WILL YOU BE COLLECTING SOCIAL SECURITY !!??

[stuntmovie]

Once again I gotta admit that this is another subject which I know little about, but now realize that it is of utmost importance once you start collecting!

My big question at this time is .... Are any of you GetBiggers employed or work in a job  which is not 'covered' by eventual SS benefits?

I assume that professional bodybuilders and internet "influencers'" report their yearly income on their annual U.S. 1040 Tax Form which most likely 'covers' their annual SS obligation .... but once again ... I have no idea how that works ,,,, nor do I know what percentage of GetBiggers will NOT BE eligible for SS benefits upon coming of age to collect those benefits.

In short .... Who would not be eligible for SS benefits and what is the formula used to determine what your monthly SS check would/will be for those who are eligible?

Asking for a friend who is very dum!

[mphgrove]

All W2 earnings (regular wage and salary employment) have Social Security deducted. If you are an independent contractor and get 1099 earnings, it is a little more complicated, but if you file your taxes properly, you will also have Social Security deducted and it will build up (social media income probably falls in this category). Bodybuilder drug sales or much of posing income, and even personal training, would not qualify unless the income is reported or a 1099 is submitted by the self employed individual or the person paying the bodybuilder, etc. (unlikely in most or many cases). Some employer earnings do not qualify for Social Security. For example, many school teacher pension plans and some government employees do not deduct Social Security for their employees, but these employees have big traditional pensions instead. But they would still have Social Security deductions on weekend or side jobs.

The Social Security formula mainly gives you a “proportionate” monthly check to what you paid in, however favoring the little guy over the big guy from a proportionate standpoint.

[oldtimer1]

All W2 earnings (regular wage and salary employment) have Social Security deducted. If you are an independent contractor and get 1099 earnings, it is a little more complicated, but if you file your taxes properly, you will also have Social Security deducted and it will build up (social media income probably falls in this category). Bodybuilder drug sales or much of posing income would not qualify unless a 1099 is submitted by the self employed individual or the person paying the bodybuilder, etc. (unlikely in most cases). Some employer earnings do not qualify for Social Security. For example, many school teacher pension plans and some government employees do not deduct Social Security for their employees, but these employees have big traditional pensions instead. But they would still have Social Security deductions on weekend or side jobs.

Those who are employed by government that have a pension the employer can opt out of social security. The government employer has to kick in money to Social security if they deduct social security out of a pay check. I worked for government for around 35 years in different jobs. My longest job for 25 years never paid into social security.  When I looked into social security I was shocked to find I was only due around $500 bucks a month.

Another factor is the Windfall provision. In short it says you get around a 50% deduction of what's is promised if you have a pension and haven't paid into social security for continuous decades. So I would get $250 of the $500 promised. I know other government county workers that had social security deducted their whole career. They will get both their pension and social security.

I'm doing fine with my pension, investments and very part time job.  I just wish all my government jobs had social security deductions.

[SOMEPARTS]

Self employed still pays plenty if you are actually filing taxes correctly.

[Humble Narcissist]

By the time you retire there will probably be Universal Basic Income anyway.

[SOMEPARTS]

By the time you retire there will probably be Universal Basic Income half the population alive anyway.

[MAXX]

By the time you retire there will probably be Universal Basic Income anyway.

There already is. It's called social security. What's the difference.

[Thin Lizzy]

Self employed still pays plenty if you are actually filing taxes correctly.

This. The Self-Employment tax on top of income is 15%.

[SOMEPARTS]

There already is. It's called social security. What's the difference.

Age of issuance.

The question is, what reason will govt have...to pay for younger people to sit around producing nothing in the age of technology which centralizes everything?

I can't think of one...and that's a lot of people. There's only so long they can send free money out to have it circle back to corporations. Even that has a limit of use.

[Humble Narcissist]

There already is. It's called social security. What's the difference.

You don't have to put anything into UBI. All people would get it regardless of age.

[MAXX]

Age of issuance.

The question is, what reason will govt have...to pay for younger people to sit around producing nothing in the age of technology which centralizes everything?

I can't think of one...and that's a lot of people. There's only so long they can send free money out to have it circle back to corporations. Even that has a limit of use.

Yeah so it's the same thing, it exists already.

People don't do social security because they want to improve their life situation by getting more money(maybe having better social status too)
And getting more money has the benefit of mainly A. being able to attract a more attractive partner B. To give their family/children a better/more safe future.

[IroNat]

Sperm counts are down, wimmens getting themselves sterilized, Gen Z'ers not marrying or having kids, aging population, less and less peeps to pay in to Social Security.

Huge Corps. with robot workers and few humans.

No skill peeps who used to do factory work have no jobs and nothing to do or they will work service jobs.  They do it now at WalMart.  WalMart is a huge social service employer for uneducated, no skill peeps.

May have to have UBI to prevent total society breakdown.

Kurt Vonnegut's first novel called "Player Piano" was about this. 

[IroNat]

Right now SS taxes the first $144k of wages.  Back in the 1980s they only taxed around $3k of your wages.  That will keep going up till 100% of wages is taxed.

Then means testing will prevent those with other income from collecting.  Some means testing already happens when your SS is taxed if you have income above a threshhold.

That will keep SS going for quite awhile.

UBI will be gradually rolled out.  It's already been tested with Covid.

[oldtimer1]

Unemployment pays more than social security and being an illegal immigrant.

[pkaz]

Civil service employees, teachers, police officers, fire department, etc., as well as most Government service personnel do not contribute to SS. Therefore, they do not collect SS upon 62yrs or older. That is because they usually have great pensions.

[oldtimer1]

Civil service employees, teachers, police officers, fire department, etc., as well as most Government service personnel do not contribute to SS. Therefore, they do not collect SS upon 62yrs or older. That is because they usually have great pensions.

That isn't accurate. It depends on government agency. I know of a Sheriff department that contributes to SS.  It's up to the government employer. Many cities, counties and states do contribute.

[The Scott]

I am eligible but am still working. 

[SOMEPARTS]

Unless you are 60+ I wouldn't plan on current SS being around anyway.

More likely they start turning malls into giant county homes where you quietly end your days eating cricket paste pate.

[The Scott]

Unless you are 60+ I wouldn't plan on current SS being around anyway.

More likely they start turning malls into giant county homes where you quietly end your days eating cricket paste pate.

That was frighteningly good.  "Circket Paste pate'".  Ugh!   

[stuntmovie]

Thanks to ya all! I is much smarrter now!