View Poll Results: should you get gov retirement and SS

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  • yes you deserve both

    30 78.95%
  • No, get only your cushy gov retirement.

    8 21.05%
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Thread: Should retired government workers get SS

  1. #141
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    Re: Should retired government workers get SS

    I thought SS monthly payouts were reduced by pension payouts?

    How pensions affect your Social Security benefit

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    Re: Should retired government workers get SS

    Quote Originally Posted by disneydude View Post
    The thing that most people don't understand is that most government workers pay into their pension program. It is not a freebie given to them. As for SS....you still have to meet the minimum quarters of work over and above your government service in order to be eligible for SS and the amount you receive is reduced due to the pension you receive.
    You pay into it, but seeing the amount it takes out first hand, I can't imagine that if you actally calculated it up that the amount you pay in is anywhere close to what you'd get out

  3. #143
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    Re: Should retired government workers get SS

    Quote Originally Posted by Samhain View Post
    I thought SS monthly payouts were reduced by pension payouts?

    How pensions affect your Social Security benefit
    Only if those pensions were supplied by exempting those earnings from SS or if they are recieved when you retire "early" taking SS before your specified SS "full benefit" age. SS is designed to supplement other retirement income, not to replace it.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  4. #144
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    Re: Should retired government workers get SS

    Quote Originally Posted by Cardinal Fang View Post
    You are lacking in something called insight. Only putting money in a coffee can or stuffing it under a mattress returns the same amount that you deposited. Did you know that mortgage lenders receive back MORE than the amount that they lent to a homebuyer? Why don't you complain about that?
    Mortgage lenders are fronting money for the purchase of a product based on the ability to pay it back. For that, they receive funds (interest) to compensate for the use of those funds.

    The amount one receives on SS which exceeds the amount they contributed far exceeds the amount of interest accumulated on that money. It is taken from the funds contributed people people who are still in the workforce.

    Next?
    Building block or stumbling block.... choose.

  5. #145
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    Re: Should retired government workers get SS

    Quote Originally Posted by DA60 View Post
    I realize that is what it is. But that is not what I think it should be. It should be emergency funds for poor seniors...which would greatly cut down on it's overall costs.
    You are describing the separate Supplemental Security Income program that assists the indigent elderly, blind, and otherwise disabled. It's a welfare program funded entirely from general revenues.

    Quote Originally Posted by DA60 View Post
    It's ridiculous that middle class people have to basically give money to the government for the latter to hold for a few decades - only to give much of it back (with horrible return rates).
    Where to begin. That's not at all how it works, the only reason payroll taxes are a part of your gross income is so that you can afford to pay the tax, and real rates of return for average income workers and below are actually quite good. The wealthy don't do as well. In a few rare cases they can even end up with negative rates of return. Too bad for them. The princess sometimes has to put up with the pea.

  6. #146
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    Re: Should retired government workers get SS

    Quote Originally Posted by GottaGo View Post
    Mortgage lenders are fronting money for the purchase of a product based on the ability to pay it back. For that, they receive funds (interest) to compensate for the use of those funds.

    The amount one receives on SS which exceeds the amount they contributed far exceeds the amount of interest accumulated on that money. It is taken from the funds contributed people people who are still in the workforce.

    Next?
    Wrong. You ignore those that die without anyone collecting their "suvivor" benefits and many that do not collect as much as they paid in. Consider the real, inflation adjusted, value of $1 "contributed" to SS in 1970, it is worth (its buying power) about $0.17 if returned to you in 2013, yet you consider that $1 as still worth a full $1 after all of those years.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  7. #147
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    Re: Should retired government workers get SS

    Quote Originally Posted by ttwtt78640 View Post
    Only if those pensions were supplied by exempting those earnings from SS or if they are recieved when you retire "early" taking SS before your specified SS "full benefit" age.
    No, the year in which one turns 62 is used in calculation of the "windfall" elimination, but it applies whenever one retires and continues until one dies, exhausts the other pension, or reaches 30 years of coverage under SS.

    Quote Originally Posted by ttwtt78640 View Post
    SS is designed to supplement other retirement income, not to replace it.
    It was designed to provide an income floor that would be there no matter what else happened. Wealthy people may be able to amass other resources for retirement. Many not-wealthy people are not able to do so, and their numbers are now increasing.
    Last edited by Cardinal Fang; 03-11-13 at 01:09 PM.

  8. #148
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    Re: Should retired government workers get SS

    Quote Originally Posted by Zyphlin View Post
    You pay into it, but seeing the amount it takes out first hand, I can't imagine that if you actally calculated it up that the amount you pay in is anywhere close to what you'd get out
    It depends.....basically on how long you live. My pension is based on the number of years I work and also at the age of retirement. The county knows that the longer I stay in my job, the lower by life expectation is so my pension increases dramatically once I hit 63. If you die in your 70's you probably won't get out what you paid in. If you die in your early 80's you probably will break even. If you are lucky enough to live into your mid-80's or beyond then you are correct.
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  9. #149
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    Re: Should retired government workers get SS

    Jealousy's a terrible thing. It can split families.
    Don't work out, work in.

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    Re: Should retired government workers get SS

    Quote Originally Posted by GottaGo View Post
    Mortgage lenders are fronting money for the purchase of a product based on the ability to pay it back. For that, they receive funds (interest) to compensate for the use of those funds.
    So you are able to understand the concept in that context.

    Quote Originally Posted by GottaGo View Post
    The amount one receives on SS which exceeds the amount they contributed far exceeds the amount of interest accumulated on that money. It is taken from the funds contributed people people who are still in the workforce.
    Your SSN is not linked to a personal account that earns any interest at all. You are way, way out in left field here. Meanwhile, ALL insurance works the way that SS does. Good drivers pay to repair the cars of those who talk on cellphones and drive into trees. Non-smokers pay to rebuild the burned down homes of those who smoked in bed. Workers pay to maintain a basic lifestyle for those foolish enough to have lived beyond their capacity to work effectively. In each of these cases, actuarial analysis reveals the levels of current premiums needed to pay current claims while also accumulating a padding of reserves against future claims. There is nothing unusual going on here. It's the standard insurance model.

    Quote Originally Posted by GottaGo View Post
    Next?
    I recommend that you undergo a few years of schooling. I'm not going to be able to do it all here.

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