Would it be permissible to post a warning to members about Social Security as some hope to retire and make prospecting a retirement adventure?
I though I was about ready at age 66 but found out that what SS tell you you will receive is not always true. If you retired from government employment, school teacher, state/county.city employee or federal employee you may be in for a real shock!
I retired at age 44 from the US Civil Service as the base I had worked at closed. I had 27 years counting my military having enlisted at age 17. I started paying SS taxes at age 14 as a bus boy, dish washer, grill cook, car hop, service station attendant before going into the USN and after retiring from Civil Service worked public sector jobs paying SS taxes for 28 years. The kick of it is although I paid SS taxes only 17 of those 28 years count! SS says you must have earned a substantial wage during those years for it to count! So in essence they took taxes from a 14 year old with no intention of the individual to see any benefit of it, some call that theft.
Every year the SS sends to a individual (near retirement) a statement as to what they will receive. In my case it stated $1061 a month, it did not say anything about penalties! As a result of having a annuity they penalize me upon my taxable gross of $1,710 a month which has $530 for health care and $216 taken out of it for life insurance leaving about $900 a month! Based upon the gross for the penalty my SS benefit is reduced to $641 a month!
Oh you might say I am complaining you bet! This past Monday 30th of July I set out on mission impossible! Vice President Pence was coming to Newark, Ohio! I said self can I hand deliver him a letter? Dang ya don't know if you don't try, result success! I have not heard from him or his office but I expect too. I was also able to personally shake his had while handing my letter to him!
Note
The issue is a ongoing thing in congress that goes nowhere. To clear this up Federal, State, City, school teachers pay into their retirement systems much like those that have 401s. When employed in the private sector they pay into SS just like anyone else.
I know a bit off off the topic of Gold Prospecting but dang it the problem effects those that want to go out and prospect in their so called Golden Years.
Here is the letter I handed to him in the attachment.Vice%20Presiden%20Pence.docx
Comments