The TRUTH about American Social Security

[AVG-JOE]

Time to spill the beans as it were...

I was answering a PM and said to myself, "Fuck it. I should post this..."

Special thanks to DiveCon... Mahalo!

(Link to the thread: http://www.usmessageboard.com/relig...ends-of-gays-and-lesbians-73.html#post2619532 )


Dude, first things first... Thanks...

"SSI" stands for Supplemental Security Income, a program covered under Title 16 of the Social Security Act, signed by Roosevelt in 1935. Title 16 was added in the 70's as a fairly effective way to standardize welfare, which hippies, liberals and draft-dodgers were gaming by living in one state and collecting in another.

Modern SSI pays benefits to children and adults deemed "disabled" by a medical and administrative review board which is set up by and answers to each state. SSI also pays benefits to 'aged' individuals. That means folks who have had the good fortune to blow 65 candles out on a birthday cake with out cheating. Title 16 benefits, a.k.a. SSI, pays no more than $694 per month to any single individual. Take a moment and imagine living on $694 a month. Some states supplement that amount. SSI benefits depend on an individuals income, and also their parents income in cases involving disabled children. Title 16 payments are paid from the General Tax Revenue Fund a.k.a.: income taxes.

Title 2 of The Act, signed into law a little closer to 1935, covers "Social Security" benefits which come in two flavors: 'Disability' and 'Retirement'. Title 2 benefits are paid from the Social Security Trust Fund. A fund funded by you, The American Worker Bee.

When you get your pay-check at the end of the week "they" take out taxes... among those taxes are FICA taxes, everyone pays 12.5% of their first $106,000.00 earned every year. NOBODY pays FICA taxes on yearly income over $106,000.

If, and only if, you have worked in the US legally and paid something into the system can you draw a dime in "Social Security" benefits. Benefits are paid to disabled worker bees and sometimes their families, and also to worker bees with at least 62 candles on their last cake. There is a minimum you have to put in but basically, the longer you work and the more you earn, the more you can draw in monthly benefits, should you join the silver haired winers circle at this game called Life In Modern America or have the bad luck to become "disabled" in the eyes of your state and you file a claim.

For retirement, you need 10 years with legal, taxes paid earnings, verified by the IRS. (Yes, there is a limit, but it ain't much per year to qualify) You must also have at least 62 years in the rear view mirror of life. You do not need to be a citizen, just a legal, American worker-bee. Disability is a bit more complicated...

There is incentive to wait 'till full retirement age, for my age, born in the late 50's, it's 66 and 10 months. The Program, ESPECIALLY when you include Title 16 Welfare, is the most complicated fucker I've ever had the pleasure of trying to wrap my head around, but that's the gist of it.

If you haven't figured it out, this average Worker Bee is on your payroll, ass-u-me-ing that is you pay FICA taxes... and 99% percent of you do.

 

[uscitizen]

UMM I draw around $2,900/month on SSI Disablility.

Had I waited till 65 and just went on regular SSI I would have drawn $3,200/mo I believe according to the last statement I got.

How much you draw is based on how much you paid in and your age when you start to draw.

SSI is owed nearly 3 trillion by our govt that spent the surplus on other stuff. The biggest immediate SSI problem is how to pay SSI back and still keep other stuff going. It will have to be paid back from general funds.

 

[AVG-JOE]

UMM I draw around $2,900/month on SSI Disablility.

Had I waited till 65 and just went on regular SSI I would have drawn $3,200/mo I believe according to the last statement I got.

How much you draw is based on how much you paid in and your age when you start to draw.

SSI is owed nearly 3 trillion by our govt that spent the surplus on other stuff. The biggest immediate SSI problem is how to pay SSI back and still keep other stuff going. It will have to be paid back from general funds.

You draw around $2,900 on Social Security disability under Title 2 of The SS Act if you're drawing disability. Lots of folks who are between 62 and 66 I talk to think they are drawing from the DIB fund (disability) when they're actually drawing from the RIB fund (retirement). Supplemental Security Income is welfare and would never pay $2,900 per month.

DIB vs RIB is important but it's a moot point unless you're trying to qualify for DIB and you already qualify for RIB - the real point is that if you are drawing a Treasury Payment of that amount, you are drawing it off of your own work record and the FICA taxes you paid in you when you were working.

The only other thing I can tell from that amount is that you did well in the game of Life in America, young Jedi. The woman who bet on you picked a good horse, at least with regards to earnings potential. Nicely done!

SSI is Welfare, paid to people with no other means from The General Tax Fund. They did nothing to earn it, but it keeps them from begging in the streets which is bad for tourism.

Social Security is different. It's your entitlement because you paid for it.

 

[uscitizen]

for many years I almost got to the maximum salary where they would withhold no more SSI payments. But they kept it just ahead of me.
I think I got an SSI free check one year.

And I filed under disability, although over 62 I would get more on disability than regular SSI.
I also get medicaid when on disability if I want it. I have however prepaid my health insurance till I am 65. Although I doubt making it that long.

 

[AVG-JOE]

for many years I almost got to the maximum salary where they would withhold no more SSI payments. But they kept it just ahead of me.
I think I got an SSI free check one year.

