Who is able and going to put the SS increase into savings

Vida May said:
Well thank you. Now I really feel like shit. I have volunteered for most of my life because it has always been very important to be the best citizen I can be. I also did everything a traditional woman is supposed to do. That is what my father wanted of me when he said the only education I should have was home economics. That is also what my husband wanted of me and the lesson of Dick and Jane readers and 1950 TV shows. I still hold those traditional values and I still volunteer. Just because I have not been paid what I worth, it does not mean I am worthless.
Click to expand...
…. You are not penalized . You are already being supplemented more than you paid in to receive …it has nothing to do with feeling like shit or not ..you made a comment about being penalized but you are not penalized at all….you are actually being paid more then you paid in to receive …it’s just a fact
 

Since I moved here going on five years ago I have been paying down debt accumulated with my husband but mostly him using it for building a solar system. This month I was able to pay off a loan that feels like I had forever. I was able to pay it off because of the extra in my check and because my rent went down. So even though I am not able to save since I have such a low income, I am using the extra to pay off more debt. The next two months I will pay off two more and will have three left. This is a "no spend" month for me and maybe next month too (only groceries, pet food and what is necessary)
 
The wealthy may save the increase, but those who live off SS won't save. I haven't checked my increase yet, but I don't expect the increase to make any difference when weighing the amount of increase against inflation. I have a hard time believing it may be greater than inflation. That's not the way Social Security works or was even designed to work.
 

No one’s cost of living will match the cpi-w or cpi-u .

the cpi is only a price change index on loads of goods and services in the 1500 mini economies that make us up .

it is not related to your personal cost of living nor should it be .

how many times you personally buy something , what you buy and the quality is going to be different from me .

highe quality goods may see more price increases but last longer .

personally I won’t buy things that went up to high at that moment ..if I can’t get the ice cream I want on sale I will buy something else totally .

the cpi does not do that .

plus many goods and services in the cpi effecting the inflation level are not things you may even use .
so never think somehow colas are going to match what you spend personally.

someone was just complaining they bought eggs in Manhattan for 5 bucks …I just bought them at Walmart in Long Island for half that .

we lost 50 million chickens to that aviana flu that has effected egg pricing .

as new supply comes on of new chickens eggs will fall
 
My SS increase will go to several things. i'm fortunate in that my daughter lives with me and shares expenses. So i will use some to finish paying off some old bills. But i am determined to to put a small amount of it into savings each month from the start, then as those old bills get paid off--put more. My intent is for the savings to help cover my half of big sporadic costs we have: The USPS box (no home delivery of mail in our little town) twice a year, Property taxes twice a year. Draining Septic Tank every other year. (Every year once we replace washing machine.)
 
Vida May said:
Well thank you. Now I really feel like shit. I have volunteered for most of my life because it has always been very important to be the best citizen I can be. I also did everything a traditional woman is supposed to do. That is what my father wanted of me when he said the only education I should have was home economics. That is also what my husband wanted of me and the lesson of Dick and Jane readers and 1950 TV shows. I still hold those traditional values and I still volunteer. Just because I have not been paid what I worth, it does not mean I am worthless.
Click to expand...
I don't think @mathjak107 was suggesting you are worthless, he was merely pointing out that SS benefits paid in vs paid out tilt heavily toward lower earners/lower contributors.

As it should be. It's right to distribute more generously to those whose needs are greater.

1950s values promoting women not working outside the home stopped being practical in the 1970s when pensions began disappearing. Ours was the last generation of women to be persistently encouraged as stay-at-homers.

Fortunately for me, my parents insisted sons and daughters alike develop our own careers. Not just jobs - careers. And we all did. My sisters and I were advised to never be 100% reliant on a man's income. Too much pressure on the man, and if the marriage blew up, the woman was (as we said in the 60s) screwed, blued and tattooed.
 
Blessed said:
I have been going back and reviewing my costs to see if I can put this increase into savings. I know we have all seen increases in gas, electricity, housing and food, just the basics. I have found I can roll the increase into savings by keeping things tight. Is that a possibility for you and your budget?
Click to expand...
Definitely very good to do, if and when possible.
Myself, no, it is needed for other costs.
 
OneEyedDiva said:
That;s wonderful Blessed. I'm sure your son appreciates you. My granddaughter is very appreciative, which makes me happy and proud. Some young people feel a sense of "entitlement". I started 529s for her and my son's youngest. There's still $$ in her account because the advice was actually to wait until the senior year to use it. My youngest grandson graduates this year. I had opened gift trust accounts for his three older children decades ago. I tried to do a little something for each of my grandchildren.
Click to expand...
Diva,
I just posted a thread on the new Secure Act 2.0. You may want to look through it, as it discusses a new option for the unused balances in 529s.
 
