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Makes no sense to me
2 months ago  ::  Jun 25, 2022 - 5:02PM #41
bertram
Posts: 17,474

Right-wing fascists would love to see Social Security shut down, the program's money turned over to their hedge fund managers and their employees believing that they are being paid with all the money the corporate titans are saving by not matching their former SS contributions...

2 months ago  ::  Jun 25, 2022 - 7:49PM #42
newinn
Posts: 38,598

Jun 25, 2022 -- 4:12PM, SSBob wrote:


Jun 25, 2022 -- 3:42PM, NW wrote:


Jun 25, 2022 -- 3:18PM, SSBob wrote:


Jun 25, 2022 -- 2:43PM, NW wrote:


There is no possible way that I will get back the amount of money I've put into SS unless I somehow live to be 120 or more.  




~~~~~~~~~~~~~~


How much do you figure you personally will have contributed to SS by the time you retire?




According to ss.gov, I have currently contributed about $186,000, which actually means I've contributed $372,000 because my employer has to contribute an equal amount that they could otherwise be paying me.  I have another 20 years or so to work, and if SS remains at the current deduction rate and my salary remains similar, I'll contribute another $290,000.  So, when I retire, I'll have contributed $662,000.  At the current rate, I would have to live for 389 months to earn back what I contributed and that's without accounting for any interest I could have earned on my money.




~~~~~~~~~~~~~~~~~~


So you've contributed the maximum amount of $9,114. for each of the past 20+ years. Impressive.


If you work another 20 years at that rate that's another $182,000 for a grand total of $368,000.





good god he can be fos. He needs to save that money so he can pay the sales tax when he sells his house

2 months ago  ::  Jun 25, 2022 - 7:53PM #43
SSBob
Posts: 11,088

Jun 25, 2022 -- 7:49PM, newinn wrote:


Jun 25, 2022 -- 4:12PM, SSBob wrote:


Jun 25, 2022 -- 3:42PM, NW wrote:


Jun 25, 2022 -- 3:18PM, SSBob wrote:


Jun 25, 2022 -- 2:43PM, NW wrote:


There is no possible way that I will get back the amount of money I've put into SS unless I somehow live to be 120 or more.  




~~~~~~~~~~~~~~


How much do you figure you personally will have contributed to SS by the time you retire?




According to ss.gov, I have currently contributed about $186,000, which actually means I've contributed $372,000 because my employer has to contribute an equal amount that they could otherwise be paying me.  I have another 20 years or so to work, and if SS remains at the current deduction rate and my salary remains similar, I'll contribute another $290,000.  So, when I retire, I'll have contributed $662,000.  At the current rate, I would have to live for 389 months to earn back what I contributed and that's without accounting for any interest I could have earned on my money.




~~~~~~~~~~~~~~~~~~


So you've contributed the maximum amount of $9,114. for each of the past 20+ years. Impressive.


If you work another 20 years at that rate that's another $182,000 for a grand total of $368,000.




good god he can be fos. He needs to save that money so he can pay the sales tax when he sells his house




~~~~~~~~~~~~


Yep...or maybe to buy a few more illegal guns. Law & order and all...

2 months ago  ::  Jun 26, 2022 - 8:32AM #44
NW
Posts: 4,193

Jun 25, 2022 -- 4:12PM, SSBob wrote:


Jun 25, 2022 -- 3:42PM, NW wrote:


Jun 25, 2022 -- 3:18PM, SSBob wrote:


Jun 25, 2022 -- 2:43PM, NW wrote:


There is no possible way that I will get back the amount of money I've put into SS unless I somehow live to be 120 or more.  




~~~~~~~~~~~~~~


How much do you figure you personally will have contributed to SS by the time you retire?




According to ss.gov, I have currently contributed about $186,000, which actually means I've contributed $372,000 because my employer has to contribute an equal amount that they could otherwise be paying me.  I have another 20 years or so to work, and if SS remains at the current deduction rate and my salary remains similar, I'll contribute another $290,000.  So, when I retire, I'll have contributed $662,000.  At the current rate, I would have to live for 389 months to earn back what I contributed and that's without accounting for any interest I could have earned on my money.




~~~~~~~~~~~~~~~~~~


So you've contributed the maximum amount of $9,114. for each of the past 20+ years. Impressive.


If you work another 20 years at that rate that's another $182,000 for a grand total of $368,000.





My first contributions to SS were at age 13, so I've been contributing for almost 35 years.  The past several years, I have indeed hit the max contribution and should continue to do so in the future.  Even going by your numbers, $368k x 2 (because the employer contributes an equal percentage) would be $736,000.  The average annual SS payout is $20k.  It would take me 36.8 years to earn back the money I've put into Social Security.  I suppose there's a chance that I could make it to 101.8 years old, but I wouldn't bet on it.  (Oh, and that's not having a penny in interest paid back to me for letting the government hold my money in trust.)

2 months ago  ::  Jun 26, 2022 - 10:57AM #45
SSBob
Posts: 11,088

Jun 26, 2022 -- 8:32AM, NW wrote:


My first contributions to SS were at age 13, so I've been contributing for almost 35 years.  The past several years, I have indeed hit the max contribution and should continue to do so in the future.  Even going by your numbers, $368k x 2 (because the employer contributes an equal percentage) would be $736,000.  The average annual SS payout is $20k.  It would take me 36.8 years to earn back the money I've put into Social Security.  I suppose there's a chance that I could make it to 101.8 years old, but I wouldn't bet on it.  (Oh, and that's not having a penny in interest paid back to me for letting the government hold my money in trust.)




