I was waiting for this topic. 


 

As much as I don't want to believe myself, I think the US Government forces you to save money because most people are too stupid to do it by themselves. 


 

To me, they are basically stealing my money.  Then they are putting it in a savings fund that will perform far worse than any other rate of return I currently enjoy.  And that is assuming I will ever see mine back.

 

Wait.  You actually think there's a fund where this money resides?

 

She couldn't appeal because she waited too long because she didn't even know she could appeal.  


Oh, and of course she only applied for Social Security because when she had to retire due to blindness, OPM (Office of Personnel Management for the Federal Government) told her she should.  (She worked for the Federal Government, Department of Transportation for... I really don't know how long.  I think it was almost 30 years)

 

Social Security will still be around.  You probably will be like most people, and not have paid enough in, or not qualify for some other reason.  I'm certainly not counting on social security, and would prefer to be able to opt out of it.  I save my money much better than the government does.  I could put it toward my kids college tuition, so they won't owe money for half their lives.

 

I'd consider hiring a lawyer that deals with Social Security issues.  Yeah, it'll cost some money to do so, but they might be able to get some sort of resolution for your mom.

 

Social Security will be around, but if you're under 50, you're better off planning for your own retirement and not worrying about what you might be able to get from the government. 

 

A friend of mine ran into a very similar situation with his mother a few years back.  He was trying to get her Social Security squared away, and her story was very much the same as your mother.  He ended up hiring a lawyer and getting her a settlement.  In addition, this attorney did some research, and found that his mom was entitled to spousal benefits from the military.  Her husband was a Korean war vet.  It took them 2 years, but when the VA finally did pay off, it was retroactive, and they were able to make her final years very comfortable. 

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Never argue with idiots. They drag you down to their level and beat you with experience.

I know that some government workers do not pay into the social security system.   They pay into a different system.  Maybe that's what happened to her.  

Yeah, there were a couple of different programs that they paid into years ago.  Doesn't sound terribly great.

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Never argue with idiots. They drag you down to their level and beat you with experience.

Wow, that really sucks. Does she at least have enough paid in to receive regular benefits when she reaches retirement age?

She passed away last year.  I don't really know much about what the situation would have been if she were still alive.  I know she paid into Survivor Benefits, and my dad gets that.  But I don't really know much about it outside of that.  I remember the Social Security office told her that if she worked another quarter, she could collect, but she was blind, had heart problems, and had trouble walking because of a bad hip.  So working was pretty much out of the question. 


Retirement plans are pretty confusing.  I know they changed my wife's plan recently because they deemed what the school was doing was against the law for... some reason?  Neither of us know what's going on with that, but we're not going to count on it.  She won't retire for another at least 35 years in any case.  


Best thing anyone can do I think is just save their money.  My wife and I splurge once in a while (and we did have a new house built recently, but our house was falling apart, and we didn't have enough room.).  But counting on a retirement plan or social security in the long run is a bad idea.  I've heard too many case of people being burnt to trust it.  


My mom always said "They don't make anything simple," and it's pretty much true.  There's a lot of things they could simplify to save money and time.  But they won't do it.  

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I was wrong about Trent Baalke. 

Wait.  You actually think there's a fund where this money resides?

 

 

No FBT-  Unfortunately I am aware of where my money goes... 


 

I was making a simple analogy because I would like to opt out and handle it myself. 


 

I already don't plan on living long enough to see it.   

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She passed away last year.  I don't really know much about what the situation would have been if she were still alive.  I know she paid into Survivor Benefits, and my dad gets that.  But I don't really know much about it outside of that.  I remember the Social Security office told her that if she worked another quarter, she could collect, but she was blind, had heart problems, and had trouble walking because of a bad hip.  So working was pretty much out of the question. 


Retirement plans are pretty confusing.  I know they changed my wife's plan recently because they deemed what the school was doing was against the law for... some reason?  Neither of us know what's going on with that, but we're not going to count on it.  She won't retire for another at least 35 years in any case.  


