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Social Security Benefits

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  1. Brunson10 Brunson10 is offline

    Enola, PA
    United States

    Posts: 685
    Joined: May 05

    Feb 9th, 2011 (2/9/2011 2:02pm)

    Once you hit the age of 65 and have earned your benefits, can you take a lump sum or are you required to recieve monthly payments?
  2. Dyzalot Dyzalot is offline

    Candia, NH
    United States

    Posts: 14,473
    Joined: May 05

    Feb 9th, 2011 (2/9/2011 2:03pm) in reply to Brunson10

     
    Originally Posted by Brunson10 View Post

    Once you hit the age of 65 and have earned your benefits, can you take a lump sum or are you required to recieve monthly payments?

    Lump sum of what? You do realize there is no account with your name on it in a bank somewhere, right?
     3
  3. Brunson10 Brunson10 is offline

    Enola, PA
    United States

    Posts: 685
    Joined: May 05

    Feb 9th, 2011 (2/9/2011 2:09pm) in reply to Dyzalot

     
    Originally Posted by Dyzalot View Post

    Lump sum of what? You do realize there is no account with your name on it in a bank somewhere, right?

    I'm pretty ignorant on the whole subject. My understanding was that as long as you work you're earning credits towards your retirment. Once you hit retirment age they split whatever you have paid towards retirment into monthly payments that they pay you out. Way of?
    Thread Starter
  4. vewysneeeaky vewysneeeaky is offline

    Posts: 296
    Joined: Jan 11

    Feb 9th, 2011 (2/9/2011 2:12pm) in reply to Brunson10

    lol they base your payment on the amount you have paid in/taxable income throughout your life. Plus cost of living expenses until you die.

    Not sure how they would give you a lump sum (and i have never heard of that before) considering that noone knows how long you will be living, and they aren't able to predict cost of living increases (considering there hasn't been one in years)

    Just as an example for you one of my clients worked under the table/owned his own company for the majority of his life. Now he is an incapacitated adult and only recieved 200 per month. It doesnt matter what he needs now, its all based on what he paid in when he was young.

    Another one of my clients worked professionally throughout his life and brings in 1700 per month....

    There isnt a stock pile of funds for them to pull from. THe money that we pay in currently now out of our paychecks is what they are recieving.
  5. Dyzalot Dyzalot is offline

    Candia, NH
    United States

    Posts: 14,473
    Joined: May 05

    Feb 9th, 2011 (2/9/2011 2:14pm) in reply to Brunson10

     
    Originally Posted by Brunson10 View Post

    I'm pretty ignorant on the whole subject. My understanding was that as long as you work you're earning credits towards your retirment. Once you hit retirment age they split whatever you have paid towards retirment into monthly payments that they pay you out. Way of?

    In reality it is just another entitlement paid out from current tax receipts.
     3
  6. Brunson10 Brunson10 is offline

    Enola, PA
    United States

    Posts: 685
    Joined: May 05

    Feb 9th, 2011 (2/9/2011 2:18pm) in reply to vewysneeeaky

     
    Originally Posted by vewysneeeaky View Post

    lol they base your payment on the amount you have paid in/taxable income throughout your life. Plus cost of living expenses until you die.

    Not sure how they would give you a lump sum (and i have never heard of that before) considering that noone knows how long you will be living, and they aren't able to predict cost of living increases (considering there hasn't been one in years)

    Just as an example for you one of my clients worked under the table/owned his own company for the majority of his life. Now he is an incapacitated adult and only recieved 200 per month. It doesnt matter what he needs now, its all based on what he paid in when he was young.

    Another one of my clients worked professionally throughout his life and brings in 1700 per month....

    There isnt a stock pile of funds for them to pull from. THe money that we pay in currently now out of our paychecks is what they are recieving.

    thanks
    Thread Starter
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