Piece about Social Security benefits

[ProVobis]

And don’t forget what your employers also put into the system for you as well.

 

[dochawk]

The biggest problem with social security is that that it takes from people who work and gives to those who won’t work. Many of them are able bodied, but would rather collect the dole.

SS retirement is paid to those who paid in, based upon what they paid in. There is a redistributive element, but no-one gets paid without a minimum of ten years in.

ss disability requires a shorter pay-in, but is essentially an insurance program. You have to ave worked a specified number of recent years to be eligible.

 

[stinkcat_14]

SS retirement is paid to those who paid in, based upon what they paid in. There is a redistributive element, but no-one gets paid without a minimum of ten years in.

Actually, Social Security is a welfare program. One has no property rights to social security like one might have in a 401k. The courts have been very clear that it is a welfare program. It has also been a massive redistribution program. Mostly from workers to early recipients. People who retired in the 40s through the 90s made out like bandits with social security. Benefits will become less generous because there are fewer people pulling the wagon and more people in the wagon.

 

[Socrates92]

According to a quick google search, mmbrs are fully vested after a mere five years. If you think of the present value of the future annuities divided by five, id bet it’s pretty generous on a per-year basis. Does the general federal workforce get that?

 

[Convert3]

Vesting in five years is common for pensions. My company vested me in five years, I retired after 16. It’s not enough to live on. My pension is about 15% of my highest salary. All vesting means is your eligible for a pension when you reach retirement age. I believe the Federal government pension is allowed at age 55 for a reduced amount. Someone at age 55 working only five years would likely get a few hundred dollars a month. Someone working 20 years may get a couple thousand. Congressional Representatives that are under the older systems and have worked many years would have a more generous pension than someone that has entered Congress for the previous twenty years or so.