Best thing anyone can do I think is just save their money.  My wife and I splurge once in a while (and we did have a new house built recently, but our house was falling apart, and we didn't have enough room.).  But counting on a retirement plan or social security in the long run is a bad idea.  I've heard too many case of people being burnt to trust it.  


My mom always said "They don't make anything simple," and it's pretty much true.  There's a lot of things they could simplify to save money and time.  But they won't do it.  

 

I am sorry for your loss.

 

I used to think my dad was fanatical about things like life insurance and retirement planning, but he proved me wrong in the end. He lived his last years comfortably on Social Security and pensions from three jobs he held as a career educator. One of the pension plans also qualified him for a good Medicare Supplement plan. Added on top of that he was a veteran, and there happens to be an excellent primary care center on a nearby Air Force base that he used for yearly physicals.

 

If only he'd planned his marriages as carefully as his future, but even there he got lucky. Three wives, but never paid a dime of alimony or child support (he had full custody of all his children) and even insured his one prenuptial agreement.

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If something can corrupt you, you're corrupted already.
- Bob Marley


 

Social Security is a topic that few really know or understand.

 

Myth 1.  You don't get the money that you paid in back.

Myth 2.  The money paid into Social Security does not reside in some "trust fund" or any other type of account.  In fact, the Social Security "pool" contains more IOU's than cash.

Myth 3.  Social Security was never meant to be a retirement plan.

 

These days, so many of the elderly "poor" people depend on Social Security as their sole means of income.  Social Security was meant to be a supplement to retirement income, not the source.  My advice to younger working people is to either invest in your company's 401k plan with a minimum contribution of 10% if your employer provides this benefit.  Otherwise, look into starting and contributing to an IRA.

---

There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Social Security is a topic that few really know or understand.

 

Myth 1.  You don't get the money that you paid in back.

Myth 2.  The money paid into Social Security does not reside in some "trust fund" or any other type of account.  In fact, the Social Security "pool" contains more IOU's than cash.

Myth 3.  Social Security was never meant to be a retirement plan.

 

These days, so many of the elderly "poor" people depend on Social Security as their sole means of income.  Social Security was meant to be a supplement to retirement income, not the source.  My advice to younger working people is to either invest in your company's 401k plan with a minimum contribution of 10% if your employer provides this benefit.  Otherwise, look into starting and contributing to an IRA.

Or do both. I have found I get the best pre and post tax benefits but maxing out my employer contribution and then putting the additional into an IRA. Everyone's situation is different though. 

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I doubt I get anything

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I'm 29, by the time I'm even close to 65 one of two things will have happened. They'll have pushed back the benefit age to 75 or maybe 80 hoping people die first. Or they'll have scrapped the system. But I don't see ANY chance of the Social Security system I'm paying into being around in 35+ years. Hey If I get some of back great! but I'm not counting on it.

 

No doubt there will be modifications, both in age and income limits, but this is an incredibly popular program and the politicians will be unable to modify it to such an extent that it doesn't serve it's purpose.

 

I don't think there is any doubt that people will be working longer before they can receive benefits. It's never made a lot of sense to me that groups like AARP want people to be considered Seniors at younger and younger ages when the life expectancy numbers keep going up.

 

So - you better stay in shape!

---

The sun's not yellow, it's chicken.

Social Security is a topic that few really know or understand.

 

Myth 1.  You don't get the money that you paid in back.

Myth 2.  The money paid into Social Security does not reside in some "trust fund" or any other type of account.  In fact, the Social Security "pool" contains more IOU's than cash.

Myth 3.  Social Security was never meant to be a retirement plan.

 

These days, so many of the elderly "poor" people depend on Social Security as their sole means of income.  Social Security was meant to be a supplement to retirement income, not the source.  My advice to younger working people is to either invest in your company's 401k plan with a minimum contribution of 10% if your employer provides this benefit.  Otherwise, look into starting and contributing to an IRA.

