2021 COLA for U.S. Citizens - Page 2

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2021 COLA for U.S. Citizens - Page 2


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  #11 (permalink)  
Old 17th October 2020, 12:33 AM
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WELL SAID greenstreak1946!!!...the US Government will spend millions and even billions on other countries but they just don't seem to do much for the actual American citizens who are paying the taxes that generates revenue to support a government who treats their citizens like left-overs!!! As I mentioned in my original post...ALL recipients drawing Social Security Benefits are estimated to be short 20 to 30% in actual buying power due to inflation. The entire purpose of the COLA raises was to stop retirees from falling behind but year after year we keep falling further and further behind because we are given either NO COLA raise or a tiny little 1.3%...

I certainly appreciate ANY raise, and every little bit does help...but the fact remains that the way they calculate inflation and the COLA raises has got to change! Needs to be changed! Should be changed! I hope it will change...

AND...did I mention that it has got to change?
Watching and learning here, I assume the US pensions are means tested? If you have too much money then no pension like Australia?
I agree with the sentiments here and it's probably relative to most western countries hand outs to shore up votes and be seen to be politically correct in the eyes of the world at the expense of the tax payers. Work hard for 45 or 50 years, contribute to the system,,,,,, sorry sir you have too many assets and cash not that I can apply (61) nor would I bother as I saw the problem with our system 30 years ago and it's getting worse.

I see the pensioners in Oz trying to live on AU 22K a year with minuscule annual rises, their income has been eroding for donkeys years, fortunately many own their own homes and eke out a pretty miserable existence after years of propping up mismanagement, those renting? Nasty. BTW AU 22K is about US 15.5K and I don't know where that fits for those living in the US as I've not been there for over 12 years but from then the cost of living was cheaper than Oz so probably relative.

What Peeves me is (in Oz) the workers get jack S*it but the politicians pensions are 6 figures and not based on their wealth (not means tested) so our current Prime minister Scott Morrison who has a net worth of over AU 50M will get a 6 figure pension, his annual wage is 528K p/a, the previous leader like your President donates his wage to charity but hey he is worth 200M+ and I'm sure taking the 6 figure pension as he has retired from the lime light,,,,,,, the people that paid for all this? Are still paying for all these retired politicians and most don't see, they plod on with what is offered.

Sorry for the b*tch, angry with my government and I see the same happening inmost countries,,,,,,,, we won't get into the superannuation contributions that the taxpayer make for our politicians, that's another sad story.

OMO.

Cheers, Steve.

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Old 17th October 2020, 02:29 AM
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Watching and learning here, I assume the US pensions are means tested? If you have too much money then no pension like Australia?
Not exactly. Two scenarios and both may apply.

If you earn money at a job (not passive earnings like investments):

The earnings limits are adjusted annually for national wage trends. In 2020, you lose $1 in benefits for every $2 earned over $18,240. If you have a part-time job that pays $25,000 a year $6,760 over the limit Social Security will deduct $3,380 in benefits. Suppose you reach full retirement age this year.

If your total income (passive and / or non-passive) goes over a certain limit, you pay income tax on the SS benefit. I only have passive income and it is too much, so I pay regular income tax on 85% of my SS benefit.

I don't think there is any scenario where an American can lose their entire benefit because they are too rich. They do get taxed on it.
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Old 17th October 2020, 03:23 AM
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Not so for Oz Don,,,,, unless you are a politician retired. I will never see a pension and some could argue rightly so, you sir have too much money and p*ss off. A question Don, if a millionaire, cash/investments but only the family home applies for the pension, (Australia the family home is valued) SS I think you call it there after working and paying taxes for 40 or 50 years, do they qualify? Partial pension or zilch?

It seems to me that those in Oz that chose to work hard and pay far more tax than the average joe are penalised and have no recourse. My company and trust taxes, my employees taxes nary come into the equation, what you generated towards the countries economy. You know what? I'm simply happy to not have to bother with penny pinching but honestly feel for the average wage earner now trying to live on a pension.
I see why many from my country and others chose a life in a foreign destination so they can have a half decent life not afforded by their home countries.

Hey OMO and mostly relevant to Oz.

Cheers, Steve.

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Old 17th October 2020, 03:31 AM
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Make sure you vote Nov 3rd!


Already voted...sent my ballot in early September and received an email from the Election Commission about 2 weeks later stating that they received my ballot...

I think every election is important...but in light of everything that has happened in recent months...this is probably the single most important election of our lifetime!

