I have relatives on Social Security. They can lose some or all of their benefits if they earn over a certain amount of money while retired. McCain had over $400,000 in income last year. His wife is reportedly worth over $100 million dollars.
Those of you who collect Social Security or have more knowledge of the system...how is this possible?
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Comments: 53
I agree with both Don H (ugggh) & Barbara!
*Fainting*
Yes, the wealthy pay 100% into the Social Security System, why would it be shameful or even unfair, for them to get back some of what they paid in? This is what is wrong in this country in my opinion. People see the wealthy as the bad guys when they are the ones who help more people with jobs and charitable organizations, and yes, pass down that wealth they've worked to earn to their children. Again, if I had as much money as the McCains, I would give much more to charity than we do, and that's fact!
: )
If you're under full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit ($11,520) in 2003.
In the year you reach your full retirement age, your benefits will be reduced $1 for every $3 you earn over a different limit ($30,720 in 2003) until the month you reach full retirement age. Then you can work without any reduction in the amount of your monthly benefit, no matter how much you earn.
This is my take on Social Security---it's called social security INSURANCE for a reason. As in if you need it, it is there. If you don't you shouldn't claim it. I pay into car insurance all my life and never have an accident, I can't asked the insurance company to give me some of my money back. I have homeowner's insurance, but if I never use it I can't get a rebate. SSI is suppose to be insurance for retirement, to help those who need it. That was what it was originally designed for. When your wife is worth over $100 million and you are making almost half a million a year, you don't require retirement insurance. I appreciate the fact that technically he is entitled to it, but ethically there is something wrong with him claiming retirement insurance when he doesn't need it...particularly when he is campaigning on the premise that he will somehow fix social security.
BTW, do we really want someone who is eligible for SS to be POTUSA? Seems to me his time has come and gone, he is clearly not up to the responsibility.
I think that's fair. I'm not bashing the rich. They are fine. They just don't need it, that's all. And tax them more - they'll still be rich. They make the money living in this economic system, they can pay to keep the system stable and humane.
This is why the system is wrong rich people getting what they don't need just because.
The repugnicons have always hated SS and are constantly trying to bankrupt it.
Thank goodness their reign of terror is coming to an end :-)
Social security payments are based on the amount you pay in over the years. Obviously since McCain has paid quite a bit in over his lifetime he is going to receive a higher payment than someone who put in less. After you work for so many years you should start getting a statement in the mail that tells you how much you will get when you retire from social security based on what you have paid in and if you continue to pay in at that rate. Of course it changes and you periodically will recieve new statements over your lifetime.
Did you forget he served in the U.S. Navy?
And so is everyone else. Look at your ss statement it tells you exactly what you paid in over the course of your lifetime. It is always less than what your benefit is. That is why it states on your statment that the taxes collected now will only cover 78% of the benefits owed .
And just how is he screwing it by collecting what he is entitled to? He did not make the laws or the benefit system. So because he put it more and because of that is entitled to more you assume he does not care about elderly people? That is just an absurd way to think.
What? He should be ashamed to get back money he and every other working american is entitled to? If we go by your way of thinking everyone who works their entire life should not get ss because someone else needs it more.
Yeah that FICA guy likes to take it away so he can give it to those who need it now but of course when it is my time Mr.FICA won't have any left for me.
The entire SS system needs to be reworked ans I am all for taking my money and being able to invest it where I see fit so i have some left when it is my time to collect.
http://www.ssdrc.com/retirement-article-1.html
We aren't talking about donating money to welfare. We're talking about individuals who do not need Social Security drawing a social security check. We're talking specifically about the social security administration. Bringing welfare into the discussion is a strawman arguement, because welfare is a drop in the bucket compared to the amount of money Social security consumes in the federal budget.
I hope this clears the air for you. If I were to attack you on what you wrote, I think you would know it. It would be quite clear. : )
Just like I can't claim a refund on my car insurance if I don't need it, the question is why should someone who doesn't need retirement insurance claim it? It's not an attack on the rich. It's not a call for welfare. It's a straightforward question regarding the nature of insurance. I'm not arguing whether or not it is legal.
Leslie--I don't believe SSI will be solvent by the time I retire.
How about if I don't get a job and pay into Social Security, and someday I need it then essentially I shouldn't be entitled to it because I didn't contribute and it is insurance? Setting disabilities aside of course.
I think that it is his money and he is entitled to it. Especially since he fought in a war...oh and there was that part about being a POW. I do believe that we should better the system but I don't think we should penalize financially successful people, at least not when it comes to their Social Security.
Let's penalize corporations sending jobs out of the country, then certainly someone who has lived off of successful bonuses all his or her life to save the company money for a ridiculous profit margin...well maybe we could talk.
If he paid in then I don't see why he can't get it just like anyone else, as long as he is being treated like anyone else receiving benefits.
Most rich folks take SS. It used to be that our government had a separate system and government workers didn't get SS, but they do now. I'm sure lots of Senators receive SS benefits. The last I knew, if you wanted to take advantage of having Medicare, you also HAD to take the SS benefits.
Yes, there is a cap to how much income you can earn on SS, but that cap ends at age 70. In Florida, many retirees worked part time only part of the year so they didn't go over the cap. But the government only takes back part of the income, so others chose to keep working. At age 70, anyone can make any amount and still collect SS. That's the way the system works.
Then there is the question of how much if anything that he actually paid into social security. Unless the rules have changed since the 80's federal and other government employees don't pay into social security because they are covered by the much more generous federal employees retirement plan, which isn't as generous than the retirement plan that covers elected and appointed officials. I don't know if people covered by other federal retirement plans are also allowed to collect under those plans after a certain age. If they are McCain could also be double-dipping which is a abdominable practice that should have been stopped long ago.
I find the McCains distasteful but lets be fair: Sandy McCain has probably paid more SS and taxes in her lifetime than all the posters on this issue. SS is their money, they deserve to get the meager returns from the lousy investment that the Government has forced them to participate in.
The reality is that a very, very small part of the American population pays most of the taxes that support our bloated, inefficient and corrupt bureaucracy and therefore supports the lazy, the infirm, the sick, the illegals, the drug dealers, the drug users, the drunks, the crazies and the ridiculous group that calls themselves politicians.
My husband, who has never been a big wage earner is 70, his SS check is 1700 a month.
But, he paid social security from the time he was eighteen years old until he was sixt-five.
Now, thats a lot of years.
6.02 % is taken from each pay period of the employee. 6.02% is matched by the employer. This is mandatory for both employee and employer.