And I filed under disability, although over 62 I would get more on disability than regular SSI.
I also get medicaid when on disability if I want it. I have however prepaid my health insurance till I am 65. Although I doubt making it that long.

Please stop calling it SSI. If you earned it, it is SSD or SSR, not SSI.

I hate to be a stickler for terms, but it's like calling this car a "Vett". It's just wrong.

 

[uscitizen]

The car is a shovette.

 

[Big Black Dog]

for many years I almost got to the maximum salary where they would withhold no more SSI payments. But they kept it just ahead of me.
I think I got an SSI free check one year.

And I filed under disability, although over 62 I would get more on disability than regular SSI.
I also get medicaid when on disability if I want it. I have however prepaid my health insurance till I am 65. Although I doubt making it that long.

Please stop calling it SSI. If you earned it, it is SSD or SSR, not SSI.

I hate to be a stickler for terms, but it's like calling this car a "Vett". It's just wrong.

If this car isn't a Vette, somebody really put the screws to me...

 

[ABikerSailor]

There is nothing wrong with Social Security. Currently, it has enough money to pay FULL benefits for the next 28 years.

After that? The reduction will be to 78 percent, and will go on indefinitely.

Today, Boehner stated that he wants to privatize Social Security and take away the Wall St. restrictions.

Could you imagine what would happen if Social Security was privatized and another Wall St. meltdown happened?

 

[uscitizen]

And it will happen. How else will the money funnel up to a few.
That is what these market adjustments are for.

 

[bromiley]

The America Speaks forums suffered from serious defects as measures of public opinion. Yet the results, perhaps to Peterson’s surprise, correctly indicated that Americans are strongly committed to Social Security. Large majorities oppose cutting Social Security benefits, even for the sake of deficit reduction.

 

[Bill Angel]

There is nothing wrong with Social Security. Currently, it has enough money to pay FULL benefits for the next 28 years.

After that? The reduction will be to 78 percent, and will go on indefinitely.

Today, Boehner stated that he wants to privatize Social Security and take away the Wall St. restrictions.

Could you imagine what would happen if Social Security was privatized and another Wall St. meltdown happened?

According to one source:
"The Trust Fund will gradually be drawn upon to cover the difference between tax receipts and benefit payments. It will be completely depleted by 2042 (according to the Social Security Administration) or 2052 (according to the Congressional Budget Office)."

I would suggest that the US Government impose an special tax on all goods sold in the USA that are manufactured in China. The proceeds from this tax would be contributed to the Social Security Trust fund to pay benefits to AMERICAN workers when they retire. After all, one of the reasons that employers transferred jobs to lower paid workers overseas was so that they could avoid paying the employer's own Social Security contribution of 6.2% of the American employee's wages to the Trust Fund!

 

[uscitizen]

Those whining to redo SS are the ones not wanting to pay the debt the govt owed to SS.
Close to 3 trillion?

 

[AVG-JOE]

The best news for Social Security came in 1984 when Reagan signed a law requiring all federal workers hired after 1984 to be on Social Security, effectively doing away with Civil Service Retirement. This includes your CongressCritters...

Once the leadership in congress is selected from employees hired after 1984, they will have a vested, personal interest in "fixing" Social Security.

As if you needed another reason to vote out the old white-haired dudes that have been haunting DC since the 70's...

 

[bromiley]

U.S. Social Security is a social insurance program that is funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA).
The trade deficit in the United States was a big part of the story of the housing bubble. The trade deficit cost millions of workers their jobs. This was one of the main reasons that economy was so weak coming out of the 2001 recession. This weakness led the Fed to keep interest rates at 50-year lows, until the growth of the housing bubble eventually began to generate jobs in the fall of 2003.

I think the point that disinterested spectator (DS) is making is the correct one. I for a long time thought that there were T-bills in the trust fund. So kudos to Dr. Smith for his investigative work. If those notes were T-bills it would stand a better chance of the government meeting its obligations.

 

[007]

UMM I draw around $2,900/month on SSI Disablility.

Had I waited till 65 and just went on regular SSI I would have drawn $3,200/mo I believe according to the last statement I got.

How much you draw is based on how much you paid in and your age when you start to draw.

SSI is owed nearly 3 trillion by our govt that spent the surplus on other stuff. The biggest immediate SSI problem is how to pay SSI back and still keep other stuff going. It will have to be paid back from general funds.

The maximum amount one can draw from SSI is $674.00 a month. SSI Federal Payment Amounts

I don't know what you're receiving but it certainly isn't SSI.

 

[Luissa]

for many years I almost got to the maximum salary where they would withhold no more SSI payments. But they kept it just ahead of me.
I think I got an SSI free check one year.

And I filed under disability, although over 62 I would get more on disability than regular SSI.
I also get medicaid when on disability if I want it. I have however prepaid my health insurance till I am 65. Although I doubt making it that long.

Please stop calling it SSI. If you earned it, it is SSD or SSR, not SSI.

I hate to be a stickler for terms, but it's like calling this car a "Vett". It's just wrong.

