Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   S/S increase Prediction (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/s-s-increase-prediction-331923/)

Stu from NYC 05-14-2022 03:07 PM
Quote:
Originally Posted by Michael G. (Post 2095419)
Makes sense to me, now go to Washington and tell them for the both of us. :thumbup:
Unfortunately their are too many vested interests that would never go for this.

thevillages2013 05-14-2022 07:06 PM
Quote:
Originally Posted by Stu from NYC (Post 2095185)
Taught our kids and soon will be the grandkids turn. 11 year old already has small business washing cars.
I love that! Awesome.:ho:

thevillages2013 05-14-2022 07:13 PM
Quote:
Originally Posted by biker1 (Post 2095361)
Doubtful. First of all, 62 is not the retirement age. It is, however, the earliest you can take benefits at a reduction, a fairly substantial reduction. The full retirement age is between 65 and 67 depending on your age. You are old enough that it is doubtful that your full retirement age, or the age you can start taking reduced benefits, will change. I suspect the full retirement age will be gradually raised for younger people, similar to what was implemented in the last reform in 1983. Other possible reforms could be a change in the COLA calculation, an increase in the SS tax, and an elimination of the earnings ceiling for paying SS tax. Another possibility, which I would deem very unlikely, is means testing.
The break even point for me when comparing the reduced benefits at 62 compared to full retirement at 67 is at 79 years old. I’m rolling with 62 if things don’t change by then

Stu from NYC 05-14-2022 08:05 PM
Quote:
Originally Posted by thevillages2013 (Post 2095445)
I love that! Awesome.:ho:
People appreciate money more when they work for it.

Djean1981 05-14-2022 09:52 PM
If we the U.S. can send BILLIONS overseas, we should be able to fund seniors..

Boomer 05-15-2022 12:05 AM
We just finished watching “The Big Conn” on Apple TV.

It is a 4 episode docuseries about an East Kentucky lawyer, Eric Conn, who scammed Social Security out of 550 Million dollars. True story. Awful mess.

Boomer

biker1 05-15-2022 07:06 AM
Regardless of when people, on average, start taking their benefit (age 62-70), SS will pay out the same amount. On average, people die at approximately age 79. The crossover point is 79 for everyone. One possible way to impact this is to take your benefit at age 62 and invest the money. Depending on your return, the crossover point could be pushed out past age 79. This is really a great feature of SS because you can decide, based partly on your health and family longevity, when to start your benefit. Based on family history, I will start at age 70 unless I develop some health issues.

Quote:
Originally Posted by thevillages2013 (Post 2095446)
The break even point for me when comparing the reduced benefits at 62 compared to full retirement at 67 is at 79 years old. I’m rolling with 62 if things don’t change by then

davem4616 05-15-2022 07:50 AM
Quote:
Originally Posted by Michael G. (Post 2094585)
Social Security checks could jump 8.6%, expert predicts.


MSN


When it comes to experts and the government I've learned to not count my chickens until they've hatched

the so called experts aren't always correct....most recent example, Ukraine was going to fall in 3 weeks


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