StarSong said:
I don't think @mathjak107 was suggesting you are worthless, he was merely pointing out that SS benefits paid in vs paid out tilt heavily toward lower earners/lower contributors.

As it should be. It's right to distribute more generously to those whose needs are greater.

1950s values promoting women not working outside the home stopped being practical in the 1970s when pensions began disappearing. Ours was the last generation of women to be persistently encouraged as stay-at-homers.

Fortunately for me, my parents insisted sons and daughters alike develop our own careers. Not just jobs - careers. And we all did. My sisters and I were advised to never be 100% reliant on a man's income. Too much pressure on the man, and if the marriage blew up, the woman was (as we said in the 60s) screwed, blued and tattooed.
Click to expand...

Well, it is nice to see the end of male privilege. However, as teachers and nurses are no longer willing to work for low wages, our economy is spinning out of control. I do not think the change in values will be as good as people think.

I will take my score points for saving on a very low income and go to a forum where it is possible to have a more philosophical discussion of human worth and justice.
 
Vida May said:
Well, it is nice to see the end of male privilege. However, as teachers and nurses are no longer willing to work for low wages, our economy is spinning out of control. I do not think the change in values will be as good as people think.

I will take my score points for saving on a very low income and go to a forum where it is possible to have a more philosophical discussion of human worth and justice.
Click to expand...

Don't do that, we don't want to lose you. We have all reached an age where we know our own worth. Don't let anyone's comment for whatever reason make you feel you don't belong, that you don't have anything to share. That is just simply not the case. We all have things to learn, the right to have friends and social outlets. We are all different but as I have said before when it comes down to it we are all alike!! Humans!
 
perChance said:
Men were also trapped in their traditional roles - and probably didn't think of it as privilege. My father had to work two jobs to pay the bills - not because he was privileged but because that is what society expected.
Click to expand...

I would also say back in the day society expected women to run the house. Keep the home fires burning, clean house, laundry done, meals on the table, raise the kids and all that entails. In my case, my Mom was also in charge of a huge vegetable garden in the spring and summer. She did not plant it but did the everyday work to have a good harvest. There was the canning, freezing and processing of all that food that tooks us through the winter so we never felt without anything. She worked as hard even harder than my step dad.
 
StarSong said:
I don't think @mathjak107 was suggesting you are worthless, he was merely pointing out that SS benefits paid in vs paid out tilt heavily toward lower earners/lower contributors.

As it should be. It's right to distribute more generously to those whose needs are greater.

1950s values promoting women not working outside the home stopped being practical in the 1970s when pensions began disappearing. Ours was the last generation of women to be persistently encouraged as stay-at-homers.

Fortunately for me, my parents insisted sons and daughters alike develop our own careers. Not just jobs - careers. And we all did. My sisters and I were advised to never be 100% reliant on a man's income. Too much pressure on the man, and if the marriage blew up, the woman was (as we said in the 60s) screwed, blued and tattooed.
Click to expand...
"My sisters and I were advised to never be 100% reliant on a man's income. Too much pressure on the man, and if the marriage blew up, the woman was (as we said in the 60s) screwed, blued and tattooed."
That's always the way I've been. My mother and grandmother both taught me to be independent. I'm glad I didn't have to rely on my (second) husband's income because being self employed since his early 20s, when the economy tanked, so did his business so he didn't have much to spare. Add to that his propensity to fund his many children and grandchildren when they asked and loan money to anyone who stopped by his store and asked (sometimes only $5 at a time)...he was always tapped out because it added up. I've been "preaching" for the longest that women should have their own, establish their own credit histories and keep separate accounts.
 
Last edited:
Teacher Terry said:
No I won’t be saving the increase. This has been an interesting year with inflation and I cut or substituted many discretionary expenses in order not to use my savings for everyday expenses. I want to save my savings for travel and emergencies.
Click to expand...

Without a doubt we have had challenges this year. I am lucky to be in my own home, have a car paid off. I know I have not felt the increase in the cost of gasoline, because I don't go anywhere of any distance. I have just seen an increase in the cost of gas to heat but am under a contract for electricity use, that has been a lucky thing. Time will come in July that I have to renew, I am already researching. Even in the horrible heat of Texas I have done well with my current provider.

Travel, I have not done. I want to put back for emergencies, house hold repairs and replacements and vet bills. I have done this all along and it has served me well. At this point, I have crunched the numbers and look I will be able to put the increase into the emergency fund for now. Might not go into CDs but will make sure I have it something happens. I expect more medical expenses this year due to some health issues so the extra emergency fund is the best bet. I will work around that for the time being.
 