 

Good post.

 

Unfortunately, your advice will be ignored, as most people don't have the money to set aside, or (more accurately) don't think they have the money to set aside.

 

Thus - the popularity of Social Security. Think of how many people who would have nothing if it weren't for SS. Sure, it's their "fault", but you want them moving in with you?

 

And there aren't enough charities and churches in the country to take care of that many elderly people.

---

The sun's not yellow, it's chicken.

Wait.  You actually think there's a fund where this money resides?

 

 

I'd consider hiring a lawyer that deals with Social Security issues.  Yeah, it'll cost some money to do so, but they might be able to get some sort of resolution for your mom.

 

Social Security will be around, but if you're under 50, you're better off planning for your own retirement and not worrying about what you might be able to get from the government. 

 

A friend of mine ran into a very similar situation with his mother a few years back.  He was trying to get her Social Security squared away, and her story was very much the same as your mother.  He ended up hiring a lawyer and getting her a settlement.  In addition, this attorney did some research, and found that his mom was entitled to spousal benefits from the military.  Her husband was a Korean war vet.  It took them 2 years, but when the VA finally did pay off, it was retroactive, and they were able to make her final years very comfortable. 

My mother had, flat feet, a sciatic nerve problem, diabetes, had to have dialysis 3 times a week, high blood pressure and a thyroid problem...She was denied for over 3 years...She hired some company through the social services that didn't cost her anything and went from appealing the first denial, to a SSI panel which was denied to a formal hearing in front of a Judge who approved it...She was given back pay to the very first day she applied for it and then her normal monthly payment...I don't remember who represented her, but they said it's pretty much standard procedure to deny benefits the first time, but if you keep pressing the issue, if it's legit, it will get approved...On the other side of the coin, I know a kid who started getting SSI at age 18 because he has ADHD and he gets a check every month (now age 26), food stamps, housing and medical benefits...

---

Social Security is a topic that few really know or understand.

 

Myth 1.  You don't get the money that you paid in back.

Myth 2.  The money paid into Social Security does not reside in some "trust fund" or any other type of account.  In fact, the Social Security "pool" contains more IOU's than cash.

Myth 3.  Social Security was never meant to be a retirement plan.

 

These days, so many of the elderly "poor" people depend on Social Security as their sole means of income.  Social Security was meant to be a supplement to retirement income, not the source.  My advice to younger working people is to either invest in your company's 401k plan with a minimum contribution of 10% if your employer provides this benefit.  Otherwise, look into starting and contributing to an IRA.

 

That may not have been the original intention, but it has become the reality for many, and not just because they are poor planners. Some employers have used the existence of SS to justify not offering retirement benefits to their employees, and many people do not have the discretionary income necessary to invest in their future.

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If something can corrupt you, you're corrupted already.
- Bob Marley


 

That may not have been the original intention, but it has become the reality for many, and not just because they are poor planners. Some employers have used the existence of SS to justify not offering retirement benefits to their employees, and many people do not have the discretionary income necessary to invest in their future.

 

I don't know if the existence of SS or not motivates employers to offer retirement benefits, but that's beside the point.  Retirement benefits offered by employers (401k for example) is an added benefit to an employee's wage.

 

Contrary to popular belief, extra benefits such as vacation time, sick days, retirement plans, health plans, etc. are "extra" and "optional" things for employers to offer... at least it was (thanks obamacare).

 

Also, just because a company offers a 401k plan, it doesn't mean that they are giving their employees anything more dollar wise.  It's simply set up so that the employee can elect to save a percentage of their wages.

 

The fact of the matter is, most people do have the income (discretionary or not) to invest in their retirement.  The problem is we are a consumption society and not a "planning/saving for the future" society.  Any working adult is able to put aside $5 or $10 AT LEAST out of every paycheck.  Heck, even someone that earns minimum wage should be able to find a way to save 10% of their pay.  At the current minimum wage here in Florida, that's just $31.17 per week.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

I don't know if the existence of SS or not motivates employers to offer retirement benefits, but that's beside the point.  Retirement benefits offered by employers (401k for example) is an added benefit to an employee's wage.

