billions to achieve budget savings of a few hundred million dollars."

    Where's a sober accountant when you need one?