11:59 am, April 20, 2014

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  • Social Security
    Bud
    Social Security is a gimmick.You pay in a few dollars and when you retire you receive more dollars than you/your employer paid in.Works the same as my CSRS pension.I get more back than I paid in.Who pays me the amount greater than what I paid in?The current working people.This system assumes strong economic growth which isn't happening now and hasn't for the last 13 years.So the result is more deficit spending.Add the fact that pols robbed the SSA lockbox years ago and replaced the monies with fancy looking IOUs and you have the recipe for future disaster.
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  • Don't know how you calculate
    MDBBALL02
    I've been making deposits into SS since I was 16 years old and when I retire at 56 under FERS I will not be getting more than I have put in....Then again CSRS retirees are getting alot more than the rest of us (starting at 60% of your pay, right? To my 36% for the same 36 year career) ... It is still what we did our retirement planning aginst and if you are getting too much SS, I'm sure you could call them and discontinue getting a check if you feel bad.
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  • To MDBB
    Moderate
    First you have no clue as to how CSRS pension plan works. The first five years you get a 1.5% per year credit. For the next 5 years you get a 1.75% credit. For the next years you get a 2% credit. With some exceptions, such as for sick leave, you cannot exceed 80%. I believe this is reached after 41 years 11 months. I am also excluding law enforcement which is different. Under FERS you get 1% per year unless you retire at age 62. Then you get 1.1%. Under present law, the computation is based on the average of the highest 3 years (technically I believe it is 156 weeks. Correct if needed) of pay. That figure is reduced by survivor benefit. I believe that is 3% of the first $3000 of pension and 10% of the remainder. Keeping it simple, CSRS retirees get 100% of CPI increases each full year they are retired. FERS employees get no CPI raises until they reach age 62. They then get a one time catchup for the raises they missed (I do not know that calculation) and then the same as CSRS retirees get up to 2% of the CPI increase. From 2%-3%, FERS employees get nothing beyond the 2%. Then after 3% they get increased (With 3.3% inflation FERS employees get a 2.3% raise). I believe you still get a social security supplement if you retire before age 62. I am not sure of that. CSRS employees do not. FERS employees get a match to the thrift plan. CSRS employees do not. Please do not confuse anything. I would not trade my future CSRS plan for FERS. The reason for all of this is that you stated that CSRS pensions start at 60%. That is false.
    worker
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  • SS Pensions
    Bud
    MDBALL-Calculate how much you/your employer paid in over your 40 years.Then calculate your annual pension from SSA funds.You'll find out you will after several initial years receive much more than was paid into your account.Read my post again.The point is there's no money in the SSA lockbox which spells future disaster.And for the record,CSRS retirees get no SSA pension.
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  • To Bud
    Moderate
    You are partially right about CSRS employees. We will get no social security from CSRS salaries. However, if we worked at other jobs, we will get social security if we meet the minimum requirements, which is to have worked 40 quarters and the yearly earnings must be significant as defined by, I believe, social security law. Of course, clown Reagan reduced out social security benefits at the top tier and the spousal benefits.
    worker
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  • True dat Mdbball
    contrarian
    I figure I'd have to collect for 13 years just to break-even on my contributions. Then they start paying interest. Reality is, people will start dying earlier (because of unhealthy lifestyles) so even if I make it to 80, somebody else went at 59. The demographics don't reflect this trend yet, but I expect it within the next 10 years. Keep your eye on the mortality tables.
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  • SS Payout
    ben
    Social security payout equates to an average 2 percent investment payout. Until recent years, that was a small results.
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  • Just curious
    Moderate
    Where does that 2% figure come from?
    worker
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  • To Bud
    Moderate
    What you are writing is true. However, I believe you are or were an accountant (auditor). If so, you must have had economics and finance. One of those courses taught you about the time value of money. In summary, the dollar today is worth more than the dollar of tomorrow.----Let us assume that you started sometime around 1970. You paid into the CSRS pension plan at 7% of your salary through your working years through about 2005 or 2006. Your employer did the same. Each of those dollars is earning a return called interest. Your account should be building up during that period of time. You are collecting pension dollars that are worth much less than the dollars you paid in. Therefore, you should collect much more than what you paid in. An additional factor is that some will live longer while others will live less. Those that live less will, at least, get their money back, but not the value of the money they and their employer put in. In theory, this is how the pension plan should be financed.---Social security is different because it was not set up to be sound in an actuary way. Money came in and money went out from the Great Depression forward.
    worker
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