ADVERTISEMENT

Social Security Question

Are you really THAT stupid? Seriously?
I gave you the definitions that speak directly to how I used the term PROPERLY, y'know, in the actual English language.
Gee, that's gotta hurt, huh?
Case = closed

Look, we both know you didn't actually mean that you think ranking are arbitrary. You even later claimed you thought rankings are post facto shortcuts, which is the exact opposite of arbitrary. You can stop the charade, we both know you're wrong. I'm just impressed someone is able to pretend that rankings are mathematically arbitrary when they are in fact mathematically the opposite. Let alone someone who was given a math degree by their mom
 
Look, we both know you didn't actually mean that you think ranking are arbitrary. You even later claimed you thought rankings are post facto shortcuts, which is the exact opposite of arbitrary. You can stop the charade, we both know you're wrong. I'm just impressed someone is able to pretend that rankings are mathematically arbitrary when they are in fact mathematically the opposite. Let alone someone who was given a math degree by their mom
READING IS FUNDAMENTAL. I know this is hard for ya, but "de facto shortcuts" fits right into the definition of arbitrary --- determined by individual preference or convenience --- read: shortcuts.
Wow. I mean, good Lord, yeah... you really ARE that stupid, huh? Phew!
Welp... my sympathies.
 
READING IS FUNDAMENTAL. I know this is hard for ya, but "de facto shortcuts" fits right into the definition of arbitrary --- determined by individual preference or convenience --- read: shortcuts.
Wow. I mean, good Lord, yeah... you really ARE that stupid, huh? Phew!
Welp... my sympathies.

That deifintion also says using no intrinsic value. Using offers as a post facto shortcuts invalidates this definition. You should really just admit that there is mathematical value to star rankings and stop embarassing yourself and your fake degree.
Can you point me to 1 recruiting class where 0 stars were more likely to be drafted in the NFL than 5 stars? If rankings are arbitrary, surely there would be at least 1 time out the past 20 years where 0 stars made the nfl at a higher rate than 5 stars. I mean even with your fake math degree surely you should at least realize THAT
 

Create an account to view your estimated payments.

Can also review how much you’ve paid into it and other info about social security.

Lol nice try. That has identity theft written all over it
 
  • Like
Reactions: AU Caboose
That deifintion also says using no intrinsic value. Using offers as a post facto shortcuts invalidates this definition. You should really just admit that there is mathematical value to star rankings and stop embarassing yourself and your fake degree.
Can you point me to 1 recruiting class where 0 stars were more likely to be drafted in the NFL than 5 stars? If rankings are arbitrary, surely there would be at least 1 time out the past 20 years where 0 stars made the nfl at a higher rate than 5 stars. I mean even with your fake math degree surely you should at least realize THAT
SMH. You have serious issues... even beyond your obvious intellectual deficits.
 
SMH. You have serious issues... even beyond your obvious intellectual deficits.

For the sake of my sanity (because I cannot stand to argue with a fake math major without attempting to explain how numbers works), can you at least admit that 5 stars are more likely to be successful than 0 stars? How they get to those rankings be damned, can you at least confirm that?
 
Better mix some tax free in there, your 401k is going to be taxed to death.
Won’t it be taxed like normal income? Assuming at that point most debt is gone and he’s drawing huge dollars, the less he pulls the lower bracket?
 
For the sake of my sanity (because I cannot stand to argue with a fake math major without attempting to explain how numbers works), can you at least admit that 5 stars are more likely to be successful than 0 stars? How they get to those rankings be damned, can you at least confirm that?
Sanity? Bubba, I've got news for ya, that horse left the barn a LONG time ago.

And for the record, I have 3 degrees with one of them being in math, so you can take your "fake" crap and cram it.

Oh, and have a peachy day.
 
We have had life insurance for about 5-6 years...both of us. Our financial planner beat us over the head for having 2 kids but no life insurance a while ago.
Great ! I'm in that business, and sit down with folks decades older than you with nothing and wonder why their premiums are so high! SMH! Good thinking, especially with kids.....ssa does provide survivor benefits if something hapbut it is
 
  • Like
Reactions: MetallicAub
Sanity? Bubba, I've got news for ya, that horse left the barn a LONG time ago.

