Social Security Funds

[benush26]

After retiring, I went to the Social Security office to apply for Social Security. The woman behind the counter asked me for my driver's license to verify my age. I looked in my pockets and realized I had left my wallet at home. I told the woman that I was very sorry, but I would have to go home and come back later. The woman said, 'Unbutton your shirt'. So I opened my shirt revealing my curly silver hair. She said, 'That silver hair on your chest is proof enough for me' and she processed my Social Security application. When I got home, I excitedly told my wife about my experience at the Social Security office. She said, 'You should have dropped your pants. You might have gotten disability, too' And then the fight started.....

[joshh]

She said, 'You should have dropped your pants. You might have gotten disability, too' And then the fight started.....

You sir, win at life...and everything

[pennview]

According to the U.S. Office of Personal Management (the folks who handle these things), Congress created the Federal Employees Retirement System (FERS) in 1986, and it became effective on January 1, 1987. Since that time, new Federal civilian employees who have retirement coverage are covered by FERS. For details, see -- http://www.opm.gov/retire/pre/fers/index.asp

[dickg1]

According to Will Rogers investing and making money in stocks is easy.
To quote "Take all of your money out of the bank and buy good high quality stocks. Wait until they go up and then sell them. If they don't go up, don't buy them". :D:D

Dick

[swampgator]

While I am not a fan of Wiki, if you read this, you'll see that folks hired from Jan. 1984 were put under FERS, no choice. I don't know if their credits were rolled over to FERS at the time of enactment, but all those hired after 1 October 1983, were enrolled in FERS. It was a big issue and a topic of much discussion. OPM does say that it did not go into effect until 1986, but for a fact, I know fully well, that when I went to the Naval Supply Center, Pensacola in Sept. 1984, new hires were being put into FERS. Our secretary, the civilian executive director's secretary, several others were put into FERS before 1986. Bet your bottom dollar on that one. After it was officially enacted, immense pressure was applied to convert all CSRS employees to FERS. You pay the same deduction of 7% to get less unless you put in 10% into TSP.

The discussion in the early 1980's was to make our temporary folks eligible to pay into a retirement program and make that portable retirement program. FERS was the solution. From 1979, we hired many folks to work temporary jobs not to exceed one year. Those folks did not get the pay that normal federal employees received, no paid time off (holidays or vacation), no retirement as they were not part of the system. Most of the ones I knew and worked with were excellent workers. Each September, they received a notice that they were terminated Sept 30. Near the end of Sept. they received another piece of mail that they should report to work on Oct. 1 or the first workday after. So, they paid nothing into a retirement program and it was up to them to put funds into their Social Security account.

Only about 1/3 of federal employees hired make a career of it and get a retirement.

Now, just a bit off topic, just learned that many service members who retire did not pay for survivor benefits during their career. So, when the retired military member expires, his/her spouse gets none of the military retirement. Only, if that spouse works and pays into SS or another retirement program do they get anything. This was a discussion just Friday with two neighbors. One of them does get a couple hundred dollars per month from the VA. If it weren't for the rental houses she has, she wouldn't be able to survive.

[derekdarling]

OK, Canadian here, so most of the foregoing discussion doesn't apply to me. But let me tell you a story and ask if you have the same memories.

Lo, these many years ao, I read one of our dollar bills. It was nice and artistic, and had the following inscription:

'The Bank Of Canada will pay to the bearer, on demand, the sum of' whatever the denomination was.

Today, and for some time now, our money simply says:

'This note is legal tender'.

So... money has gone, in one lifetime, from REPRESENTING wealth, to BEING wealth.

It is my considered opinion that most of our fiscal troubles can be related to this simple concept. The wealth of nations used to be based on what came out of the south end of a cow going north. Being able to grow crops to feed your population was the basis of the ability to do other things than hunt and gather, thus creating opportunity to do other things.

It is my background in a Christian church that makes me realise that everything came from God, and we are indeed our brothers' keepers. It is also the gift of our culture that allows for the creation and concentration of wealth. Wealthy people are dependant on the social, economic and legal structures that allowed for the concentraiton of that wealth. One would think that simple gratitude would incline those with wealth to share, to make provision for those in need and want. Keeping the recent season in mind, the lessons learned by Ebeneezer Scrooge should give us all pause.

I would go so far as to say that if you are not actively feeding the poor, clothing the naked, sheltering the homeless, visiting and comforting the imprisoned, and conforting the sick, then you do not have the right to enjoy your wealth, and if the government steps in to do those things on yuor behalf, then you bring this on yourself. One person, above, mentioned that GREED was a prime cause. That is right, and should be recognised.

