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Old 11-04-2015, 10:33 AM   #43
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Thanks to markdoane for starting this thread. I was not aware of the Social Security changes tied to the recent budget bill.

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Originally Posted by 65CV View Post
Some of you may find this website useful. It helped me understand the strategies of File and Suspend and Restricted Application. In any case, it attempts to optimize your benefits, depending on your goals. I haven't made a decision yet, but have seen this link recommended in more than one article.

http://www.bedrockcapital.com/ssanalyze/

Thanks for the heads-up on the 6 month window, Mark!
This looks like a useful web site. It referred me to the file and suspend strategy. I guess the web site will be updated when that when the rule changes.


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Originally Posted by MaineStreamer View Post
Here is a newsletter that I wrote on the Social Security retirement planning options in 2012 for an elder law organization named ElderCounsel, LLC in which I am active. It explains File and Suspend. This issue is one of many ElderCounselor e-newsletters on my firm's website. http://mainecenterforelderlaw.com/gl...(May_2012).pdf
Thanks for the link. I'm saving that for future reference and will pass it along to others.

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Originally Posted by BassCan View Post
We also worry about how our children are going to be able to retire.
Will social security be solvent in twenty years? Or will the government push the age back for retirement to 75 for collection of full benefits ?
I'm not specifically FOR or AGAINST Social Security and how it's used today but it seems like the proverbial "handwriting is on the wall" and anyone who is relatively young should be saving an appropriate amount of their own money in order to provide financial independence in later years.

There are lots of good web sites on the topic of savings/retirement/finances but the stories of Bob the Bad Investor and Gordon the Good Investor may be worth reading. See the entries for 2015-08-30 and 2015-10-10 under the Ramblings page of the web site HERE.
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Old 11-04-2015, 04:21 PM   #44
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There are some options for making SS solvent.

http://m.huffpost.com/us/entry/2708000
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Old 11-04-2015, 04:49 PM   #45
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There are some options for making SS solvent.
Those are fantasy. Social Security is $40 trillion in the hole and will never be solvent. We all need to get our heads around that and prepare depending upon our age.

In fact the end of SS has already started. Congress just voted to take $150 billion out of the general SS fund which pays normal retirement and transfer it to the Disability fund which is now only 2 years from insolvency.

This is a very significant action because they are taking money out the general SS fund (the one most of us are counting on) which is also near depletion.............

Social Security: Congress proposes a chilling resolution


""Officially, the US government is now $18.5 trillion in debt, and Social Security is the biggest financial sinkhole in America.

Social Security’s various trust funds currently hold about $2.7 trillion in total assets; yet the government itself estimates the program’s liabilities to exceed $40 trillion.

In the 2015 report of the Social Security and Medicare Board of Trustees they state very plainly:
Quote:
“Social Security as a whole as well as Medicare cannot sustain projected long-run program costs…and that the government should be “giving the public adequate time to prepare.”


In a recently proposed resolution, H. Res 488, Congress states point blank that Social Security
Quote:
“was never intended by Congress to be the sole source of retirement income for families.”
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Old 11-04-2015, 06:23 PM   #46
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Thanks Wayward -- the main reason I signed up for SS benefits young. Those who wait until 70 may not have factored in various risks, which seem "unbelievable" to the mind.

Denial is a wide river to cross . . .
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Old 11-04-2015, 07:00 PM   #47
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Sounds what the best strategy for us, after reading those articles, is when retiring in a couple of years, I'll be 66 and wife will be 62, is to take the benefits at these ages and try to use very little of our savings and investments. If SS goes belly up and the payments stop or are reduced then we still have our own money left to live on.

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Old 11-04-2015, 07:11 PM   #48
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Don't wait! I did the math and it was better for me to take it now! Besides who knows when they will make it harder to get!
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Old 11-04-2015, 07:38 PM   #49
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Originally Posted by KJRitchie View Post
Sounds what the best strategy for us, after reading those articles, is when retiring in a couple of years, I'll be 66 and wife will be 62, is to take the benefits at these ages and try to use very little of our savings and investments. If SS goes belly up and the payments stop or are reduced then we still have our own money left to live on.
Regarding saving for retirement, remember that Democrats in congress have considered stabilizing Social Security by nationalizing [i.e. , stealing] individuals' 401-Ks and IRAs. Briefly, individuals retirement plans would be taken and invested in government bonds, and the owners would be paid benefits from them determined by the government.

The other feature of this plan is that any balance in your 401-Ks and IRAs, which currently can go to your heirs, will go to the government upon your death.

Dems Target Private Retirement Accounts
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Old 11-04-2015, 08:11 PM   #50
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Originally Posted by Nuvite-F View Post
Regarding saving for retirement, remember that Democrats in congress have considered stabilizing Social Security by nationalizing [i.e. , stealing] individuals' 401-Ks and IRAs. Briefly, individuals retirement plans would be taken and invested in government bonds, and the owners would be paid benefits from them determined by the government.

The other feature of this plan is that any balance in your 401-Ks and IRAs, which currently can go to your heirs, will go to the government upon your death.

Dems Target Private Retirement Accounts

Actually, no. A single witness postulated such an approach but no member of Congress of any affiliation has proposed any such thing. It would be political suicide.

Mike
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Old 11-04-2015, 08:44 PM   #51
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Actually, no. A single witness postulated such an approach but no member of Congress of any affiliation has proposed any such thing. It would be political suicide.
Hope you're right. But one of the 2016 presidential candidates is an avowed socialist, and class warfare is the tone of current democrat political rhetoric.
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Old 11-04-2015, 09:10 PM   #52
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Well, I don't do politics in public but I also don't believe 99% of what I see on the Internet or on any of the networks. The truth is out there but it is pretty hard to find...
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Old 11-04-2015, 09:15 PM   #53
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Hope you're right. But one of the 2016 presidential candidates is an avowed socialist, and class warfare is the tone of current democrat political rhetoric.
Hey folks, there are actually several socialists currently running, they just won't "say it out loud" as some do, but that's not my ultimate point here. Before the Mods step in, it might be better to try and stay "apolitical" if possible. Political discussions are technically banned in these here parts.

Just a suggestion.

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Old 11-04-2015, 09:29 PM   #54
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Before the Mods step in, it might be better to try and stay "apolitical" if possible. Political discussions are technically banned in these here parts.
Can you tell me what part of Social Security is not political?
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Old 11-04-2015, 09:40 PM   #55
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Can you tell me what part of Social Security is not political?
Nuvi, apologies, wasn't trying to single you out. Obviously, you and I are on the same side of this issue. Just trying to make the point that political discussions here draw the ire of the staff if it gets pushed too far. I used to be a Moderator here and know how "the system" works from an insiders perspective.

And BTW, you are 100% correct, EVERYTHING about SS is political. And all of us old gray hairs need to remember that, at the ballot box and in the courts,if necessary.

Sorry if i offended you

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Old 11-04-2015, 10:14 PM   #56
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For those that don't like "socialism" ... fine. No roads, bridges, or public parks for you. No public schools, state universities or hospitals. No fire or police departments. The list continues.
Carry on ...
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