how much is you pension?

[little mary sunshine]

7 hours ago, CaptHaddock said:

 

Gary A you are as reliable as Old Faithful.  It's just that your "information" is always wrong.

 

The current payroll tax contribution for SS for an employee is 6.2%.  For a self-employed persion, it's double that or 12.4%.  Medicare tax is in addition.  Historically, the payroll tax rate was lower, so for those who are retiring now their average payroll tax rate over their lives was lower.  Since there is now and has always been a ceiling on the payroll tax those earning above that ceiling pay nothing on the income over the ceiling amount making their effective payroll tax rate lower. 

 

SS beneficiaries do not have individual "accounts" and therefore do not have dollars or securities in their non-existent "accounts."  Nor do beneficiaries receive interest of any kind although the SS Trust Fund does receive substantial interest on US bonds.

 

Once again, no fraud has occurred and the SS system remains solvent having never failed to make full beneficiary payments in its 80 year history.

 

I post this correct information in the hopes that the merely ignorant may benefit from it.  Of course, it's obvious that the invincibly ignorant will not become informed.

 

Finally someone that knows what they are talking about.  SS is not

only retirement but you have insurance your entire working career,

should you be 100% disabled, also benefits for a disabled child.  SS

is an automatic payout, there is no account with "your money" in it!.,

[gk10002000]

12 hours ago, micmichd said:

Monthly payments don't count as income?  Guess they do, and they'll be taxed and/or used to reduce welfare benefits.

reverse mortgage monthly payouts do NOT count as income, nor do they count as taxable income, nor are they taxed.

[micmichd]

4 hours ago, gk10002000 said:

reverse mortgage monthly payouts do NOT count as income, nor do they count as taxable income, nor are they taxed.

Then that's a difference to Germany. 

[gk10002000]

2 hours ago, micmichd said:

Then that's a difference to Germany. 

The reason is, is the monies from a reverse mortgage are a loan!  Loans are not income.  You put up your house as equity, the bank gives you money.  Typically people take out a small or modest lump sum in addition to monthly payments.  All those monies are loaned to you. 

[Ahab]

Enough to retire comfortably in Thailand at age 54.

[yogi100]

On 16/09/2016 at 3:55 PM, guzzi850m2 said:

OP didn't say how much he is getting himself, which I find odd!

 

Since I am below 55, I still have a long way to go before any pensions can be had.

 

I have found out that in order to get pension from my home country, I have to been living there for 30 years, counting from 18 until pension age; 67 (oh shit it's 68 now). I am 3 years short, so are thinking about moving my address home for some years at some stage.

Then I can get app 9.000US$ per year but I will be taxed of that, bastards.

Thinking about it, hardly worth it man.

 

How much in Bhat? A currency we're all familiar with.

[Ahab]

Around 26,250 per month in Baht.

[little mary sunshine]

2 hours ago, gk10002000 said:

The reason is, is the monies from a reverse mortgage are a loan!  Loans are not income.  You put up your house as equity, the bank gives you money.  Typically people take out a small or modest lump sum in addition to monthly payments.  All those monies are loaned to you. 

 

In  the USA reverse mortgages are the biggest rip off for Seniors.  The banks

charge thousands of dollars, usually 10-15K to initiate the loan, appraise the

property, demand two years in taxes, all deducted from the 70-75% of the

loan value of your property.  Yes, Seniors get a monthly amount to add to

their monthly income tax free, however within 5-7years the Banks, (mostly

loan companies), just about own your property.  They also mostly require

an adjustable rate mortgage, another rip off.  Stay away from these SCAMS,

they are only in business to enrich THEMSELVES.

 

[micmichd]

3 hours ago, gk10002000 said:

The reason is, is the monies from a reverse mortgage are a loan!  Loans are not income.  You put up your house as equity, the bank gives you money.  Typically people take out a small or modest lump sum in addition to monthly payments.  All those monies are loaned to you. 

Good to see American real estate owners trust their banks so much that you can rely on the loan to come in periodically.

Take the example of a German bank called Deutsche Bank. This bank is about to get bankrupt in Germany (or about to get saved because it's "too big to fail") Good to have your real estate assets as a virtual hostage in the USA. Hopefully they haven't sold their promises as securities for further business etc. etc. 

[CaptHaddock]

47 minutes ago, little mary sunshine said:

 

In  the USA reverse mortgages are the biggest rip off for Seniors.  The banks

charge thousands of dollars, usually 10-15K to initiate the loan, appraise the

property, demand two years in taxes, all deducted from the 70-75% of the

loan value of your property.  Yes, Seniors get a monthly amount to add to

their monthly income tax free, however within 5-7years the Banks, (mostly

loan companies), just about own your property.  They also mostly require

an adjustable rate mortgage, another rip off.  Stay away from these SCAMS,

they are only in business to enrich THEMSELVES.