And for the record, I have 3 degrees with one of them being in math, so you can take your "fake" crap and cram it.

Oh, and have a peachy day.

I asked a very simple question that a 3rd grade math student could answer. Do you believe 5 stars are more likely to get drafted to the nfl than 0 stars? Ignore how those rankings are made, for the purposes of this question that is irrelevant. It's a very simple question. Yes or no, do you believe 5 stars are more likely to get drafted than 0 stars.
 
It will still be here in 35 years along with Medicare no matter what has to be done. With that out of the way, it’s based on your avg income in your highest 35 years of income. So say you work 40 years but one year in there, you were unemployed, that year wouldn’t be in the 35 year avg obviously. There is a cap as well.
We will be lucky if there s a USA in 3 years much less 35 years. Better not count on SS unless it’s the tryant government kind.
 
So I turn 40 next week and my significant other turns 40 next month.
We have been having a lot of conversations about retirement the last week.
We are planning our retirement with all income coming from our 401Ks but can someone explain how Social Security works for me?
What is it based on? Is there a cap on how much it pays out? Is it based on your lifetime of earnings or your last year salary?
For this thread let's just assume that it will not be bankrupt in 2041 and I could potentially withdraw from it.

More of a curiosity than anything else, thanks.
the amount you draw will be based on your best 35 years of earnings. Anything you earn prior to age 60 is indexed for wage inflation. There is a formula that applies to the average of your best 35 yrs (too detailed to go into here). currently the maximum benefit payable is $3,148 per month, that is going to be based on somebody that had a consistently high income (currently $130k or more). You can start drawing retirement benefit as early as 62 (you will take a 30% reduction on your full retirement benefit). your full retirement age (when you get your full benefit) is age 67 and you can get a 8% per year increase in your benefit for each year you delay past 67 up to age 70 (so you can get a 24% increase) the 8% is not compounding. There are also some possible spousal and survivor benefits that can be available.
 
So I turn 40 next week and my significant other turns 40 next month.
We have been having a lot of conversations about retirement the last week.
We are planning our retirement with all income coming from our 401Ks but can someone explain how Social Security works for me?
What is it based on? Is there a cap on how much it pays out? Is it based on your lifetime of earnings or your last year salary?
For this thread let's just assume that it will not be bankrupt in 2041 and I could potentially withdraw from it.

More of a curiosity than anything else, thanks.
the amount you draw will be based on your best 35 years of earnings. Anything you earn prior to age 60 is indexed for wage inflation. There is a formula that applies to the average of your best 35 yrs (too detailed to go into here). currently the maximum benefit payable is $3,148 per month, that is going to be based on somebody that had a consistently high income (currently $130k or more). You can start drawing retirement benefit as early as 62 (you will take a 30% reduction on your full retirement benefit). your full retirement age (when you get your full benefit) is age 67 and you can get a 8% per year increase in your benefit for each year you delay past 67 up to age 70 (so you can get a 24% increase) the 8% is not compounding. There are also some possible spousal and survivor benefits that can be available.
 
  • Like
Reactions: JDH0624
Did they change the rule to where you can only put in a max of 6% annually per person?
Different plans do different things but I always thought 15% was the max you could put in with pre-tax benefits in a retirement account. We can only put 6% in the Traditional 401k (company matches up to 6%) but after that we have 6% in a Roth 401k.
Our plan gives me the option for up to 50% but again I think there is a perfect where the tax benefit ends.
 
  • Like
Reactions: ncautiger
Different plans do different things but I always thought 15% was the max you could put in with pre-tax benefits in a retirement account. We can only put 6% in the Traditional 401k (company matches up to 6%) but after that we have 6% in a Roth 401k.
Our plan gives me the option for up to 50% but again I think there is a perfect where the tax benefit ends.

So you only out 6% in one IRA each. That makes more sense as the max is 6%
 
I’m lost here. There is a max percentage on 401k’s? I thought it was a money amount. 19,500 under 50 years old and 25,000 for 50 and over.
I’m honestly not sure...I only know what I’m able to do with our account. I think $ limit makes more sense than the %.
 
