Your Guide to Social Security, Part Three

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I have to disagree with Augustine Ann McLaughlin. Although people born in the 1930s and before received more in social security than they ever paid in the system has worked well. In fact, before social security the poorest group of people in America were seniors. Now they are the richest. So I think that speaks to how effectively this program pulled people out of deep poverty after the depression.

Phil Hood of CA 12:58AM February 12, 2011

Has anyone ever thought about how life would be without the social security "benefit"? What would happen if social security was eliminated? I mean, shouldn't we be providing for our own end of life care? What if every able-bodied American actually laborred diligentlly for their entire lifetime, saving and investing wisely, providing for themselves and their children and future, until the day their bodies could work no more? Afterall, isn't that the way Americans lived before Roosevelt? What if American families came together and children, cousins, uncles, aunts and friends actually cared for their aging family members and friends? What if dependency on the government was looked on with scorn? Social Security is not an entitlement; or, at least, it was never meant to be. Why should anyone expect the government to support us- as if they were our parent or care giver? What happened to self-reliance? Isn't that one of the characteristics that American colonies held dear?...Just a thought...What do you think?

Augustine Ann McLaughlin of KS 3:21PM February 23, 2010

I've just received my benefits estimate from the SSA, and the value for age 62 is given at 73.35% of age 66, and the value for age 70 is 135.24%. I'll be turning 62 this March. Even with the lower percentage, it takes over 12 years for the cumulative value to exceed waiting a year to draw benefits.

S. Hamburger of VA 12:12PM January 08, 2010

Social Security caps the amount you can earn if you decide to take the early benefit (the cap is currently $14,160). They reduce your benefit by $1.00 for every $2.00 earned above the cap. This makes no sense, especially during these economic times. Although you do get the money back once you've reached full retirement age, it doesn't help now, during tough times. The government is already reducing your benefit for the early option and you are still paying FICA on your benefit plus any earnings. Why then discourage earning power?

Steven Riback of NM 1:58PM January 06, 2010

I seem to recall reading somewhere that if you drop social security, after you are already collecting full benefits, you must pay back all benefits collected. Then, when you reapply, you will be paid it all back including the time period you were out of the system. Was this incorrect?

J. Dorian of NY 9:36PM January 05, 2010

Phillip Moeller has written concise information on Social Security that is essential for anyone who is a contributor or beneficiary and planning to live a quarter of their life without a paycheck. Social Security is the most confusing, complex, misunderstood government system outside federal tax laws.
Thirty years ago, I wrote my Master's thesis on Social Security while attending Purdue University. Since then, I have been working as an independent financial resource consultant and divorce mediator in Houston, Texas and have observed how people are affected by the system. Unfortunately, attention has been focused only on the solvency of the system. We must first have reform of the underlying outdated 70 yr social structure before advocating for fiscal fixes. Only then will we have a program that meets the needs of current contributors and future beneficiaries!

Laury Adams of TX 12:02PM January 02, 2010