Making plans to spend your Social Security increase?

Discussion in 'V.C.'s Parlor' started by Ralph124C41, Oct 13, 2021.

  1. Ralph124C41

    Ralph124C41 Dr. Squier

    Feb 10, 2016
    Hi

    For those of us on the forum who are collecting Social Security, word is out that we will be getting a 5.9 percent increase next year.

    I don't have any plans to buy another guitar or amp but I certainly can use it to help buy a newer used car ... since the market still remains ridiculously high but I do see a little softening for some models.
     
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  2. miket1117

    miket1117 Squier-holic Gold Supporting Member

    Mar 31, 2018
    Kansas City
    The cost of everything is going up and I don't think we've seen the end of it yet.
     
  3. Triple Jim

    Triple Jim Guy Who Likes to Play Guitar Silver Supporting Member

    Yeah, that increase is sized to make up for inflation. We won't actually be getting any more buying power.
     
  4. macoshark

    macoshark Squier Talker

    85
    Jan 10, 2020
    southwest
    Medicare cost is going up as well.
     
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  5. miket1117

    miket1117 Squier-holic Gold Supporting Member

    Mar 31, 2018
    Kansas City
    so... net zero? oh well, it was fun to dream for a moment or so... lol...
     
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  6. Hugh

    Hugh Squier-Nut

    937
    Dec 15, 2009
    USA
     
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  7. Hoss

    Hoss Squier-holic

    Age:
    65
    Dec 20, 2009
    McGill, Nevada
    Better than nothing I guess. I can't get political, so I'll just leave it there.
     
  8. BarnyardShark1979

    BarnyardShark1979 Squier-Nut

    Age:
    41
    528
    Jul 9, 2020
    Baltimore Maryland
    Pretty sure I was born too late to ever get SS benefits, lol.
     
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  9. Lonn

    Lonn Squier-holic Staff Member

    Age:
    59
    Dec 19, 2009
    Carmel IN
    Admin Post
    Three more years. My wife told me the day I hit 62 to apply for benefits and retire. Love that woman.
     
  10. porkpie

    porkpie Squier-holic

    Age:
    66
    Mar 16, 2015
    Idaho
    I start collecting in December at my full retirement age of 66 years and 2 months. I'm still working 12 hours a day 4 days a week.
     
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  11. miket1117

    miket1117 Squier-holic Gold Supporting Member

    Mar 31, 2018
    Kansas City
    ugh. i still work full time, but not THAT full time...:)
     
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  12. DougMen

    DougMen Dr. Squier

    Age:
    67
    Jun 8, 2017
    Honolulu, HI
    SS is my only income now, and the COLA will give me about another $70 a month, which MIGHT allow me to eat something slightly better than these for lunch and dinner
    0006414404748.png hot_dog_2_large.jpg
     
  13. Ralph124C41

    Ralph124C41 Dr. Squier

    Feb 10, 2016
    I think I've read that the full retirement age will be 67 by 2022 and there is talk of delaying it up until you're 70. Moreover, I've read that although the early retirement seems to be set still at 62 ... you soon won't be getting as much, percentage wise, as you get these days. I took my early retirement several years ago when the full age was still 65, and so did my former wife. I don't regret it at all.
     
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  14. DougMen

    DougMen Dr. Squier

    Age:
    67
    Jun 8, 2017
    Honolulu, HI
    I took it at 62 also, for two reasons. First, my pulminologist told me "you'd better get SS at 62, 'cause you aren't gonna make it to 66". Nice encouraging words from your doctor, right? I made it my mission to prove her wrong. I'm now 67, but only time will tell how much longer I continue. The second reason was that I could reduce my work to fewer part time hours, and that, in addition to my SS, would give me more money coming in than working more hours with no SS. Now that I'm not working anymore, it's harder to make it, but, luckily, I own my apartment, and it's paid for, so I have no mortgage, and fortunately, the maintenance fee is low enough to allow me to pay my other bills and still have a little money left to eat. I see no new guitars or amps in my future, unless I sell some that I have to pay for it
     
  15. dbrian66

    dbrian66 Dr. Squier

    Age:
    51
    Jul 14, 2017
    Maryland, USA
    I was always told by the generation before me that SS would be long gone by the time I need it. So based on that, I have always planned my retirement without factoring in any SS money. I’m 51 now and SS is still there, so maybe they were wrong! LOL

    Any SS money I get will be a nice bonus!
     
  16. wickedtools

    wickedtools Dr. Squier

    May 16, 2010
    west texas
    I get mine in December too that means we are the same age and I’m still working too.:)
     
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  17. DougMen

    DougMen Dr. Squier

    Age:
    67
    Jun 8, 2017
    Honolulu, HI
    They say that they'll run out of moey by 2035, and there are now more people retiring than there are workers replacing them to fill the coffers back up. The real problem is that people that make a lot of money only pay SS taxes on the first $110k of their income. If all of it was taxed, with no cap, they would be solvent for much longer, and the fund wouldn't be depleted so soon, if at all. So, as always, the tax laws are written by the lobbyists to benefit the rich and screw the little guy. That's why Jeff Besos, the richest man on earth, pays little or no income taxes, and certainly much less than YOU pay
     
    Last edited: Oct 13, 2021
  18. LOSTVENTURE

    LOSTVENTURE Squier-Nut

    But I hear that every year
     
  19. LOSTVENTURE

    LOSTVENTURE Squier-Nut

    Since we're only talking a few bucks, I probably will not be making any major investments.
    But if you've been watching these rates over the last few years, they always talk big numbers but usually delive much smaller ones. If that 5-9% ends up being closer to 2%, don't be surprised.
     
    Last edited: Oct 13, 2021
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  20. Ken Rose

    Ken Rose Squier-holic

    Sep 23, 2010
    Northern California
    There won't be anything left when I retire.
     
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