There have been riots before but never has there been dozens of cities burning and businesses being looted like they have recently and calls for defunding the Police and crime is on the rise and the military leaders getting involved in political comments and the FBI fabricating false evidence and the news media not reporting facts and politicians wanting to allow illegal alien's the right to vote and receive stimulus money, and worst of all...no one seems to respect the office of the President any more, (it doesn't matter if people like the President or not but you still must respect the position)! People vote and a President is selected and if people don't like it, get out and vote someone else into office at the next election!

America is on the verge of losing the freedoms and liberties we were founded on!

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Old 17th October 2020, 04:58 AM
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Watching and learning here, I assume the US pensions are means tested? .....
.
In Canada there is a claw back provision. No limit on assets but to get to keep any social benefit it is based on your income in the previous year.

At $CDN77,580 it starts and if you are over around 126,000 you do not get anything.

I deferred my pension for a few months because it increases by 0.6% per month and my 2019 income was high enough to wipe out any Canada Pension until July 2021. (If you take it early you lose 0.6% per month.)
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  #16 (permalink)  
Old 17th October 2020, 05:24 AM
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Too young to apply for anything and honestly even when I am won't bother as I see the broom handle getting longer every year, pity we can't shove it where it's needed.

OMO.

Cheers, Steve.

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Old 17th October 2020, 06:46 AM
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Not so for Oz Don,,,,, unless you are a politician retired. I will never see a pension and some could argue rightly so, you sir have too much money and p*ss off. A question Don, if a millionaire, cash/investments but only the family home applies for the pension, (Australia the family home is valued) SS I think you call it there after working and paying taxes for 40 or 50 years, do they qualify? Partial pension or zilch?

It seems to me that those in Oz that chose to work hard and pay far more tax than the average joe are penalised and have no recourse. My company and trust taxes, my employees taxes nary come into the equation, what you generated towards the countries economy. You know what? I'm simply happy to not have to bother with penny pinching but honestly feel for the average wage earner now trying to live on a pension.
I see why many from my country and others chose a life in a foreign destination so they can have a half decent life not afforded by their home countries.

Hey OMO and mostly relevant to Oz.

Cheers, Steve.
Steve, Social Security was never meant to be the amount you live on after retiring. It is a supplemental income to what you should have already accumulated/set up for life after retirement. It was supposed to be about 33% of what you needed monthly/yearly.

Chuck
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  #18 (permalink)  
Old 17th October 2020, 10:04 AM
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Not so for Oz Don,,,,, unless you are a politician retired. I will never see a pension and some could argue rightly so, you sir have too much money and p*ss off. A question Don, if a millionaire, cash/investments but only the family home applies for the pension, (Australia the family home is valued) SS I think you call it there after working and paying taxes for 40 or 50 years, do they qualify? Partial pension or zilch?

It seems to me that those in Oz that chose to work hard and pay far more tax than the average joe are penalised and have no recourse. My company and trust taxes, my employees taxes nary come into the equation, what you generated towards the countries economy. You know what? I'm simply happy to not have to bother with penny pinching but honestly feel for the average wage earner now trying to live on a pension.
I see why many from my country and others chose a life in a foreign destination so they can have a half decent life not afforded by their home countries.

Hey OMO and mostly relevant to Oz.

Cheers, Steve.
Oz rules are much tighter. In the U.S., the SS programs have expanded over the years to cover more situations.

It does not matter where you retire or how many assets you have. If you paid in, you get something back. Sometimes politicians refer to it as an "entitlement" program but it really is not, because you pay into the fund. If you don't pay in enough over the years you will get nothing. I think you have to pay in 40 quarters, 10 years, to get a benefit. I paid in for over 40 years, starting when I was a kid. They fund it with 6.2% of your salary but there is an annual cap. The employer also pays 6.2% so a total of 12.4%. If you are self-employed, you pay the entire 12.4 %.

It used to be kept entirely separate but some time in the past the government moved it into the national budget. No reason for it, except to play political games with it.

If your income is too much, the SS will be counted as regular income and you pay tax on it. In some ways, this is double taxation as you already paid the 6.2% in as an "investment".
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  #19 (permalink)  
Old 17th October 2020, 11:02 PM
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Thanks all for the input, seems Aussies get screwed. Say a retired single on a full pension of about AU 22K is allowed to earn 89 bucks a week, for every dollar over that they lose 50 cents in the dollar off their pension. Income includes interest/dividends/rent received/wage for work/superannuation returns etc. Then there is the mobility of the pension to another country, more difficulties and less money.

It was good to hear how others do it, again thanks.

Cheers, Steve.

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