[dewilson58]

A definition might help some:

en·ti·tle·ment

noun
the fact of having a right to something.

the amount to which a person has a right.

the belief that one is inherently deserving of privileges or special treatment.


Seems to fit since there is no mention of how much.

[retiredguy123]

Originally Posted by NoMo50

Hard to call Social Security an "entitlement," when those receiving it paid into the system their entire working life. We are simply recouping our "investmrnt," at a ridiculously low rate of return.

Social Security is skewed in favor of low income earners. They will get a good rate of return, while high income earners will get no return on their "investment".

[tophcfa]

Originally Posted by dewilson58

A definition might help some:

en·ti·tle·ment

noun
the fact of having a right to something.

the amount to which a person has a right.

the belief that one is inherently deserving of privileges or special treatment.


Seems to fit since there is no mention of how much.

I certainly don’t feel entitled to expect to get back a small fraction of what I have paid into the system after considering the time value of money. I feel like it is money that is owed.

[JGibson]

Originally Posted by OrangeBlossomBaby

So I'm gonna get a $30 raise, which will bump up my health care premium costs by around $45 per month since it puts me in the next level of eligibility for subsidies under the ACA. I'm not old enough for Medicare yet. The good news, is that if I wasn't eligible for subsidies at all, my premiums would be around $1900/month. I'm still paying under $225/month. So I guess there's that.

Doesn't ACA make adjustments based on COLA?

You may be fine and not go to the next level.

[GoRedSox!]

Originally Posted by JGibson

Doesn't ACA make adjustments based on COLA?

You may be fine and not go to the next level.

I believe ACA subsidies are based on 400% of the federal poverty guidelines, which do change and generally increase every year. There is also an expansion on top of these limits through 2025 for some people that was part of the COVID relief bills.

[justjim]

Social Security is a program that was enacted by Congress in 1935 (amended and expanded several times) to provide for the basic needs of individuals and families; to keep families together and to give children the opportunity to grow up healthy and secure.

Paraphrasing the social security system’s purposes. It’s a “social program” and not a “retirement program” as such.

[Caymus]

Originally Posted by Dusty_Star

The COLA doesn't come close to its stated goal of not to erode the purchasing power of Social Security benefits by inflation.

After taxes the average recipient will lose 1 to 2 % in purchasing power. Could be worse.

[charlieo1126@gmail.com]

They could have a 10% raise and my check would be $128 they could have a 40% raise and my check would still be $128 the good news is no matter how much Medicare goes up my check will still be $128

[Stu from NYC]

Originally Posted by tophcfa

I certainly don’t feel entitled to expect to get back a small fraction of what I have paid into the system after considering the time value of money. I feel like it is money that is owed.

We paid into it so I feel we are supposed to get it back.

[manaboutown]

IMHO FICA is money confiscated from our wages yet we pay tax on it as if it was income we actually received and pocketed. Then four or five decades later when we receive promised payments many of us have to pay tax on those payments. In addition if we have sufficient income our social security payments are significantly reduced by the notorious IRMAA which radically increases our medicare premium at no additional benefit whatsoever.

[tophcfa]

Originally Posted by manaboutown

IMHO FICA is money confiscated from our wages yet we pay tax on it as if it was income we actually received and pocketed. Then four or five decades later when we receive promised payments many of us have to pay tax on those payments. In addition if we have sufficient income our social security payments are significantly reduced by the notorious IRMAA which radically increases our medicare premium at no additional benefit whatsoever.

And to add further insult, there was no cap on our wages for the Medicare taken from our hard earned paychecks.

[manaboutown]

Originally Posted by tophcfa

And to add further insult, there was no cap on our wages for the Medicare taken from our hard earned paychecks.

And...don't forget the outrageous 3.8% Net Investment Income (NIIT) medicare tax!

Questions and Answers on the Net Investment Income Tax | Internal Revenue Service.

[dewilson58]

Originally Posted by tophcfa

And to add further insult, there was no cap on our wages for the Medicare taken from our hard earned paychecks.

more than insult, it's salt in the open wound

[dewilson58]

Has anyone done the math.........with time-value of money, how many years do you need to draw on SS (full SS) in order to get your & your employer's dollars back???

Too much fun for me to do.

I think it's about seven years without time-value.

Jus wondering.

[retiredguy123]

Originally Posted by GoRedSox!

I believe ACA subsidies are based on 400% of the federal poverty guidelines, which do change and generally increase every year. There is also an expansion on top of these limits through 2025 for some people that was part of the COVID relief bills.

I think that rule only applies in states where it was approved because the states had to participate in the subsidies after a few years. Florida was one state that rejected the rule.