Anachostic

The thing I find that's funny (other than the fact that SS probably won't be around when I retire) is that if I work to age 62, I'll get $1423/mo in benefits.

However, if I "become disabled right now" (emphasis added), I'll get $1760/mo in benefits.

Is it any wonder so many people scam the hell out of our government?

iTimmy

The system is in a state of disrepair to say the least, I am truly thankful I no longer have to pay into it. I won't be eligible to collect when I am of age or if I become disabled but at least I don't have to watch my money get washed away in more government waste, what I've paid in so far is all there getting from me and I look at it as a donation.

DelawareCLS

Shouldn't you be planning for SS to be supplemental income beginning at the age of 65, 67 or 70? Your monthly would be much higher in that case.

IMHO, your disability payout should be higher than your retirement payout simply because your savings (401k or equivalent) would be much lower, your life expectancy much higher (i.e. need for $$), and your earning power severely limited. I know I wouldn't scam the government for $1700 a month when it would prevent me from earning much more if I was working and not trying to convince everyone I was injured!

GreenMonster

I need to get disabled

Does mental incompetence count ??

Anachostic

I'm planning that SS won't be around and am saving accordingly. My only regret is that I can't take the money I'm putting in SS now and put it in an investment of my own. But I guess that defeats the purpose of SS: the workers of today support the workers of yesterday.

Will Y.

I don't think most of us can afford to get disabled and try to live on $1800 gov't disability per month, esp. in urban areas of the West and East Coast.

That's why I bought private disability insurance... which covers mental disability, but only if it prevents one from working and developed after the policy took effect, which means I'm stuck working for now.

doopstr

How do you avoid paying into it?

iTimmy

No more income Well I have capital gains, but that does not get the SS taxed.

Hapa DC5

Work for a city government. San Jose, CA. Does not pay into SS. There is a separate retirement account that city worker contribute to which is managed by ING.

DelawareCLS

How old are you? I'm 35 and expect it to be there when I retire - true it's running thin, but current estimates are there it'll be there in full for some time yet. I don't mind paying to support the workers of yesterday, in a large part due to the fact that they didn't have investment vehicles like 401ks back then. If we weren't paying for it through SS, we'd bear the burden somewhere else

Anachostic

I'm 37 (rounding up a month) and rather pessimistic. "Some time" is kind of vague. I can't recall the exact wording, but even the SS Statement says that something has to be done or else SS will be taking in 71 cents for every dollar going out. I can't remember the exact dates.

Doesn't anyone else get these statements? I thought everyone did.

iTimmy

As it stands now, or so I've been told(please correct me if I am mistaken), currently your only looking at $0.85 per dollar invested - leave it to the government to lose that much money invested over a long period of time. There is hope, but it will take drastic government reform and some short term set backs, both of which I'm not sure the American public could handle.

fuzzy02CLS

iTrader: (2)

I called them & stopped getting the statements in the mail. That was just dumb. Invites identity theft.
I didn't sign up for them, I don't want them.

special-ed

Unless you're really close to retiring, you're best hedge is to assume it won't be there and adjust your financial plan based on that. If it's there come time, the extra income is icing on the cake.

special-ed

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