Black People : Repaying Social Security Can Be a Good Deal

Discussion in 'Black People Open Forum' started by $$RICH$$, Jul 18, 2010.

  1. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    When it comes to Social Security benefits, there is such a thing as a do-over.
    The majority of Social Security beneficiaries claim early reduced benefits. But a little-known part of the law allows retirees who started collecting benefits to change their minds, start over and reapply for a greater benefit. The only hurdle – they must repay past benefits.
    A June survey by AARP found that Americans age 44 to 75 fear running out of money more than they fear death. More than half of people age 44 to 54 are afraid they won’t be able to cover basic living expenses in retirement.
    Resetting your Social Security benefits is essentially a safeguard against outliving your savings.
    “That’s the biggest worry we have – clients living past normal life expectancy and running out of money,” says Brett Horowitz, a certified financial planner and principal at Evensky & Katz. “If they’re going to live to 90, you have to make sure that they’ll have enough money in inflation-adjusted dollars.” Resetting your benefits is easiest way since it's like having an annuity that’s guaranteed for your lifetime and your spouse’s lifetime and has a cost-of-living adjustment included, he says.
    Retirees are allowed to draw Social Security benefits at age 62. However, according to the Social Security Administration, “full retirement age” – when you’re eligible to receive full benefits – is 65 to 67. Until then, the Social Security Administration (SSA) will deduct $1 from the benefits you were to get for every $2 you earn above the annual wage limit, which is $14,160 in 2010.


    PAYING IT BACK

    * Husband and wife – he’s 68, she’s 62. He started collecting benefits at age 62.
    * He’s now getting about $21,489 a year in Social Security payments. (She gets spousal benefits of $9,815 because she also collected at 62.)
    * He withdraws at 68, waits two years, then reapplies at age 70.
    * He repays $117,354 (which is tax deductible).
    * At 70, his new yearly benefit amount comes to about $37,111, a more than 70% increase.
    * This raises their sustainable spending (how much the couple can spend each year assuming he lives until 100) from $63,505 to $72,908, a 13.5% increase, according to Kotlikoff’s calculations.

    Read more: Repaying Social Security Can Be a Good Deal - Personal Finance - Retirement - SmartMoney.com


    http://www.smartmoney.com/personal-...al-security-can-be-a-good-deal/#ixzz0u5F3S49y


    How good would this be , and can it really benifit the people under today's economy recession ?
     
  2. cherryblossom

    cherryblossom Banned MEMBER

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    This is b.s.

    Anybody who can afford to pay back over a HUNDRED THOUSAND dollars in 8 years doesn't NEED the (later) $37, 000 benefit from SSI.

    The whole aim of Social Security is for you to WORK, paying into it as long as you can and then DIE before you can collect it because you worked yourself to death.

    This is why other types of retirement plans are so necessary.

    Don't rely solely on SSI for your retirement or you will be cold and hungry.
     
  3. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    I agree we don't really see this money anyway and will never collect it, if i can
    retire at 62 i will and get whatever i can out of it before i depart this world

    who really being fooled here ......why pay back what you already trying to get out !?
     
  4. Kamau47

    Kamau47 Well-Known Member MEMBER

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    Didn't I just read someplace that now they're asking us to work if we can past those retirement years?
    Seems like the system is heading for a meltdown soon.
    I am 53 yrs old. But I have been telling people I know that I fully don't expect for SS to be there for me when the time comes.
     
  5. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    yes they pushing the age up beyond what it was to retire but at 62 i'm done and will take that not so full
    benifit because they know if we continue to work out the full term we won't live to see it !
    beside the Country is near broke !!
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

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    With all due respect perhaps Wall St has given Washington orders to tell the government controlled media to let that out to the public, thos post may support my premiss

    Social Security Under Attack: Cuts Proposed, Higher Retirement Age Suggested

    The attacks on Social Security have steadily intensified in the past few months. House Majority Leader Steny Hoyer recently called for a higher retirement age, and House Minority Leader John Boehner suggested raising the retirement age to seventy. Meanwhile, President Obama’s bipartisan eighteen-member commission dealing with the nation’s public debt is due to come out with a report in November that is expected to recommend cuts to Social Security. We speak with Dean Baker of the Center for Economic and Policy Research.

    Watch Part II Here.
    http://www.democracynow.org/2010/7/19/social_security_under_attack_cuts_proposed
     
  7. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    It's a huge joke and mockery against elder long hard working people who have
    paid in over 30 to 40 years .
    If they shoot RETIREMENT up to 70 ..........not many would make it to see it.

    They know it too.......how cruel
     
  8. Ankhur

    Ankhur Well-Known Member MEMBER

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    Since the execution of JFK,
    Washington has become like a plane with 2 right wings and no left wing at all.

    The campaign like in that old Scifi flik "Logan's Run", to wipe out the elderly

    continues
    from the never mentioned Bush brother that destroyed the retirements and life savings of millions of old white Americans, with the Savings and Loan Scandal and the wealthy have been trying to privatize or mess with SSI in the regime before that horror

    Brother Rich, every man regardless of color,
    loved their grands,
    so if they would do this to their own grands;

    imagine what they will do to us

    so we got to nip this mess in the bud before we get old!
     
  9. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    Tru dat, But what solution can we go in to use as a weapon to protect us
    and asure by the age of retirement we can be safe !?
    Because we will not see a dime , I tell you we have a lot of work to do in a short time !
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    we have over a thousand folks here so hopefully there are at least 50 that can work on a solution
     
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