So I turn 40 next week and my significant other turns 40 next month.
We have been having a lot of conversations about retirement the last week.
We are planning our retirement with all income coming from our 401Ks but can someone explain how Social Security works for me?
What is it based on? Is there a cap on how much it pays out? Is it based on your lifetime of earnings or your last year salary?
For this thread let's just assume that it will not be bankrupt in 2041 and I could potentially withdraw from it.

More of a curiosity than anything else, thanks.
Get you some income producing properties bro. Let renters pay your retirement for you. I have several and am about to get more. On schedule to have them all paid off by age 55 and will be generating approximately $6500 per month in rental income after fees and insurance are paid. Literally didn’t spend a dime of my own money on them outside of the down payments to buy them.
 
I'm 99% sure there is a max on 401K
There’s not a max %, only a Max of $19,500 per year. So you can do 25% of your income if you’d like, but once $19,500 is reached no more contributions are allowed. For example I have a fairly high % but had already reached $19,500 by June 2020. From July to December my paychecks were a great deal higher % wise bc no 401K was Being taken out.
 
There’s not a max %, only a Max of $19,500 per year. So you can do 25% of your income if you’d like, but once $19,500 is reached no more contributions are allowed. For example I have a fairly high % but had already reached $19,500 by June 2020. From July to December my paychecks were a great deal higher % wise bc no 401K was Being taken out.

I meant max dollar amount.and I've been meaning max of $6K on IRAs, not 6%. My b
 
  • Like
Reactions: RBU1
I’m honestly not sure...I only know what I’m able to do with our account. I think $ limit makes more sense than the %.
There is not a contribution percentage limit for 401k, you can put 100% of your earned income in the plan. in 2021 you can put up to $19,500 and if your 50 or older you can put additional $6,500 for total of $26,000 annually. if your company offers a match, there will be a limit on the amount they will match.
The primary question many people have is, "if I think taxes are going to increase in the future, am I deferring taxes at a lower rate only to pay a higher rate later". That will depend on where you are in the tax code, how close you are to retirement and how close your retirement income will be to your pre-retirement income.
 
So I turn 40 next week and my significant other turns 40 next month.
We have been having a lot of conversations about retirement the last week.
We are planning our retirement with all income coming from our 401Ks but can someone explain how Social Security works for me?
What is it based on? Is there a cap on how much it pays out? Is it based on your lifetime of earnings or your last year salary?
For this thread let's just assume that it will not be bankrupt in 2041 and I could potentially withdraw from it.

More of a curiosity than anything else, thanks.
Top 20 years of income is the base. Not sure how the payments are decided, but as others have said create an account and make sure irs has income for you every year. I am 32, worked for the last decade out of college and irs has already missed 2 years of employment for me. Had to prove with W2s. Don’t let them fax you then short change you on the other side.
 
  • Like
Reactions: MetallicAub
Top 20 years of income is the base. Not sure how the payments are decided, but as others have said create an account and make sure irs has income for you every year. I am 32, worked for the last decade out of college and irs has already missed 2 years of employment for me. Had to prove with W2s. Don’t let them fax you then short change you on the other side.
I actually did check yesterday and it looked good...1997 through 2019. Made me smile seeing those small amounts in high school and college. This is good advice to check.
 
  • Like
Reactions: carrytherocU
I actually did check yesterday and it looked good...1997 through 2019. Made me smile seeing those small amounts in high school and college. This is good advice to check.
My financial advisor said she and her husband look a couple of years ago for the first time and the IRS was missing like 10 years for her husband. They could only find about 7 years worth of W2s. so, according to the IRS for social security reasons her husband only worked 7 of those years. its great to just take a peak each year to make sure those fools dont screw you twice. Once, when they take almost a 1/3rd of your money and again when they dont want to pay you cause you "didnt" work
 
  • Like
Reactions: MetallicAub
Top 20 years of income is the base. Not sure how the payments are decided, but as others have said create an account and make sure irs has income for you every year. I am 32, worked for the last decade out of college and irs has already missed 2 years of employment for me. Had to prove with W2s. Don’t let them fax you then short change you on the other side.
Incorrect....Benefits are based on your top 35 years of work. All earnings before age 60 are indexed up and everything after are actual amounts.
 
ADVERTISEMENT