 

 

To start with.  However, the big killer in the reverse mortgage is compound interest.  Now the miracle of compounding is working against you, eating your house, in fact.  The other gotcha is that while the owner can continue to live in the house even when there is no equity left, once he moves out the bank takes the property.  Now, the owners naively think they will die in the house, but what is more likely to happen is that they get too old to drive a car and then the house in the suburbs is too hard to live in since they can't get around any more. 

[gk10002000]

16 hours ago, CaptHaddock said:

 

To start with.  However, the big killer in the reverse mortgage is compound interest.  Now the miracle of compounding is working against you, eating your house, in fact.  The other gotcha is that while the owner can continue to live in the house even when there is no equity left, once he moves out the bank takes the property.  Now, the owners naively think they will die in the house, but what is more likely to happen is that they get too old to drive a car and then the house in the suburbs is too hard to live in since they can't get around any more. 

I don't like them, support them, nor advocate them.  My father did it without telling us kids and we could have worked out much better arrangement them he ran off and did.  But so be it

[nausea]

A lot less now. Thank you very much Brexiteers. Do you realise how many guys lives are screwed up cos of you. Personally, I don't give a monkeys, But if push comes to shove, I"ll remember.

[Gary A]

On 10/4/2016 at 7:49 PM, little mary sunshine said:

 

Finally someone that knows what they are talking about.  SS is not

only retirement but you have insurance your entire working career,

should you be 100% disabled, also benefits for a disabled child.  SS

is an automatic payout, there is no account with "your money" in it!.,

 

If there is no account with your record of earnings in it, how does the government know how much you will get per month? Obviously not everyone gets the same amount of money per month.

[gk10002000]

6 hours ago, Gary A said:

 

If there is no account with your record of earnings in it, how does the government know how much you will get per month? Obviously not everyone gets the same amount of money per month.

Everybody has an "account", well with a few pathological exceptions.  What the man meant was there is not an account such as a bank account where your money is sitting, showing a balance, or anything like that.  An American's social security account just shows you are registered, exist, how much you made, paid into social security, etc.  As others have said it is actually and better labeled insurance.  People can get declared disabled, and get payments basically at any time of their life (my oldest sister does).

[Dipterocarp]

Bottom line SS is not a pension plan, it is an insurance policy and the rules of the policy apply.


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[pattayalover]

Bottom line SS is not a pension plan, it is an insurance policy and the rules of the policy apply.


Sent from my iPhone using Tapatalk

Show me your SS policy.

[Ahab]

On ‎10‎/‎9‎/‎2016 at 1:25 AM, Gary A said:

 

If there is no account with your record of earnings in it, how does the government know how much you will get per month? Obviously not everyone gets the same amount of money per month.

You can go online to the SSN site and see a record of your earning for each year, along with an expected amount you will get at various ages if you retire (62 years, 67 years, 70 years, etc.). You need to register to use the site.

 

You should actually check them to make sure they are correct, and your retirement amounts are accurately calculated.

 

[Dipterocarp]

23 hours ago, pattayalover said:

 

 

Show me your SS policy.

 

 

Here is a link to a page on the official site where one can research it.  https://www.ssa.gov/ssi/law-regs-finder.htm It won't be of any use to those who mistakenly believe SS is a pension plan, it is Federally mandated social insurance. If I had my preference I would have kept more of my money in my own pocket and invested it the way I would have seen fit. Yes the SSA does provide glowing information every year how much I am expected to receive at various ages of initial application. Since I have to pay for it I'll be happy to take it until it gets legislated away or goal posts moved by future administrations.

Edited December 4, 2016 by Dipterocarp

[Rhys]

will find out next year

[Fookhaht]

I get so much it is hard to close my wallet ...
 

That Vietnamese Dong makes me feel like a millionaire too!


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[Fookhaht]

I hate to be a killjoy ,and you guys obviously love giving your personal money details to a complete stranger,,Well,i'm doing quite nicely thank you.So mind your own business.

Translation: I'm poor & destitute

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[mike13]

i m 58yo and plan to go there with my future pension on 62's ...which will be around 55000euros/month, so it's a little bit short...

moreover i presently save and will be able to leave europ with investment around 2500Keuros...

does it works ? not sure, but better than nothing

[theoldgit]

12 hours ago, mike13 said:

i m 58yo and plan to go there with my future pension on 62's ...which will be around 55000euros/month, so it's a little bit short...

moreover i presently save and will be able to leave europ with investment around 2500Keuros...

does it works ? not sure, but better than nothing

With a pension of over 2m Baht a month (55,000 x 37 = 2,035,000) I think you'll survive.

[Goldbear]

Maybe Mike13 is missing a decimal point.