I'm just sayin'

Derek

[dusty]

OK, Canadian here, so most of the foregoing discussion doesn't apply to me. But let me tell you a story and ask if you have the same memories.

Lo, these many years ao, I read one of our dollar bills. It was nice and artistic, and had the following inscription:

'The Bank Of Canada will pay to the bearer, on demand, the sum of' whatever the denomination was.

Today, and for some time now, our money simply says:

'This note is legal tender'.

So... money has gone, in one lifetime, from REPRESENTING wealth, to BEING wealth.

It is my considered opinion that most of our fiscal troubles can be related to this simple concept. The wealth of nations used to be based on what came out of the south end of a cow going north. Being able to grow crops to feed your population was the basis of the ability to do other things than hunt and gather, thus creating opportunity to do other things.

It is my background in a Christian church that makes me realise that everything came from God, and we are indeed our brothers' keepers. It is also the gift of our culture that allows for the creation and concentration of wealth. Wealthy people are dependant on the social, economic and legal structures that allowed for the concentraiton of that wealth. One would think that simple gratitude would incline those with wealth to share, to make provision for those in need and want. Keeping the recent season in mind, the lessons learned by Ebeneezer Scrooge should give us all pause.

I would go so far as to say that if you are not actively feeding the poor, clothing the naked, sheltering the homeless, visiting and comforting the imprisoned, and conforting the sick, then you do not have the right to enjoy your wealth, and if the government steps in to do those things on yuor behalf, then you bring this on yourself. One person, above, mentioned that GREED was a prime cause. That is right, and should be recognised.

I'm just sayin'

Derek

Yes, derek, you are spot on. We, as a society, have lost the moral fiber that made this country great. It is my opinion that the demise of the extended family is the root cause of this decay. The extended family taught us to look out for one another's well being and to share what we had with those who needed our help while at the same time teaching us to contribute to the welfare of the family.

I grew up in dry land farm country. It was during the planting seaosn and then again during the harvest season that I watched all this happening. On planting day, we could sit on the front porch and watch as tractors and plows approached from all over the area. They were coming to help seed the fields. Once done, we got on the tractor and headed down the rode to do the same elsewhere.

What I remember most vividly was harvest season the year Grandpa had his heart attack. It seemed as though everyone we knew came to harvest. All the crops on two sections were harvested that day. It was amazing to watch. Harvest normally would have taken two or three weeks and was dependent on the weather. This year, because "everyone" came together as a family, harvest occurred in one day.

Does that happen today. Yes, probably but on a much smaller scale and much less frequently. The family is just much too busy and much too involved to have time.

[swampgator]

Dereck, totally agree with your statements. In our church, we have a method to give to a general fund from which comes percentages to go to church maintenance, educational info, church school and welfare to the community. That welfare to the community is for those who are members and the community at large. We often have folks to stop in and say they are on their way from one crop picking to another. You can tell these folks are hungry and getting them something they can eat on the road and a tank full of gasoline to get them to their destination is a wonderful feeling to help them.

Yes, our paper currency used to say "Silver Certificate" and was used to pay debts. I still have a couple of them before they said "In God We Trust" and before it was a Federal Reserve Note. And, shortly after we had the Federal Reserve note, we were removed from the Gold Standard to the national Gross Domestic Product. My father-in-law wondered how long that would last. Well....is that the handwriting on the wall?

[JPG]

Dereck, totally agree with your statements. In our church, we have a method to give to a general fund from which comes percentages to go to church maintenance, educational info, church school and welfare to the community. That welfare to the community is for those who are members and the community at large. We often have folks to stop in and say they are on their way from one crop picking to another. You can tell these folks are hungry and getting them something they can eat on the road and a tank full of gasoline to get them to their destination is a wonderful feeling to help them.

Yes, our paper currency used to say "Silver Certificate" and was used to pay debts. I still have a couple of them before they said "In God We Trust" and before it was a Federal Reserve Note. And, shortly after we had the Federal Reserve note, we were removed from the Gold Standard to the national Gross Domestic Product. My father-in-law wondered how long that would last. Well....is that the handwriting on the wall?

The amount of gold is 'fixed'. The max size of GDP is not.

Oh! How has the departure of manufacturing affected all this?;)

Yes I know 'service' efforts are a part of GDP, but . . . it 'produces' nothing.

[swampgator]

[quote="JPG40504"]The amount of gold is 'fixed'. The max size of GDP is not.

Oh! How has the departure of manufacturing affected all this?]

Exactly!!!:)