On my birthday post in which I mentioned I was now old enough to apply for Social Security benefits, a reader asked, "Was it hard to apply for Social Security?"
Applying was easy. Getting it is something else. Apparently I don't qualify. Why? Because despite paying into this Ponzi scheme for over 40 years, I make too much money.
"Too much money," let it be known, is $22,320 per year. That's the maximum I can earn and receive the benefits I'm due.
The (admittedly very nice) Social Security representative I spoke to this morning said I won't be able to receive my full benefit amount despite any additional income until age 67, or the year 2029. While I would then receive somewhat more per month if I wait until that date, it will long have been offset by increases in inflation. Nor do I have any confidence – as in, none whatsoever – that Social Security will still be around in 2029.
So, despite paying into it for over 40 years, no Social Security for me! Whee!
And that is with you paying both ends of the payment as a self employed person. Ponzi scheme is right!
ReplyDeleteWell … you can still get social security, but for every $2 over $22,320 you earn, your benefit is reduced by $1. I am really surprised you did not know this before you applied?
ReplyDeleteCheck out this so you can receive something.
DeleteHave you looked at whether you would qualify for spousal social security? If your hubby is collecting it now, you may be eligible to receive monthly payments up to 50% of his. Then your own account can continue to accrue until you are ready to draw your own. (The piece I don’t know is how the earned income affects this, but it can’t hurt to ask…)
ReplyDeleteThis makes me so angry because, not only did you pay into it for 40 years but, illegals, who are paying nothing into anything are getting almost everything they need for free. Illegals get better treatment and benefits than citizens.
ReplyDeleteMy husband paid into social security and qualified for it but they cut his monthly amount in half because he has another pension. A pension that he paid into also. What does one have anything to do with the other? So I make more than him in social security even though I didn’t work for twenty years while I raised our kids. We both took it at 62 because we don’t think it will be around when we are older.
ReplyDeleteThis is exactly what happened to my wife and I. I have a pension so they cut my SS by over two thirds, maybe 3/4.I don't remember exactly. Exactly the same scenario as you with the kids. Also, having done the math, it was a 17 year break even point. In other words, I'd be 79 before I start losing anything.
DeleteIt is a Ponzi scheme and it is ridiculous that anyone is required to pay into it. However, I find it strange that people complain about it being a Ponzi scheme and a socialist benefit, yet have no problem taking the money from the next generation because “I paid into it, so they should pay me”. The money you paid is gone by the time you try and collect. The money you get is being stolen from the people that are still working.
ReplyDeleteThis is actually good news for you. You have lived a healthy life and will be better off with the 8 percent per year increase of n benefits by waiting. Think about it . Your parents have lived a long g life. This is a good good thing
ReplyDeleteI agree, blessing in disguise!
DeleteIf the world we live in and have to look forward to was moving along as well as yesteryear did, I would agree with you. But with the way things are now I think you are perhaps somewhat out of touch. Inflation is far beyond that little annual increase as Patrice mentioned. Also, we have so Very Many people here illegally imploding every blessed system we have. Plus, every day we are waking up to new towns and cities being overrun with people we can't even communicate with having been secretly bussed in , and people we elected nodding along with it. Those elected officials need to be kicked out, if there's even time. Actually, I think only God can fix this, and He can.
DeleteAmen.
DeleteThat's wierd....I made less than you for about 10 years as a waitress and I receive over $600 per month, every month on time and have since I retired. I love it!!
ReplyDeleteWell, that's discouraging. My husband just applied this week, and is still working at 63. He wondered if he'd be turned down, and this makes it sound likely. I recently applied, and was approved. Though I'm still self-employed, at 66, I don't make much. I'm sorry for your disappointing news.
ReplyDeleteSS does not see you as retired if you make more than whatever the year's magic cutoff number, they see you as still working. I just quit my part-time retirement job at which my pay was maxed out but yet just low enough that I wasn't paying the gov $1 for every $2 I earned.
ReplyDeleteIf you actually retire at 67, you can still work but will need to keep your income below whatever the dollar amount at that time, you will be paid benefits.
It is indeed a racket and should not be compulsory. Who could have thought a socialist wealth redistribution scheme would be any thing other?
--Sidetracksusie
Patrice, this is not surprising to me. It is unfortunate that they trumpet the value of such programs which not also denoting the fine print. At least you know; many people are making the assumption that it will both be what they need and completely there for them when the time comes.
ReplyDeleteIt used to be that people could opt out. I don't know if it's still true, but if I were young today, I would opt out. And I think everyone who has work and can keep it, should do so as long as they're able. It's a precious resource right now.
ReplyDeleteThere's a lot of confusion around SS. It is really a pay-as-you-go tax for retiree benefits and disabilities. People often confuse it as a pension program. The terminology doesn't help. The "trust fund" is an accounting method to carry forward the baby boomer contributions for when there are fewer contributors. The program was set up to have current workers pay for benefits.
ReplyDeleteif you makeover twenty grand how are you retired?
ReplyDelete>will still be around in 2029.
ReplyDeleteIn high school in the 80s, we were told SS won't be around when we were old. In all the 40 years since then, it's the overwhelming consensus that SS will collapse Any Day Now.
We've roped the whole world into this Ponzi scheme. It still has decades left to go.
Apropos of nothing, I've noticed that even news sites link pictures to full-sized images.