Social Security

Nope your post was an all out attack against a simple question. It was deleted. It looked like it was meant to just stir the pot for your own amusement. Keep it in the Octagon as requested if you wish to start a fight.

sparks wrote:RE: Social Security ... I just got decent a raise. Check your bank account

What percentage was the raise Sparks?

3.6% ... decent? They haven't rased it in awhile

sparks wrote:3.6% ... decent? They haven't rased it in awhile

3.6% is decent!!! Do the math. Over a 3 year period, that's 1.2% a year!!! BFD, while they steal from us in Washington every way they can, it's f*ck over the Seniors who need it most.

Can't live ANYWHERE in the world on a 1.2% increase a year.

johninajijic wrote:

sparks wrote:3.6% ... decent? They haven't rased it in awhile

3.6% is decent!!! Do the math. Over a 3 year period, that's 1.2% a year!!! BFD, while they steal from us in Washington every way they can, it's f*ck over the Seniors who need it most.

Can't live ANYWHERE in the world on a 1.2% increase a year.

Not suppose to. Social Security was set up in the thirties to make it easier. It was called Supplemental income. You were still suppose to still save your own money.
Somehow it became sole support for many people. Not the original way it was set up. As far as 1.2% a year goes I would have loved to have an increase in income. My
income went down in my last five years of employment. I lost 2% a year. Nobody is screwing over the seniors. They are the only US folks who have socialized medicine.
They are a very powerful voting block. I respect them but I don't think they are getting screwed anymore than any one else. Yes many seniors have a bad time and I
do feel for them but many did not save money or spent it on silly things like expensive clothes, new cars that depreciate, when they should have been saving. Once
again many folks suffer for no fault of there own but many did it to themselves.

Z

And the young people in the US are still speneding money like crazy. If they think SS will be there when they retire they're dreaming.

Getting back to the original post, I opened a new account yesterday at my wife's bank in the State we live in. I have a separate debit card to withdraw Pesos from an ATM or a bank in Lakeside. Our bank called Social Security and had them stop the depositing of money on the debit card and have it instead direct deposited in the bank. It all is ready to go in March.
That should handle the situation.

Thank you for all your advice.

Dr. Mike

I don't think any particular age group has been in the position to do much saving lately, if you consider the escalating cost of living and the challenge of staying employed. The cost of a college education is many times what it used to be, even in state institutions.

I can remember the "good old days" when one middle class salary would cover one family's modest needs. Then, it took two salaries. Then, companies eliminated employees who were nearing the age for pensions. Then, the pension plans went broke and/or the companies went broke. Finally, there is the fact that regardless of the laws, nobody would hire a person after a certain age.

The end result is that a lot of oldsters are relying heavily on their Social Security because their hard earned savings slowly dissolved while the cost of living went up. Way up. Way faster than any increases in the benefits. As a result, some workers say they'll never be able to retire. That's a sorry situation.

It is true that the original SS objective was to provide a supplemental income, not a person's sole source of income.

A tsunami of change has happened since the thirties. It's not the same "land of opportunity" it once was. The 99% movement has that one right.

It is easy to form attitudes, and hard to change them as the world changes around us. I think we need to put ourselves in the shoes of those trying to cope in the current economic situation and re-think our attitudes periodically. Sure, some people spent the money they made in foolish ways. I knew some of them, and they did do it to themselves. I also know some who did their best and it just wasn't enough to produce a comfortable retirement.

Let's not forget the potential retirees who "invested" in some sketchy funds on the advice of their "financial advisors", then oooop's lost it all in the downturn. How many still don't know that their pension funds might not be all they're cracked up to be?

raqueteer wrote:Let's not forget the potential retirees who "invested" in some sketchy funds on the advice of their "financial advisors", then oooop's lost it all in the downturn. How many still don't know that their pension funds might not be all they're cracked up to be?

Amen to that one. Too many people forget that the "financial adviser" makes money whether you win or lose yours. I have a friend who retired here some time ago, secure in the the notion that her 401K would cover her like a down blanket. She's lost a third of her money and has lots of company in that. My financial adviser is me, and she has my best interests at heart, always.

gringal wrote:

raqueteer wrote:Let's not forget the potential retirees who "invested" in some sketchy funds on the advice of their "financial advisors", then oooop's lost it all in the downturn. How many still don't know that their pension funds might not be all they're cracked up to be?

Amen to that one. Too many people forget that the "financial adviser" makes money whether you win or lose yours. I have a friend who retired here some time ago, secure in the the notion that her 401K would cover her like a down blanket. She's lost a third of her money and has lots of company in that. My financial adviser is me, and she has my best interests at heart, always.

Yep and some of them will churn your account in order to insure a nice hefty cheque for themselves at the end of each month. Buy, sell, buy,sell. But hey these guys know what they're doing, right? You bet they do, and the cute thing is they try to make you think you can't possibly survive without their "services".

That is very true about "Financial advisers" found at most banks and investment firms. The money typically comes right out of the "mutual fund" so you don't even see the payments. In Canada, they typically rape you for about 3%- 4% per annum. If you don't want to do it yourself, your better bet is to hire a "Money Manager" who puts together your own basket of stocks and bonds then monitors it carefully. They typically take a percentage fee of what your portfolio is worth. Mine takes 1% to 1.5% per annum depending on if he is earning or not. He is not paid any commissions or transactional fees from the stock or bond sellers.

Yes, and dont'cha just love those full page ads in the magazines that are supposed to inspire confidence in one money grubber or another by showing an unbelievably attractive older single or couple with perfect white hair (and lots of it) golfing, sailing or engaged in some other (expensive) retirement activity..........all because "......................"made it all possible.

They never show the tired looking old people sitting in front of their trailer in the desert, saying "we owe it all to our buddy, Bernie Madoff" (And his ilk).

Yes, you definitely want to choose your money manager carefully and ensure that you have complete access to see what they are doing. I have been very impressed with mine and feel that I am getting good value.

Uhhhh! What's a "money manager"?

I just explained that 3 posts above..........jaja.

but many did not save money or spent it on silly things like expensive clothes, new cars that depreciate, when they should have been saving. Once
again many folks suffer for no fault of there own but many did it to themselves.

Z, absolutely !!! and people are still doing it...

drmike wrote:Uhhhh! What's a "money manager"?

First you need money to manage

Sparks,

So that's my problem for not having a "money manager"...you need money....
Now I see.

First you need money to manage

lol, yep..dammit!!!!!!