I am officially on the gubbermint teat…

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“A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.”
-- Mark Twain, 1902

April 13, 2025, 02:20 PM

Bytes

Congrats 911Boss. I started taking my Social Security at 66 yrs + 2 months. I'm probably going to step out of the career thing. I said I would always work as long as I looked forward to going into the office. At 68 it's starting to be a bit of a grind. Just deciding how I will bow out. Mystery employee or give the notice

April 13, 2025, 08:07 PM

911Boss

Thanks to all who offered congrats and congrats to those who beat me to the “Check of the month club”. I’ll remember that, sounds better than being “on the teat”

quote:
Originally posted by ftttu:
@911Boss, thanks for information. We will be in the market for a house shortly, and I need that information for my lender.

Once your application is approved, you can print out a “Benefit verification letter” that shows the start date and monthly amount and any deductions.

April 14, 2025, 06:37 AM

robbiedog

I did a calculation of how much I've paid into Social Security versus how much I am taking out, not taking into account any internal rate of return on what I paid in, which is zero in real life since it's all shoveled out the door immediately for other people. The number is 78 months. I started taking my social security at age 67.5 - full retirement. At age 74 I'll be on welfare, having used up everything I (and my employers) paid in for my benefit. Medicare is going to be way fewer months, too. I'll do something about this at age 74. I'm not sure what yet, but I have 6 more years to decide. I don't like the thought of being a "Welfare Queen".....nope, not a bit.

April 14, 2025, 07:40 AM

Fly-Sig

quote:
Originally posted by robbiedog:
I did a calculation of how much I've paid into Social Security versus how much I am taking out, not taking into account any internal rate of return on what I paid in, which is zero in real life since it's all shoveled out the door immediately for other people. The number is 78 months. I started taking my social security at age 67.5 - full retirement. At age 74 I'll be on welfare, having used up everything I (and my employers) paid in for my benefit. Medicare is going to be way fewer months, too. I'll do something about this at age 74. I'm not sure what yet, but I have 6 more years to decide. I don't like the thought of being a "Welfare Queen".....nope, not a bit.

You should calculate what it has cost you, or iow what the fedgov stole from you, before you consider yourself on welfare.

Take the amounts you paid in, including the employer match (because you earned it so that they could pay it). Calculate what it would have become had you invested it in an index fund like the S&P 500. There's a myriad of ways to calculate what kind of retirement it supports in comparison to SS, but you will see that you have gifted fedgov a huge amount of money that you never get back.

April 14, 2025, 08:26 AM

robbiedog

quote:
Originally posted by Fly-Sig:

You should calculate what it has cost you, or iow what the fedgov stole from you, before you consider yourself on welfare.

Take the amounts you paid in, including the employer match (because you earned it so that they could pay it). Calculate what it would have become had you invested it in an index fund like the S&P 500. There's a myriad of ways to calculate what kind of retirement it supports in comparison to SS, but you will see that you have gifted fedgov a huge amount of money that you never get back.

Yeah, I thought about doing a roi calculation but I just wanted a rough calculation. I already included the employer match. Medicare is even "worse".

I don't really mind taxes and such. I consider it the price I pay to live here. Sure, I get pissed off sometimes.....but I'm still a pretty dang lucky guy. More blessings to count that I can add up.

April 14, 2025, 10:28 AM

Fly-Sig

quote:
Originally posted by robbiedog:

I don't really mind taxes and such. I consider it the price I pay to live here. Sure, I get pissed off sometimes.....but I'm still a pretty dang lucky guy. More blessings to count that I can add up.

We have been so screwed over by the tax system because of our success. While we are good, we aren't filthy rich. Yet the system has raped us repeatedly. Meanwhile the system gives a free ride or even gives money to about half of all households.

That's what I object to. We get bled dry with taxes while so many others get the free ride. There's nothing fair or equitable in the tax system.

Yes, we are lucky to live here in the USA in this time period. No doubt about it. Most humans still live in terrible situations around the world. We worked hard for decades to achieve some level of comfort, an opportunity many do not have in other places.