Don't dis the vette, I have good memories about one that looked just like that one. My dad had one for work, then gave it to my sister and brother to drive. The thing was a trooper.

 

[Luissa]

Time to spill the beans as it were...

I was answering a PM and said to myself, "Fuck it. I should post this..."

Special thanks to DiveCon... Mahalo!

(Link to the thread: http://www.usmessageboard.com/relig...ends-of-gays-and-lesbians-73.html#post2619532 )


Dude, first things first... Thanks...

"SSI" stands for Supplemental Security Income, a program covered under Title 16 of the Social Security Act, signed by Roosevelt in 1935. Title 16 was added in the 70's as a fairly effective way to standardize welfare, which hippies, liberals and draft-dodgers were gaming by living in one state and collecting in another.

Modern SSI pays benefits to children and adults deemed "disabled" by a medical and administrative review board which is set up by and answers to each state. SSI also pays benefits to 'aged' individuals. That means folks who have had the good fortune to blow 65 candles out on a birthday cake with out cheating. Title 16 benefits, a.k.a. SSI, pays no more than $694 per month to any single individual. Take a moment and imagine living on $694 a month. Some states supplement that amount. SSI benefits depend on an individuals income, and also their parents income in cases involving disabled children. Title 16 payments are paid from the General Tax Revenue Fund a.k.a.: income taxes.

Title 2 of The Act, signed into law a little closer to 1935, covers "Social Security" benefits which come in two flavors: 'Disability' and 'Retirement'. Title 2 benefits are paid from the Social Security Trust Fund. A fund funded by you, The American Worker Bee.

When you get your pay-check at the end of the week "they" take out taxes... among those taxes are FICA taxes, everyone pays 12.5% of their first $106,000.00 earned every year. NOBODY pays FICA taxes on yearly income over $106,000.

If, and only if, you have worked in the US legally and paid something into the system can you draw a dime in "Social Security" benefits. Benefits are paid to disabled worker bees and sometimes their families, and also to worker bees with at least 62 candles on their last cake. There is a minimum you have to put in but basically, the longer you work and the more you earn, the more you can draw in monthly benefits, should you join the silver haired winers circle at this game called Life In Modern America or have the bad luck to become "disabled" in the eyes of your state and you file a claim.

For retirement, you need 10 years with legal, taxes paid earnings, verified by the IRS. (Yes, there is a limit, but it ain't much per year to qualify) You must also have at least 62 years in the rear view mirror of life. You do not need to be a citizen, just a legal, American worker-bee. Disability is a bit more complicated...

There is incentive to wait 'till full retirement age, for my age, born in the late 50's, it's 66 and 10 months. The Program, ESPECIALLY when you include Title 16 Welfare, is the most complicated fucker I've ever had the pleasure of trying to wrap my head around, but that's the gist of it.

If you haven't figured it out, this average Worker Bee is on your payroll, ass-u-me-ing that is you pay FICA taxes... and 99% percent of you do.

All I know is I have 44 points, which what I think you need to get the $694 or whatever, and my son would get around $700 if I died.

I can actually apply for him to get SS, because he classified as disabled. But I have no idea how that works. If it something I earned, I might do it, so I can set up a trust for him.

 

[antagon]

isn't it as simple as redressing the fate of social security 'surplus'? i think the idea of bonding it up has been faced with a new era of politics which can't stand the idea of potential liquidity laying around. with the flexibility of public accounting, i say they use these surpluses, which we are likely to have for another decade or so, to reduce the balance of the SS-related debt instead of funding deficits. at least part of our debt issues could enjoy a solution, and a back door to government expenditure would be tightened.

 

[AVG-JOE]

for many years I almost got to the maximum salary where they would withhold no more SSI payments. But they kept it just ahead of me.
I think I got an SSI free check one year.

And I filed under disability, although over 62 I would get more on disability than regular SSI.
I also get medicaid when on disability if I want it. I have however prepaid my health insurance till I am 65. Although I doubt making it that long.

Please stop calling it SSI. If you earned it, it is SSD or SSR, not SSI.

I hate to be a stickler for terms, but it's like calling this car a "Vett". It's just wrong.

Don't dis the vette, I have good memories about one that looked just like that one. My dad had one for work, then gave it to my sister and brother to drive. The thing was a trooper.

No dis intended... I just needed a good example of incorrect use of terms - say what you wish about the Chevette, for good or ill, it's wrong to term it a "Vett". If you have any respect for American cars, that sexy handle is reserved for the Chevorlet Corvett, which looks and costs nothing like the car in the photo.

 

[nraforlife]

The best news for Social Security came in 1984 when Reagan signed a law requiring all federal workers hired after 1984 to be on Social Security, effectively doing away with Civil Service Retirement. This includes your CongressCritters...

Once the leadership in congress is selected from employees hired after 1984, they will have a vested, personal interest in "fixing" Social Security.

As if you needed another reason to vote out the old white-haired dudes that have been haunting DC since the 70's...

Timeout- perhaps younger members of Congress do pay into social security, BUT they still have their ultralush congressional pension.