 

Contrary to popular belief, extra benefits such as vacation time, sick days, retirement plans, health plans, etc. are "extra" and "optional" things for employers to offer... at least it was (thanks obamacare).

 

Also, just because a company offers a 401k plan, it doesn't mean that they are giving their employees anything more dollar wise.  It's simply set up so that the employee can elect to save a percentage of their wages.

 

The fact of the matter is, most people do have the income (discretionary or not) to invest in their retirement.  The problem is we are a consumption society and not a "planning/saving for the future" society.  Any working adult is able to put aside $5 or $10 AT LEAST out of every paycheck.  Heck, even someone that earns minimum wage should be able to find a way to save 10% of their pay.  At the current minimum wage here in Florida, that's just $31.17 per week.

Tell that to the people who live on minimum wage...If you have two kids rent/house payment electric bill, water/sewer car payment/insurance that 10% a week is crucial...especially if you are not receiving food stamps and such...

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I don't know if the existence of SS or not motivates employers to offer retirement benefits, but that's beside the point.  Retirement benefits offered by employers (401k for example) is an added benefit to an employee's wage.

 

Contrary to popular belief, extra benefits such as vacation time, sick days, retirement plans, health plans, etc. are "extra" and "optional" things for employers to offer... at least it was (thanks obamacare).

 

Also, just because a company offers a 401k plan, it doesn't mean that they are giving their employees anything more dollar wise.  It's simply set up so that the employee can elect to save a percentage of their wages.

 

The fact of the matter is, most people do have the income (discretionary or not) to invest in their retirement.  The problem is we are a consumption society and not a "planning/saving for the future" society.  Any working adult is able to put aside $5 or $10 AT LEAST out of every paycheck.  Heck, even someone that earns minimum wage should be able to find a way to save 10% of their pay.  At the current minimum wage here in Florida, that's just $31.17 per week.

 

Anyone making minimum wage is well aware extra benefits are optional, and many of them are responsible for families. I believe you're overestimating their ability to save in this economy.

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If something can corrupt you, you're corrupted already.
- Bob Marley


 

Tell that to the people who live on minimum wage...If you have two kids rent/house payment electric bill, water/sewer car payment/insurance that 10% a week is crucial...especially if you are not receiving food stamps and such...

 

My answer to that is if you only earn minimum wage, perhaps you shouldn't have two kids.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Anyone making minimum wage is well aware extra benefits are optional, and many of them are responsible for families. I believe you're overestimating their ability to save in this economy.

 

I don't think so.  Even at minimum wage, a person CAN find a way to save money, even if it's not a full 10%.

 

Put it this way... how many of them have smart phones, cable/satellite/pay tv, etc.?

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

My answer to that is if you only earn minimum wage, perhaps you shouldn't have two kids

the point is, you ASSUME that people living on minimum wage can afford to save 10% of their pay, however you are out of touch with reality...minimum wage isn't enough for a single person to live on

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the point is, you ASSUME that people living on minimum wage can afford to save 10% of their pay, however you are out of touch with reality...minimum wage isn't enough for a single person to live on

 

Perhaps you are the one that is out of touch with reality... minimum wage is not supposed to be a means of support or a "living wage".

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

I don't think so.  Even at minimum wage, a person CAN find a way to save money, even if it's not a full 10%.

 

Put it this way... how many of them have smart phones, cable/satellite/pay tv, etc.?

why don't you do the math and show us just how to save money...take the minimum wage and multiply it by 40 (hours) and then by 52 weeks and divide that by 12...that will tell you how much gross one person makes on minimum wage per month and then figure out HOW they can pay for their housing, food, car. et.al and then tell us all how to save 10% when there isn't enough to begin with

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