Political Ramblings

[rufus]

Punk a doodle start putting money away as soon as possible. I started in 1975 when I finally got a steady job; I put money into a deferred comp program. When I retired in 2004, I took the money out gradually and sent two kids to law school. That was the best investment I have ever made. Since I was not working, that money that I took out was taxed at a much lower rate.

Also, since the state was custodian of those funds, if something awful happened like an auto accident or a bankruptcy, those funds could not be tapped by a judgement or creditors.

When you do make investments, do your homework. With the computer I can now check out possible investments that used to take me forever in the public library. Pay attention to the previous earnings reports and the current price to earnings. During the Clinton years, a lot of my co workers invested in those internet stocks that never paid a dividend. Most of them went by the wayside. It was chicken one day and feathers the next.

 

[rufus]

If a person never works in their life they might be able to qualify for SSI (Supplemental Security Income) how much you qualify depends on many factors but the most I've ever seen someone be awarded is $698. You can also get SSI if you have a disability but never worked or put enough into the system so you don't qualify for SSDI (Social Security Disability Income).

If a person has never worked, they can draw social security based up their spouse's earnings. If they have had more than one spouse, both or all of the previous spouses can receive social security.

 

[rebelcowboysnb]

Quote: Children under the age of 18 can get SSI after the death of a parent that has payed in, up until they turn 18.
A child that becomes permanently disabled before the age of 18 can get SSDI for life based on what a parent has payed in.
In the event of a parents death an permanent disability before the age of 18, said child can get both SSI an SSDI for life.

An the $698 is about right.

 

[donrae]

*SS should be JUST like my 401k. What I put in, I should get out or just stop taking it out of my check and let me have my money to put in my 401K.

So if a person NEVER works in their life, do they get social security?

I better brace myself for this answer because if it's not what I want to hear then..............*holding my breath for the answer*.

If their spouse paid in, they can draw on their spouse. The first generation for social security had lots and lots of women who didn't work and all outlived their husbands. If their husband paid in, then by golly they should get that money.

Now, if a person just chooses not to work, or works under the table and doesn't have the money taken out, they have nothing to pull from. So, that's usually when they wind up being supported by the state, here in Oregon. I'm not sure how other states work. I work with the elderly and see soooo many who didn't plan ahead, or trusted social security to take care of them. Now one or both of them are trying to live on a grand a month and they've usually got skanky grandkids trying to live with them and mooch off them. Ticks me off. Sorry, soapbox from an issue at work today

and not totally relevant!

 

[chickened]

Chickened, I am not so sure of your optimistic outlook there. Investing is a gamble. I retired eight years ago and got my money out of my 457 plan, but most of the people I worked with are still working because their deferred comp money disappeared into nothing. They are in their seventies and eighties and still working. They will probably die in the traces.

I was lucky.

I admit when I was young I most likely would have spent my SS money but now I am glad that someone else was saving it for me. What does irk me about the whole SS system is for how much a person invests they get back chump change in comparison to say an IRA. The system should not be in trouble and would not be if theywould leave it alone and only use it for what it was intended for.

 

[hemet dennis]

Children under the age of 18 can get SSI after the death of a parent that has payed in, up until they turn 18.
A child that becomes permanently disabled before the age of 18 can get SSDI for life based on what a parent has payed in.
In the event of a parents death an permanent disability before the age of 18, said child can get both SSI an SSDI for life.

An the $698 is about right.

Sorry but that's wrong.

http://www.ssa.gov/ssi/text-eligibility-ussi.htm

 

[hemet dennis]

Money payed out as SSI is not from our Social Security funds it's from the U.S. general fund and administered by Social Security.

 

[rebelcowboysnb]

Quote: Hate to tell ya but I know people that have received SSI and or SSDI under those exact criteria.


An every dime of money that the SS office handles comes from the US general fund cause that is where your money you pay in goes.

 

[hemet dennis]

Hate to tell ya but I know people that have received SSI and or SSDI under those exact criteria.


An every dime of money that the SS office handles comes from the US general fund cause that is where your money you pay in goes.

Under the example you gave they were payed from the Old-Age and Survivors Insurance. Paul Ryan used his survivors benefits to go to school after his father died.


It's like having more then one account at a bank somethings you pay from one account and other things you pay are from another account. SSI is not payed out of the Social Security account.

 

[rebelcowboysnb]

Call it what you want but the check says SSI on it an so does the paperwork that goes with it.