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Senators considering boosting retirement age

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LoverBoyJ

Senior member
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At the rate the retirement age keeps increasing, I'll be dead by the time i retire. So all our money goes to the gov. and the high paying senators. 🙁:Q
 
The average life span for Americans is increasing such that they are collecting Social Security and other retirement benefits for a prolonged period of time that spans more years then the system can possibly support. Many corporations are facing the same struggle in supporting pension plans, in that like Social Security, we will quickly approach a threshold where you have more people taking out then putting into the system.

At the rate the retirement age keeps increasing, I'll be dead by the time i retire. So all our money goes to the gov. and the high paying senators
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We have to keep government spending in check, to include the lovely bonuses and benefits packages that our elected represenatives create for themselves...the best way to keep such spending in check is to exercise your right to vote and become politically active.
 
Raise it to the median age of people in this country just like the program was designed for.

I believe that is 79 years of age now.

 
Originally posted by: LoverBoyJ
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At the rate the retirement age keeps increasing, I'll be dead by the time i retire. So all our money goes to the gov. and the high paying senators. 🙁:Q
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Thats the idea. I cannot see it being other way... "Hope they'all die 'fore start taking our money away, them greedy basterds."
 
Originally posted by: Starbuck1975
We have to keep government spending in check, to include the lovely bonuses and benefits packages that our elected represenatives create for themselves...the best way to keep such spending in check is to exercise your right to vote and become politically active.
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It doesn't matter who you vote, as soon as thier in the seat half of what they do is for themselves. 🙁
I have read somewhere that senators retire early and still recieve full salary compensation and some....
 
another incremental step that makes the books look a little better but doesn't address the root of the problem. this is like taking valtrex. sure, you might not get as many breakouts, but at the end of the day you've still got herpes.
 
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
 
This is BS.. There is no blanket age.. Some dudes are tapped at 55 like this tow truck driver who died in my arms.. He should'nt have been working at all. My dad is 67 and run 4-5 miles a day and can still whup all of us boys and he gets $1600 a month. I don't think he should get anything... Really depends on individual i'd think, not age.
 
Originally posted by: Zebo
This is BS.. There is no blanket age.. Some dudes are tapped at 55 like this tow truck driver who died in my arms.. He should'nt have been working at all. My dad is 67 and run 4-5 miles a day and can still whup all of us boys and he gets $1600 a month. I don't think he should get anything... Really depends on individual i'd think, not age.
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ALl the more reason to scrape the current SS system and replace it with a system that is far more fair.
 
I agree so long as some kind of "backup" is in place, I mean we're not going to strave some grandpa down and out either way. Or at least I find it very improbable.
 
Oh and not to mention the half getting SS right now that are blind/ otherwise disabled/retarded etc.. How are they going to pay that? Those two issues seems to not have been addressed.
 
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
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You cant get away with SS, its always deducted as soon as you get your paystub.
I think you mean 401K.
 
Originally posted by: LoverBoyJ
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
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You cant get away with SS, its always deducted as soon as you get your paystub.
I think you mean 401K.
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I hav'nt paid SS in 9 years, don't plan on it ever either..

Tons of ways to avoid it.

1. 403B annuity plan
2. Passive income.
3. Capital gains income.
4. Out of country income (e.g. contractors in Iraq right now)
 
Originally posted by: Legend
Heh, I need to look into these loopholes. Is there a book or website that'll explain that stuff?
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No such thing as a loophole:|... 63,000 pages of tax code are condensed real nice in kipligers books. Loophole means "i'm too stupid or lazy to understand tax code and file EZ and don't limit my liability"
 
Originally posted by: Zebo
I hav'nt paid SS in 9 years, don't plan on it ever either..

Tons of ways to avoid it.

1. 403B annuity plan
2. Passive income.
3. Capital gains income.
4. Out of country income (e.g. contractors in Iraq right now)
Click to expand...

These are ways to lower your tax bracket
1. this is a pre-tax investment, similar to 401K BUT you will be taxed when you withdraw.
2. Passive income - Earnings an individual derives from a rental property, limited partnership, or other enterprise in which he or she is not actively involved. This is new for me will be taking a look at it.
3. Income from investments good if you are on a long term run, will keep the taxes lower when you make a sell
4. Doesn't contractors declare thier income when they come back?

Everyone who works or is self employed contributes to SS. Sometimes on the paystub it is marked as FICA tax/contribution. I haven't heard anyone not contributiong to SS unless they are unemployed. Found this at the SS website www.ssa.gov
 
Originally posted by: LoverBoyJ
Originally posted by: Zebo
I hav'nt paid SS in 9 years, don't plan on it ever either..


Tons of ways to avoid it.

1. 403B annuity plan
2. Passive income.
3. Capital gains income.
4. Out of country income (e.g. contractors in Iraq right now)
Click to expand...

These are ways to lower your tax bracket
1. this is a pre-tax investment, similar to 401K BUT you will be taxed when you withdraw.
2. Passive income - Earnings an individual derives from a rental property, limited partnership, or other enterprise in which he or she is not actively involved. This is new for me will be taking a look at it.
3. Income from investments good if you are on a long term run, will keep the taxes lower when you make a sell
4. Doesn't contractors declare thier income when they come back?

Everyone who works or is self employed contributes to SS. Sometimes on the paystub it is marked as FICA tax/contribution. I haven't heard anyone not contributiong to SS unless they are unemployed. Found this at the SS website www.ssa.gov
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Yea you need to do your homework.


There are lots not contributing to SS. Most likly any city, state, non-profit private, and some government contractors employee in your state is'nt paying a dime of SS tax. There is one caveat of course, you need to contribute 10% of your check to the annuity and the employer must match 10% for you to be immune from the tax.

Example if you're interested:
Social Security

The Commonwealth of Massachusetts has elected not to participate in the Social Security System. Therefore, Salem State College employees are exempt from Social Security (FICA) deductions.
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http://www.salemstate.edu/hr/HR-fringe_benefits.php?print=yes
 
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
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Good luck getting a job. As an American, with your unreasonable demands of health care, salary, and decent working conditions, you are far too expensive. Our corporations have spent far to much money acquiring "free" trade agreements and laws to consider hiring you.
 
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
Click to expand...

Pfft you can do by 40 easy if you're a purtitan like that...read "millionaire next door"

Kids and wives might kill your dreams though. 😀
 
Originally posted by: EatSpam
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
Click to expand...

Good luck getting a job. As an American, with your unreasonable demands of health care, salary, and decent working conditions, you are far too expensive. Our corporations have spent far to much money acquiring "free" trade agreements and laws to consider hiring you.
Click to expand...


true.. feel sorry for this gen coming up in cheap-labor/out-scourced america..
 
Originally posted by: Zebo
Originally posted by: Legend
Here's a solution. Don't use SS. It's worthless.

I'm almost done with my BS in Computer Engineering, and I plan on getting a phD. As soon as I start working, I'll be pumping money into ROTH IRA, 401k and mutual funds. I'll drive Honda Civics, and have a low cost of living. I'll retire age 50-55 a mutli-millionaire.

Idealist? Maybe. But I'm fvcking doing it.
Click to expand...

Pfft you can do by 40 easy if you're a purtitan like that...read "millionaire next door"

Kids and wives might kill your dreams though. 😀
Click to expand...

LOL, yeah if its not the goverment, its them that'll make you work hard!! 🙂
P.S.: I got both of them, and I'm working my ass off to get food on the table.
 
Ayup, we need the government to make all of our decisions, cradle to grave.

Now,,,,what's that called?
 
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