Social Security at 62 - where to deposit funds?
YodaRules
11 years ago
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sushipup1
11 years agolast modified: 9 years agoYodaRules
11 years agolast modified: 9 years agoRelated Discussions
Question about renters and security deposits
Comments (29)I simply do not understand the light-bulb issue. Unless all the lights were new when a tenant moved in, how is the tenant responsible for replacing the light bulbs? We are renting a large town-house, 3 floors with recessed ceiling lights. The ceilings are 12ft high. There are numerous ceiling lights throughout the house. Four bathrooms with both ceiling lights and vanity lights. Multiple driveway spots, some up on trees. When we moved in, we noticed some of the recessed lights had CFL's screwed in, which looked weird. After 2 weeks, half the main-floor ceiling lights started burning out. We learned CFL's should not be used with dimmers. That was the cause of them burning out. Were we responsible for that? We replaced only the lights we needed. We had lamps which we used in the living room. We have replaced the kitchen recessed lights 3x since living here. We have a large vent hood over the cooktop. There are 8 halogen lights. After one month, they all burned out within 3 days. I replaced those and they were expensive and difficult to install. If they burn out before we leave (3 months)I am not replacing those. They obviously were not new when we moved in. We have no intention of replacing all these lights. If they were new when we moved in, that's a different story although I think the landlord is required to provide light for his tenant. I would assume that would be built into the rent. We pay for the electricity. In a house this size and age, there were many things which needed repair but were not. I do not feel responsible for repairing things which broke due to age and use. How can a landlord charge for items which were 'on their last leg?' I have a list of things which broke over the year and half not due to anything we did. They were just old and well worn. The light-bulb issue seems ridiculous to me. Jane...See MoreSocial Security Question
Comments (48)Go see your Social Security Office. You'll should call and make and appointment first. As other posters have said, the rules are many. If you have also worked and paid social security taxes, that will be considered. Basically, the amount you might get is computed in several ways and then the maximum benefit one is used. The various cases may be (1) your wages and lifetime contribution alone, ( 2) 50% of your spouce's amount, or (3) if disabled, the disabled amount. If you were born after a certain date, the full retirement age is increased above 65. At one time, the full retirement age was to increase in steps from 65 to 67. I have been retired long enough to have lost track of the current rules. If you are elgible at age 65 for full retirement, you can take early retirement (as early as 62) with a reduction in payments. The reduction is based on the average life expectancy. When I retired, life expectancy was age 77, e.g., half of your population group will have expired by age 77. The reduction works out to be 5/9 percent per month early, thus if you retire 3 years early, the reduction is (36 months x .05)/9 or 0.20 which is 20%. Is this bad? It depends on how long you will live. If you do not expect to live beyond 77, then early retirement is not a loss. You loose only if you live beyond 77. Here's why. If you retired at the normal age of 65, then the time span to 77 is 12 years; if retired at age 62, the time span to 77 is 15 years. Check it out. You'll find that the total money paid out over the longer time is exactly the same as that of the shorter span. For example, suppose the normal payout was $100 per month. The amount for 12 years is 12 x 12 x 100 = 14,400. Now suppose that you retired 3 years early. The payout is $80 per month. The amount for 15 years is 15 x 12 x 80 = 14,400. After age 77, the early payout plan is less than the other and the difference increases each year. Since I retired, life expectancy may have increased to 78 years. These calculations give amounts based on the current value of the dollar. As time goes by, there are COLA increases that will increase the payout to offset inflation to some degree. In my experience, the SS cost increase numbers do not fully cover the real inflation of the basics....See MoreAbout Social Security.....
Comments (39)I think Social Security will be bankrupt pretty soon. As Rosemary pointed out, most people are collecting far more than they ever put in and it can't be sustained. But you also can't shut people off because for a vast majority of seniors, it's their only income. I suspect there will be reform in the future. Not because the government actually cares about grandma and grandpa but because there's a huge portion of the electoral base who will be pretty angry if they lose their benefits or are told there's nothing left. THAT will be the only thing that dictates a change - fear of losing an election. As a disclosure I'll say I'm not talking about anyone in this thread and I'm not angry at people who receive SS. It's the plan and it's unfairness that bothers me. Just general annoyance at having money stolen from me every paycheck under the promise that it will support me in 40 years when I need it. Yeah right. And yes, I do consider it stealing because it's mandatory and there is NO guarantee that it will be available when you're due to collect. The irony is that if it were a private company running this instead of the government, I don't think it would be legal! Imagine the electric company deciding to collect $100 extra from everyone every month. This is a mandatory charge but they say that in another 20 years, you will never have to pay another electric bill. However, there's small print saying that you will only get free electric if there is any money left to cover it, and if the money is gone, you will have to keep paying for your own electric and all of the previous tens of thousands that was collected from you will not be returned. Can you say lawsuit? lol...See MoreSocial Security
Comments (23)chisue, FICA tax was designed to pay for social security benefits and it's been overcharging for that purpose since it started. Also, remember that self employed people (as I was) pay double the amount, currently 15.2%. It's a heavy tax and more isn't needed. alisande, economically it's a free country. There's a (maybe inadequate) safety net for those who falter or fare less well than others, but isn't each individual alone responsible for their lot in life and to take care of themselves and any others they support? I won't go along with any Robin Hood sentiment, those who obey the law and work hard to do well are entitled to their rewards. Those who don't strive and try anything possible to improve their own financial adequacy or well-being will do poorly and are entitled to those consequences too. There should be far more programs to help people redirect their lives and learn market-demanded job skills but beyond that, hmmm....See Moresushipup1
11 years agolast modified: 9 years agoazzalea
11 years agolast modified: 9 years agoYodaRules
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