Social Security was originally designed to start at age 65. At that time, the average life expectancy was 63. So, more than half of all participants were expected to die without receiving a dime of their money back. What a deal!
By the time most people are able to collect,they have very little time remaining in their life. Watch how fast you get approved if you have a family member that works for Social Security.
I’ve worked since I was 16. I turn 62 in a week and start collecting in Feb. $1,672. I don’t know what’s going to happen with the trust fund so why wait.
When I was preparing to retire in 2005, I found out that I was on the eve of retirement, my benefits were being cut by around 50%. Their reason was that I had a Primary Retirement Plan. I had a rather heated discussion with the Social Security agent that was in a Benefit Event. I asked him why and he “stated” that I had a Primary Plan,and wouldn’t need the SS benefits. Plus, he said, they needed to find money to provide monetary benefits for those “less fortunate” individuals that had no Primary’s Retirement plan. I said I thought we were paying into the system to reap some benefits for the amount of time we worked. He replied they would need money to provide monetary benefits to those who were less prepared for retirement.
Hopefully the SS Fairness Act will correct this. I kept getting statements showing I would receive $800.00 in social security and only received $320.00 because I had a government retirement.
Everyone should check their statement and meet with SS before collecting. Mine is straight out wrong. The increase in payment from FRA at age 67 and delayed at age 68 is only 5% instead of 8% which also means the age 69 and 70 amounts are also wrong.
In the past year, my expected benefit has gone up by about $100/month because of the COLA and actually working in a job that pays into SS again. (I was a teacher in a state that didn’t pay into SS for many years.)
Okay, great info, but exactly how do we get them to correct our statements? Specifically, what do we ask them to do? I'm a little confused about this. Thx.
Check you COLA statement. I was automatically signed up for Part C and I never asked for it. I already have it under my insurance plan contract. I called the number on the COLA statement and asked why. Days later I received a new letter with the correction on it. Part C was removed. The letter came from the SS office. Now my check will be higher.
@matthewtaylor6564 It has to do with Medicare charges Part B coming out of your SS checks. Not only did they charge me for Part B they charged me for Part C which I did not sign up for. It shows up on your COLA statement. I am sure there must be people out there that just files it away without looking at it.
@@keysersoze503 I doubt it, they are way to busy to do this. All Ginger would have to do is find out who signed her up to Part C which is the Advantages plans. They can track down what agent got the commission. If she had the insurance name of the Advantage plan they could track it that way. Or call an independent Medicare Agent to see if there is any record on her account of the insurance name. Possibly someone who has her information, and tried calling, and maybe she hung up on them. If the new agent is really desperate to get a commission, and don't know commissions are documented from the insurance company. They have to know who get the commission every year
Josh you recommended an online will and trust company in one of your videos. I cannot find that video and am getting ready to make a will and or trust. Would you please let me know the name of that company. Thank you.
Yeah, I may have to go that route too. Been trying to find an att'y. to update our wills...but they all want to do trusts now. More money for them. But I don't want a trust.
for people born in 61 we don't get the 2022 5.9% or the 2023 8.7%. also, no indexing after 60. We do get the bend point increase which isn't much. They call it the doughnut hole but it's more like a sink hole. Getting passed by for 14,6% is not right! On a 2k pension that's almost a $300 a month less. these losses can't be regained. THEY NEED TO FIX THIS!!!!
You weren't passed by. The year you are born is a key component to getting SS benefits. The COLAs has been calculated for decades. The first automatic Social Security COLA was 8 percent in 1975. Everyone who plans for retirement generally understands the basic rules of SS for their strategy. I started working when I was 16, and never stopped. Some years working two jobs. I only look at what I earned, not what others may have earned.
@ u miss the point If inflation goes crazy while you’re in the donut hole you lose. Bad economy when you’re in the donut hole should not affect you for the rest of your life, but it does. There is no strategy to get out of that. I to started paying in to SS at 16. I worked no stop for the next 43 years paying in. Retired at 59 on a pension and are waiting on my SSA
Forgive me for being old and slow but you lost me right away. Too much too fast. No worries thats what life has dealt me. I just wasted my time and I don't have much time left.
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The reason why they tell you to wait longer before taking Social Security. Most people die at the age of 75 to 80 years old.
Exactly. Fewer years they have to pay out. I tell people this and they look at me like I have 3 heads. It's simple.
Social Security was originally designed to start at age 65. At that time, the average life expectancy was 63. So, more than half of all participants were expected to die without receiving a dime of their money back. What a deal!
By the time most people are able to collect,they have very little time remaining in their life. Watch how fast you get approved if you have a family member that works for Social Security.
I’ve worked since I was 16. I turn 62 in a week and start collecting in Feb. $1,672. I don’t know what’s going to happen with the trust fund so why wait.
Acting out of Fear is never a good course of action
When I was preparing to retire in 2005, I found out that I was on the eve of retirement, my benefits were being cut by around 50%.
