Are Soc. Sec. and Medicare important to you?

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  #16  
Old 10-07-2020, 04:14 PM
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If the US Govt, specifically, the military, had kept the promise of free medical care for the life of a retiree, I would not need Medicare.
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Old 10-07-2020, 04:19 PM
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For most it’s perhaps a ok deal. But to be self employed and pay in 15.3 percent 12.4 is as ss and 2.9 as Medicare is high. A person making good money and wise investing all those years would be a fortune ahead to invest that 15.3 percent. To buy land 50 years ago and sell it today would have been great! Possibly millions ahead of the game. I know I could have made a lot of money on that 15.3 percent for 50 years. Some people may have been broke with nothing while others would have been millionaires many times over. Just think most collect a check for 10 years n more while others pass before their first check. How sad is that investment!
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Old 10-07-2020, 04:27 PM
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Quote:
Originally Posted by dewilson58 View Post
some get offended by the word entitlement.

by definition, they are entitlements.



noun
noun: entitlement; plural noun: entitlements


ththe fact of having a right to something.
And they entitled themselves to my paycheck for 48 years also.
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Old 10-07-2020, 05:47 PM
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Originally Posted by justjim View Post
Many Villagers would be “in a world of hurt” without S. S. and Medicare. Especially Medicare.
Indeed. I was born with cerebral palsy and my wife has two chronic, progressive illnesses -- I can't imagine us ever being able to afford health care in retirement without Medicare. Prescriptions costs alone already average $800/month.

Social security provides half our income, with savings making up the rest.

So yes, both are critically important to us.
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Old 10-07-2020, 06:29 PM
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What is the real motive of this thread ? Political ? Ask your question a different way - If you are wealthy enough are you willing to give up your earned benefits for the greater good or no I sacrificed and paid into the system and now it's time to withdraw from my savings account. Almost a Catch 22.
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Old 10-07-2020, 06:29 PM
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Originally Posted by LoisR View Post
Since this topic is current, my oldest son asked if Social Security and Medicare are important to us.
We responded YES in they both provide financial security. We explained the obvious and also said without Soc. Security we could not have purchased the house we did in TV.
But that's us. Have others used Soc. Sec. for other needs or wants?
How about Medicare? Did it have a big impact on you when you joined?
Yes! SS is important and Medicare both were earned. Call it whatever you want but it better be there when we need it or the people who borrowed it better find out in advance how to get canes and crutches and assorted medical devices removed from their posteriors. Can you imagine the uproar if every nickel promised isn't paid. The money will be there. I'm not losing any sleep over it.

Our savings is taking a hit because of the Bang - Bang Shrimp Day. 4% Rule Forgetaboutit it's been about 40%.
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Old 10-07-2020, 06:44 PM
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Both are insurance as I see it. Once a person gets sufficient QCs, in the unfortunate event one becomes disabled both Social Security and Medicare kick in; at least they did for my daughter. If we pay SS until we reach full retirement age we collect a certain amount based largely on our earning history. Of course we have from age 62 to 70 to start collecting SS. Some do not live long enough to collect a dime, but they pay based on their earned income until they die.

Medicare started for me at age 65 and was I ever happy about that! I was paying over $10,000/year for a Blue Cross policy which was not all that great. I buy a United Healthcare supplement as well. So far I have been fortunate medically but one never knows and the most medical costs statistically usually occur during the last three years of life. I am not happy about paying far more for my medicare policy than I would if I had less income. That is essentially additional income tax IMHO. I am also not happy that SS and Medicare funds have been gutted by politicians.

My parents both needed and benefitted from SS and Medicare. I would have had to help them financially had they not had it. I believe both programs are conceptually wonderful but they have been mismanaged and abused.
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Last edited by manaboutown; 10-07-2020 at 07:02 PM.
  #23  
Old 10-07-2020, 07:43 PM
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Quote:
Originally Posted by davem4616 View Post
those entitlements allow us to be extremely generous with our church and the charities that we choose to support...as did the stimulus checks that we received earlier this year...and as will any future stimulus money

so from that perspective...yes, it's important to us.
Please don’t call them entitlements. Entitlements are things that people expect as handouts. My wife and I paid into the system for our entire working lives and are not entitled to SS or Medicare, we are OWED it. If they never took all that $$$ out of out earnings then they would not be important to us because we would have invested it wisely and would not need it.
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Old 10-08-2020, 04:57 AM
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Even though some do not like the term, by law they are entitlements. Research the law that established them, it stipulates they are entitlements
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Old 10-08-2020, 05:07 AM
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Originally Posted by JGVillages View Post
Here is what happens when we put people who really are not disciplined in charge of SS.