~~~~~~~~~~~~~~~~~~~~~


Interesting you began contributing to SS at 13. I thought the legal age to begin working in NY is 14. At least it was when I began working. Even so, you wouldn’t have begun working full-time until you were at least 22 years old, since you apparently attended and graduated from high school and college. Any contributions to SS you had made prior to that would’ve been minimal, at best.


Simple math tells me you’ve been working full-time no more than the past 25 years. To have accumulated anything close to $186,000 in SS contributions in those 25 years is still very impressive. You must’ve been highly paid straight out of college.


Your assumption that your employer(s) would’ve paid you the amount equal to your contribution is ridiculous. When was the last time any employer gave you a raise when their costs went down? If the employer contribution to SS was eliminated tomorrow, do you really believe your employer would automatically, voluntarily give you a raise equal to the amount of its current contribution?


Regardless, if your income and contribution is what you say it is you wouldn’t receive “the average annual SS payout (of) $20k” when you retire. I believe the maximum payout today for someone who retires at full retirement age is $3,240 monthly ($38,880 annually).


Let’s be very conservative and say 20 years from now your benefit at full retirement age would be $2500. monthly ($30K annually) At that rate, your $368,000 contribution would be returned to you in 12 years. Even your inflated, imaginary figure of $736,000 would be returned to you in 24 years.




2 months ago  ::  Jun 26, 2022 - 12:07PM #46
newinn
Posts: 38,598

Please stop Bob! I'm sure he has been paying maximum into SS since he was 13. After all, this is the great NW we're talking about

2 months ago  ::  Jun 28, 2022 - 6:42PM #47
NW
Posts: 4,193

Jun 26, 2022 -- 10:57AM, SSBob wrote:


Jun 26, 2022 -- 8:32AM, NW wrote:


My first contributions to SS were at age 13, so I've been contributing for almost 35 years.  The past several years, I have indeed hit the max contribution and should continue to do so in the future.  Even going by your numbers, $368k x 2 (because the employer contributes an equal percentage) would be $736,000.  The average annual SS payout is $20k.  It would take me 36.8 years to earn back the money I've put into Social Security.  I suppose there's a chance that I could make it to 101.8 years old, but I wouldn't bet on it.  (Oh, and that's not having a penny in interest paid back to me for letting the government hold my money in trust.)




~~~~~~~~~~~~~~~~~~~~~


Interesting you began contributing to SS at 13. I thought the legal age to begin working in NY is 14. At least it was when I began working. Even so, you wouldn’t have begun working full-time until you were at least 22 years old, since you apparently attended and graduated from high school and college. Any contributions to SS you had made prior to that would’ve been minimal, at best.


Simple math tells me you’ve been working full-time no more than the past 25 years. To have accumulated anything close to $186,000 in SS contributions in those 25 years is still very impressive. You must’ve been highly paid straight out of college.


Your assumption that your employer(s) would’ve paid you the amount equal to your contribution is ridiculous. When was the last time any employer gave you a raise when their costs went down? If the employer contribution to SS was eliminated tomorrow, do you really believe your employer would automatically, voluntarily give you a raise equal to the amount of its current contribution?


Regardless, if your income and contribution is what you say it is you wouldn’t receive “the average annual SS payout (of) $20k” when you retire. I believe the maximum payout today for someone who retires at full retirement age is $3,240 monthly ($38,880 annually).


Let’s be very conservative and say 20 years from now your benefit at full retirement age would be $2500. monthly ($30K annually) At that rate, your $368,000 contribution would be returned to you in 12 years. Even your inflated, imaginary figure of $736,000 would be returned to you in 24 years.







There are (or were at the time) exceptions to the age 14 minimum age in NY for certain types of work.  Of course those contributions to SS were relatively minor.  Since age 16, I've been working full-time.  Because I had taken all of the Advanced Placement courses my high school had to offer, my junior and senior years of high school were half days or less and I worked from noon til 8 or 9pm five days per week and on weekends.  In my first foray into college (typical 4 years of undergraduate), I worked full-time because my parents could not afford to send me to the school that I eventually chose.  So yes, I have been working full-time or more since age 16, a total of 32 years.  

2 months ago  ::  Jul 03, 2022 - 1:24PM #48
GottaGoToMo
Posts: 84,844

Jun 22, 2022 -- 6:54PM, newinn wrote:


there are many factors that contributed to this inflation. Continuously pumping money into the economy was one of them




All that money that was given to us for free is now being paid back to companies that are taking advantage of to a degree inflation.

2 months ago  ::  Jul 04, 2022 - 11:59AM #49
Max
Posts: 10,398

Jul 3, 2022 -- 1:24PM, GottaGoToMo wrote:


Jun 22, 2022 -- 6:54PM, newinn wrote:


there are many factors that contributed to this inflation. Continuously pumping money into the economy was one of them




All that money that was given to us for free is now being paid back to companies that are taking advantage of to a degree inflation.




You would think that with a US ally at war with oil producing Russia, that big oil would step up production. 

2 months ago  ::  Jul 05, 2022 - 11:13AM #50
bertram
Posts: 17,474

Jul 3, 2022 -- 1:24PM, GottaGoToMo wrote:


Jun 22, 2022 -- 6:54PM, newinn wrote:


there are many factors that contributed to this inflation. Continuously pumping money into the economy was one of them




All that money that was given to us for free is now being paid back to companies that are taking advantage of to a degree inflation.




Good to see you back here, Mo.  "Taking advantage" is right!  The last thing Corporate America wants is for the Dems to control Congress and the White House...especially the Fossil Fuel Giants.  Gouging Americans is now their Sport du Jour.

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