Re: ...but we have to pay income tax on the social... - Page 4

Porcelain · ‎02-19-2014

@Kachina624 wrote:
@Reever I don't think they'd ever do that. Too many people live in it solely and would literally starve. They would subsidize it somehow.

I don't think we should be naive. There are plenty of folks nowadays who would shrug and say oh well people die anyway.

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tototwo · ‎03-09-2010

I tried to work this all out one day and about broke my brain. So my Social Security raise will just about equate the higher Medicare fee for next year. But, then again, Medicare is a fabulous deal -- even tho it is MY money that I paid in for 60+ years. Interest rates are non-existent now, so my savings acct and IRA's are making nothing. Our government recently stopped taking out payroll taxes, so I get more money in my monthly 401k payments. But our SS is funded by payroll taxes, so no money is going into SS coffers now. I've paid into SS since my first job as a teenager, but SS may dry up in the next few years.... seems like every time there's an increased benefit, I lose money somewhere else. And the world goes around.

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Sooner · ‎03-10-2010

I think the future depends on how many programs we add over the years. And a lot of those dip into ss funds. So that scares me. And also how accountable those programs are, which like charities turns into a big business these days.

Don't get me started on so many of those corporate "so called" charities!

Cakers3 · ‎06-17-2015

@Carmie wrote:
The bad news is that it is only 1.3%. The average person will get about $20 more a month.

Not much, but we'll take it.

It will help cover the Medicare premium that is now $144.60 for most people and is estimated to rise to $153.30 for 2021. ( $8.70 more monthly, a 6% increase)

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MomCat · ‎09-12-2010

LOL! It never is much of an increase, but that's fine. I remember being told 35 years ago that even though I would have to keep paying into it, SS would probably not be there. I worked all those years with the thought I would never see it. Well, here we are. Still being told it is going away any moment. Yeah, right. I still think workers should not figure it into their retirement. So much better if you don't. I consider it a bonus, but didn't understand why I was forced to contribute to it for years. Now looking at how we're forced onto Medicare, I do. What a government racket.

lovesrecess · ‎03-14-2010

Sounds like the raises I would get as a teacher! The biggest one ever was 2.5%....usually followed by a hike in our health premiums

qvcaddition · ‎03-10-2010

@Mom2Dogs

@Mom2Dogs wrote:
...but we have to pay income tax on the social security.

I don,t, never had to and neither have friends. It depends on how high your income is after retirement. I do all the figuring on the back of the paper they send once a year to figure out if you have to pay any tax on it. If the figures are lower than whatever figure they have for base, no tax on it.

HArd to explain here.