Comments on: Social Security – What You Need to Know About Benefits, Coverage, and Eligibility http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/?utm_source=rss&utm_medium=rss&utm_campaign=social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility Helping a unique generation achieve financial independence. Sat, 31 Jul 2010 03:29:55 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: David M http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-127202 David M Fri, 19 Feb 2010 16:07:21 +0000 http://genxfinance.com/?p=1926#comment-127202 Ed, Don't forget that for each year you work past, normal retirment age, you benefits will be increased by 8%. Thus, IMHO - "Normal Retirement Age" really does not mean anything. Prior to NRA causes a decrease and later than NRA to 70 causes an increase in benefits. Thus, retiring any time prior to 70 years of age decreases the maximum benefit you could qualify for. David Ed,

Don’t forget that for each year you work past, normal retirment age, you benefits will be increased by 8%.

Thus, IMHO – “Normal Retirement Age” really does not mean anything. Prior to NRA causes a decrease and later than NRA to 70 causes an increase in benefits.

Thus, retiring any time prior to 70 years of age decreases the maximum benefit you could qualify for.

David

]]> By: Ed Harris http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-127201 Ed Harris Fri, 19 Feb 2010 15:58:22 +0000 http://genxfinance.com/?p=1926#comment-127201 Interesting. I'm 52 and I did not realize my normal retirement age is about 66 1/2. I guess I assumed it was about 69 or so. Maybe I'll just retire earlier than I thought...if the market recovers. Interesting. I’m 52 and I did not realize my normal retirement age is about 66 1/2. I guess I assumed it was about 69 or so. Maybe I’ll just retire earlier than I thought…if the market recovers.

]]> By: Ken http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126880 Ken Mon, 15 Feb 2010 20:06:11 +0000 http://genxfinance.com/?p=1926#comment-126880 This is the most complete post on social security I have ever read..hands down...my takeaway is that SS is very insecure and you're a fool to think this ALONE will take care of retirement needs. Great job! This is the most complete post on social security I have ever read..hands down…my takeaway is that SS is very insecure and you’re a fool to think this ALONE will take care of retirement needs. Great job!

]]> By: Terry http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126810 Terry Mon, 15 Feb 2010 01:27:12 +0000 http://genxfinance.com/?p=1926#comment-126810 Privatization is the only reform which is neither regressive or redistributive. Reducing benefits is highly regressive. Reducing benefits for those above a certain income level (and not for those at lower incomes) is redistributive. Raising the retirement age is highly regressive Privatization is the only reform which is neither regressive or redistributive.

Reducing benefits is highly regressive. Reducing benefits for those above a certain income level (and not for those at lower incomes) is redistributive. Raising the retirement age is highly regressive

]]> By: Happy Valentine’s Day, Birthday, and New Year! http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126779 Happy Valentine’s Day, Birthday, and New Year! Sun, 14 Feb 2010 14:36:30 +0000 http://genxfinance.com/?p=1926#comment-126779 [...] Social Security – What You Need to Know About Benefits, Coverage, and Eligibility [...] [...] Social Security – What You Need to Know About Benefits, Coverage, and Eligibility [...]

]]> By: Neal A. Deutsch,. CFP http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126615 Neal A. Deutsch,. CFP Fri, 12 Feb 2010 14:14:49 +0000 http://genxfinance.com/?p=1926#comment-126615 While SS was intended a a SUPPLEMENTAL retirement income source for the minority, it has become the PRIMARY income source for the majority. In 1945 there were 16 contributors to one beneficiary, in 2005 there were 3.25 contributors to one beneficiary. According to a SSA study, 65% of retirees use SS for 50% of their income. The answer? Plan for your own future using all the retirement plans available to you along with a good saving ethic. While SS was intended a a SUPPLEMENTAL retirement income source for the minority, it has become the PRIMARY income source for the majority. In 1945 there were 16 contributors to one beneficiary, in 2005 there were 3.25 contributors to one beneficiary. According to a SSA study, 65% of retirees use SS for 50% of their income. The answer? Plan for your own future using all the retirement plans available to you along with a good saving ethic.

]]> By: David M http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126371 David M Thu, 11 Feb 2010 10:03:05 +0000 http://genxfinance.com/?p=1926#comment-126371 1) Great information that is accurate - I work for SS and this looks just like the information we publish. If you got from SSA website - good thinking, why not go to the source. 2) All people that want to invest there own SS tax payments, if you are allowed to do this - were does the government get the funds to pay all the people currently already getting SS benefits? 1) Great information that is accurate – I work for SS and this looks just like the information we publish. If you got from SSA website – good thinking, why not go to the source.

2) All people that want to invest there own SS tax payments, if you are allowed to do this – were does the government get the funds to pay all the people currently already getting SS benefits?

]]> By: Best of Personal Finance Roundup: What You Need to Know About Social Security- Financial Eyes & Ears http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126309 Best of Personal Finance Roundup: What You Need to Know About Social Security- Financial Eyes & Ears Wed, 10 Feb 2010 19:35:32 +0000 http://genxfinance.com/?p=1926#comment-126309 [...] Social Security: What You Need to Know About Benefits, Coverage, and Eligibility — Let’s face it. Social Security is getting complicated (and a bit worrisome for many). This cool post gives you hard numbers, easy facts, and brutal truth about the program. Read up! Generation X Finance [...] [...] Social Security: What You Need to Know About Benefits, Coverage, and Eligibility — Let’s face it. Social Security is getting complicated (and a bit worrisome for many). This cool post gives you hard numbers, easy facts, and brutal truth about the program. Read up! Generation X Finance [...]

]]> By: Joe http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126290 Joe Wed, 10 Feb 2010 16:26:47 +0000 http://genxfinance.com/?p=1926#comment-126290 I'm in my 30's and not planning on a dime from SS. If I get any, then that's great but it would only be a bonus and not the defining part of my retirement. Unfortunately, I've been paying into the system for 16 years now and the fact that I won't get back what I paid in is what's fundamentally wrong, aside from the fact that many of my parents generation were led to believe that SS would fund their retirement completely. I’m in my 30’s and not planning on a dime from SS. If I get any, then that’s great but it would only be a bonus and not the defining part of my retirement.

Unfortunately, I’ve been paying into the system for 16 years now and the fact that I won’t get back what I paid in is what’s fundamentally wrong, aside from the fact that many of my parents generation were led to believe that SS would fund their retirement completely.

]]> By: Jamel Rose http://genxfinance.com/2010/02/09/social-security-what-you-need-to-know-about-benefits-coverage-and-eligibility/comment-page-1/#comment-126257 Jamel Rose Wed, 10 Feb 2010 03:10:08 +0000 http://genxfinance.com/?p=1926#comment-126257 This social security will not be around forever so everyone must be saving for their own retirement. This social security will not be around forever so everyone must be saving for their own retirement.

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