Abuse of the Social Security Trust Fund Began in the 1980s
by Allen W. Smith / November 28th, 2009

The mishandling of Social Security funds has been going on since the mid-1980s. As soon as the surpluses, resulting from the 1983 payroll tax hike, first began to flow into the Treasury, politicians from both political parties began using the money like a giant slush fund. At that time, it would be at least 30 years before the funds would actually be needed for Social Security, so politicians developed the bad habit of “temporarily borrowing” the money and using it for non-Social Security purposes. That bad habit never was broken, and every dollar of the $2.5 trillion in surplus Social Security revenue, generated by the tax hike, has been spent, leaving no real assets in the trust fund.

This is where the continuing problem started.
Correct for the most part, but it was LBJ in the 60's with a House and Senate on his side that rolled the SS 'Fund" and the Highway Gas Tax "Fund" into the general budget. Fortunately they did not get their hands on the aviation gas tax fund.
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Old 10-08-2020, 05:08 AM
drcar drcar is offline
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Quote:
Originally Posted by dewilson58 View Post
some get offended by the word entitlement.

by definition, they are entitlements.



noun
noun: entitlement; plural noun: entitlements


ththe fact of having a right to something.
Words have many different interpretations and it all depends on who wants is saying the word:

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

I for one and think you would agree, its NOT special treatment,but the law which I had no choice but to be in and pay into, with the promise I would get back an agreed upon amount.
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Old 10-08-2020, 05:37 AM
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True, they are NOT entitlements. The government does not pay for them; we and our employers paid into them and it’s our money.
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Old 10-08-2020, 05:38 AM
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Quote:
Originally Posted by JGVillages View Post
Here is what happens when we put people who really are not disciplined in charge of SS.

Abuse of the Social Security Trust Fund Began in the 1980s
by Allen W. Smith / November 28th, 2009

The mishandling of Social Security funds has been going on since the mid-1980s. As soon as the surpluses, resulting from the 1983 payroll tax hike, first began to flow into the Treasury, politicians from both political parties began using the money like a giant slush fund. At that time, it would be at least 30 years before the funds would actually be needed for Social Security, so politicians developed the bad habit of “temporarily borrowing” the money and using it for non-Social Security purposes. That bad habit never was broken, and every dollar of the $2.5 trillion in surplus Social Security revenue, generated by the tax hike, has been spent, leaving no real assets in the trust fund.

This is where the continuing problem started.
While this was true, the Social Security Administration says that nearly all of that money has been repaid and used. If there is a temporary surplus in the federal government, it is not allowed to just put the money in stocks or something.

There is an easy solution to the “Social Security crisis”. Raise the withholding tax for both employees and employers by 0.2% a year for five years, then keep it there. That extra total of 2% per year from us to our Social Security fund will do the trick. Starting next year, I think, the full retirement benefit age will be 67. It’s 66 at present. That helps a lot, too. If everyone waited until then instead of drawing money at 62, that would help.

In twenty years, most Baby Boomers will be dead, and there will be less demand.
  #29  
Old 10-08-2020, 05:42 AM
riley2011 riley2011 is offline
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Default Social security is not an entitlement!!! You paid for it.

Quote:
Originally Posted by davem4616 View Post
those entitlements allow us to be extremely generous with our church and the charities that we choose to support...as did the stimulus checks that we received earlier this year...and as will any future stimulus money

so from that perspective...yes, it's important to us.
Social security is NOT an entitlement. You paid for it.
  #30  
Old 10-08-2020, 06:03 AM
Girlcopper Girlcopper is offline
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Quote:
Originally Posted by LoisR View Post
Since this topic is current, my oldest son asked if Social Security and Medicare are important to us.
We responded YES in they both provide financial security. We explained the obvious and also said without Soc. Security we could not have purchased the house we did in TV.
But that's us. Have others used Soc. Sec. for other needs or wants?
How about Medicare? Did it have a big impact on you when you joined?
The SS is just spare cents for entertainment. No one could live on it without other pensions, savings or income. Medicare is ok but had better insurance when I was working. Neither is a big deal
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