Changes in Soucial SEcurity??
#1
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Join Date: Jun 2011
Location: Southern California
Posts: 19,127
Changes in Soucial SEcurity??
Just read a little bit but this for those who are close to retirement. Hope that you are able to read this article on fidelity:
https://www.fidelity.com/viewpoints/...=email_monthly
https://www.fidelity.com/viewpoints/...=email_monthly
#3
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Join Date: Jan 2011
Location: Southern USA
Posts: 16,412
When I started working in my twenties, the company had a financial adviser for the execs at the plant. Another co worker and I had the same lunch hour as he did and he would sit at our table so he wouldn't eat alone. He gave us lots of advice about money even though I didn't have any. LOL
I remember he told us never do depend to live on Social Security. SS was meant to be a supplement not a livable income.
I remember he told us never do depend to live on Social Security. SS was meant to be a supplement not a livable income.
#4
Super Member
Join Date: Oct 2013
Location: Tulsa, Ok
Posts: 4,582
I have been seeing several articles on this change. It does not impact those already on social security or singles. It is closing down a so-called loophole that some couples could use whereby one could claim a spousal SS benefit but continue to let his/her own benefit grow to the maximum age 70 benefit---even when the spouse was not yet drawing SS benefits. Couples age 62 and older are grandfathered in to continue to be eligible for this method, but those under age 62 won't get the opportunity. the SS system is seriously underfunded so I for one don't really think this is an unreasonable change to make. Deeper cuts will unfortunately likely be needed too.
And OnebyOne, you are right---SS was originally designed to cover only 1/3 of retirement needs, the rest was to be fulfilled from personal savings and pensions.
And OnebyOne, you are right---SS was originally designed to cover only 1/3 of retirement needs, the rest was to be fulfilled from personal savings and pensions.
#5
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Join Date: Mar 2013
Location: Corpus Christi, Tx.
Posts: 16,105
Every situation is different when it comes to Social Security. Try hard as many often do to save money many employers don't offer pension plans. I worked for a company with a pension plan. When I left the company, I was not reimbursed the money I paid into the plan. I worked for a salon and paid into their (which is rare) pension plan. When I left I got none of that. I also was audited because the taxes they took out of my pay were never paid for 3 years. I ended up paying again those taxes and penalties and interest on top. My SS benefits are menial compared to many of course. So I tell all my younger family and friends to really see what kinds of plans and how much taxes are taken and make sure they are paid accordingly.
#6
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Join Date: Jan 2011
Location: Southern USA
Posts: 16,412
I worked for a company with a pension plan. When I left the company, I was not reimbursed the money I paid into the plan. I worked for a salon and paid into their (which is rare) pension plan. When I left I got none of that. I also was audited because the taxes they took out of my pay were never paid for 3 years. I ended up paying again those taxes and penalties and interest on top.
#8
Super Member
Join Date: May 2012
Location: Central Wisconsin
Posts: 4,391
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