Their reason was that I had a Primary Retirement Plan. I had a rather heated discussion with the Social Security agent that was in a Benefit Event. I asked him why and he “stated” that I had a Primary Plan,and wouldn’t need the SS benefits. Plus, he said, they needed to find money to provide monetary benefits for those “less fortunate” individuals that had no Primary’s Retirement plan. I said I thought we were paying into the system to reap some benefits for the amount of time we worked.
He replied they would need money to provide monetary benefits to those who were less prepared for retirement.
That sounds totally bogus from the SS person. Do they do used car sales as a side job?
Hopefully the SS Fairness Act will correct this. I kept getting statements showing I would receive $800.00 in social security and only received $320.00 because I had a government retirement.
One thing to mention is that it will not decrease or go down than what was projected.
Everyone should check their statement and meet with SS before collecting. Mine is straight out wrong. The increase in payment from FRA at age 67 and delayed at age 68 is only 5% instead of 8% which also means the age 69 and 70 amounts are also wrong.
In the past year, my expected benefit has gone up by about $100/month because of the COLA and actually working in a job that pays into SS again. (I was a teacher in a state that didn’t pay into SS for many years.)
Okay, great info, but exactly how do we get them to correct our statements? Specifically, what do we ask them to do? I'm a little confused about this. Thx.
Check you COLA statement. I was automatically signed up for Part C and I never asked for it. I already have it under my insurance plan contract. I called the number on the COLA statement and asked why. Days later I received a new letter with the correction on it. Part C was removed. The letter came from the SS office. Now my check will be higher.
Who signed you up? The Social Security office has nothing to do with your insurance.
@matthewtaylor6564 It has to do with Medicare charges Part B coming out of your SS checks. Not only did they charge me for Part B they charged me for Part C which I did not sign up for. It shows up on your COLA statement. I am sure there must be people out there that just files it away without looking at it.
Maybe someone at S.S. is getting a kickback to scam for an insurance company.
@@keysersoze503 I doubt it, they are way to busy to do this. All Ginger would have to do is find out who signed her up to Part C which is the Advantages plans. They can track down what agent got the commission. If she had the insurance name of the Advantage plan they could track it that way. Or call an independent Medicare Agent to see if there is any record on her account of the insurance name.
Possibly someone who has her information, and tried calling, and maybe she hung up on them. If the new agent is really desperate to get a commission, and don't know commissions are documented from the insurance company. They have to know who get the commission every year
Why😂 UNBELIEVABLE 👉making poor people think they are going to get all of the money they were robbed of🤧
Especially if they decrease our bennies in 2032
Great video. Wait till 67 to get SS. This is why life insurance is so important. If you die at age 65 your wife is taken care of.
they increase it , doesn't matter they deduct the Medicare Part B anyways not much of an increase.
Josh you recommended an online will and trust company in one of your videos. I cannot find that video and am getting ready to make a will and or trust. Would you please let me know the name of that company. Thank you.
Yeah, I may have to go that route too. Been trying to find an att'y. to update our wills...but they all want to do trusts now. More money for them. But I don't want a trust.
He called it LegalZoom, I believe.
I recall maybe Legalzoom?
Thanks josh❤
for people born in 61 we don't get the 2022 5.9% or the 2023 8.7%. also, no indexing after 60. We do get the bend point increase which isn't much. They call it the doughnut hole but it's more like a sink hole. Getting passed by for 14,6% is not right! On a 2k pension that's almost a $300 a month less. these losses can't be regained. THEY NEED TO FIX THIS!!!!
You weren't passed by. The year you are born is a key component to getting SS benefits. The COLAs has been calculated for decades. The first automatic Social Security COLA was 8 percent in 1975. Everyone who plans for retirement generally understands the basic rules of SS for their strategy.
I started working when I was 16, and never stopped. Some years working two jobs. I only look at what I earned, not what others may have earned.
@ u miss the point
If inflation goes crazy while you’re in the donut hole you lose. Bad economy when you’re in the donut hole should not affect you for the rest of your life, but it does. There is no strategy to get out of that. I to started paying in to SS at 16. I worked no stop for the next 43 years paying in. Retired at 59 on a pension and are waiting on my SSA
I took SS at 62 years old.
Totally untrue !!!
My wife got three payments then died.
Im sorry that happened to her. 😢 My father worked as a school teacher 35 yrs. Died at 61.
My friends ex-wife died the day after her retirement party from the board of education.
@ thats tragic 🥺
Forgive me for being old and slow but you lost me right away. Too much too fast. No worries thats what life has dealt me. I just wasted my time and I don't have much time left.
🇺🇸..WHAT $20. 👎🏾..WTF..FROM COLA.💩
Yeah I got 3 bucks more WOW
lol
I get $9.00
I broke even. Not a penny more?
@@dianep6791 ..but your utilities went up, your taxes, and insurances went up, and the biggest one...your food bill keeps going up.
Yea ,then Medicare takes 100.00 a month !
Much more than that!
$185 here