I have a friend who has ideas on How to fix and save Social Security. Don Queen, originallly of Scioto County, Ohio. He is a CPA and managed the finances for Cal State University in California.
I had heard, quite by accident, of a law regarding "File and Suspend" which if spouses agreed to they could notify SS that they wanted to file for social security, suspend receiving any checks until seventy years of age, at the highest spouses' retirement SS income. That is as much as forty per cent higher than my retirement SS check Our governmental establishment representatives (members from republican and democrat parties) told us nothing about this when I retired at 65 in January, 1998. Should I have known? Almost NO Way! Many working in SS did not know of the ending File and suspend benefit which expires very soon - April 30, 2016. I am 83 and past the choice now. If you could make the choice check it out with SS now!
In fact, only one per cent of men and two per cent of women had taken advantage of this spousal benefit at their Federal Retirement Age for the years 2009 thru 2012.
OK, so what file and suspend means is that if you had taken advantage of thee beneficial choice, and waited to receive any check until you were 70 years old. you would have received 8 % more each year of your highest benefit check for each year exceeding your Full Retirement Age FRA, which has been continually changing to make up for the failed promises of the SS system.
I understand that FDR Franklin Delano Roosevelt who introduced Social Security Tax in the mid-thirties, initially indicated it would never exceed $1,000 /yr income nor exceed 3 % of that. It would be a separately held account for each contributing to it with compounded interest for a person's lifetime. Since then the democrats have separated the funds into the general budget account for the Feds, and have made nine or so additional changes, all by Democrats, to weaken the system and which will cause its demise. Our fed reps are doing nothing to save the system except to kick the can down the road. Neither party wants to be blamed for making dire changes necessary for its survival.
I trust no man to truly work altruistically for us the people. Hopefully, Tea party reps must soon face and attempt fixes for our children, great grandchildren and beyond.
Don Queen has a book and I also recommend "Get What's Yours, by Laurence J. Kotlikoff. Philip Moeller, and Paul Solman, Simon & Shuster, 2015.
The following is Don Queen's:
letter: Re: Friday, Aug. 14 Editorial Opinion- Unhappy Birthday. I believe all should obtain and read "How to Fix and Save Social Security" a recent 50 page book by Mr. Don Queen, Retired President of the University Corporation for Cal State University in Northridge, California. He also was chair of the University Investment Board. His book is a very much worthwhile read for politicians and all Americans to consider. Politicians on both sides have talked about fixes for SS, but Mr. Queen has very helpful comments. His three page summary of the book is immediately available from Mr. Queen at: www.kondoqueen@gmail.com .
My take is not as well-informed as i would like but my wife and i checked with SS today at 1-800-772-1213 and the SS rep informed us that in the event of either's death, the surviving spouse will get the higher earning spouses' check each month in addition to the lump sum standard $255 death benefit. The lower earning spouse benefit will cease.
My take is for each to work as long as you can at something to keep up with no, or very little, COLA's the rest of your life, while senior living costs continue to rise steadily.
My further political take is that the left politicians will continue to spend and the conservatives will try to maintain our country's freedoms our service people have fought for.
skegley.blogspot.com SamKat
No comments:
Post a Comment