Liberty said:
Thought this year we would be down in the market because it was so bad but we were up nicely and happily so now just hope it acts the same this year...lol. Think we'll celebrate this morning with a donut run!
Click to expand...
When I think about the markets I think of the song that had the words "up and down the ladder". There's no telling what the market will be doing any given day. Friday was a nice surprise, my investments were up almost $5,000 from the day before. I won't be surprised, nor will I panic (sell) when the market dips again. Glad you were also "up nicely" Liberty. 🤑
 
OneEyedDiva said:
"My sisters and I were advised to never be 100% reliant on a man's income. Too much pressure on the man, and if the marriage blew up, the woman was (as we said in the 60s) screwed, blued and tattooed."
That's always the way I've been. My mother and grandmother both taught me to be independent. I'm glad I didn't have to rely on my (second) husband's income because being self employed since his early 20s, when the economy tanked, so did his business so he didn't have much to spare. Add to that his propensity to fund his many children and grandchildren when they asked and loan money to anyone who stopped by his store and asked (sometimes only $5 at a time)...he was always tapped out because it added up. I've been "preaching" for the longest that women should have their own, establish their own credit histories and keep separate accounts.
Click to expand...
Yes, my Mom taught me when I turned 1 and got my first job. She had me saving and after I had, I think 500 I got my first CD. Couple of years later she had me taking a loan against that and pay it off to start building a credit history.

I puchased many things during the time I was married but only in my name. That kept building my credit history apart from my husband. He was all for it, low and behold he passed young but I could still do anything I needed to do. I am not a big fan of buying on credit but it is nice to know I can if I need to.
 
Vida May said:
Well, it is nice to see the end of male privilege. However, as teachers and nurses are no longer willing to work for low wages, our economy is spinning out of control. I do not think the change in values will be as good as people think.

I will take my score points for saving on a very low income and go to a forum where it is possible to have a more philosophical discussion of human worth and justice.
Click to expand...
Sorry if facts bother you.

besides it had nothing to do with score points for saving on a low income and everything to do with saying you were penalized for being on ssi and social security when you are
Already being over compensated for what was paid in to the system compared to higher earners
 
mathjak107 said:
Sorry if facts bother you.

besides it had nothing to do with score points for saving on a low income and everything to do with saying you were penalized for being on ssi and social security when you are
Already being over compensated for what was paid in to the system compared to higher earners
Click to expand...

Not to minimize, but that is not really an apology. Just because she did not work outside the home does not mean she did not work. She worked hard being a Mom, wife, keeper of the home. I should be getting double from SS. I worked full time in and out of the home. It was 2 full time jobs, believe it or not. My husband came home to dinner on he table. I did the baths, the homework, the cleaning, the shopping, the cooking, even the yard work. So no, I don't think she worked, she worked plenty hard. I don't know how things were in your household but many of us women took the double down, full time job and full time wife and mother.
 
Blessed said:
Not to minimize, but that is not really an apology. Just because she did not work outside the home does not mean she did not work. She worked hard being a Mom, wife, keeper of the home. I should be getting double from SS. I worked full time in and out of the home. It was 2 full time jobs, believe it or not. My husband came home to dinner on he table. I did the baths, the homework, the cleaning, the shopping, the cooking, even the yard work. So no, I don't think she worked, she worked plenty hard. I don't know how things were in your household but many of us women took the double down, full time job and full time wife and mother.
Click to expand...
I never meant to apologize as stating a fact requires no apology.

not working is a personal choice , raising a family is a personal choice ..all our kids have great careers and work ,that was their choice .

everyone we knew in my own generation worked while raising a family unless they were wealthy .

my mom was disabled from a massive attack giving birth to my sister .

even she worked from home while taking care of the home taking in typing from companies .

so while no one is saying it is easy raising a family millions do it while working ..

but all that still has nothing to do with what the poster claimed about being penalized .

social security is a user funded insurance program .

it is means tested by how much one gets per dollar paid in by income earned .

the lower the income the greater the payment you get per dollar you paid , plus ssi is welfare .

so it rubs me the wrong way when someone claims they are penalized when clearly they are getting far more then they paid in to collect .

they may not be happy with the amount but it is what it is .

plus when one is that low there are usually other assistance programs they qualify for as well as assistance in paying Medicare or even getting Medicaid .

no one is guaranteed a place of their own either ..many lower incomes need to golden girl it to Make things work

because someone’s own personal situation left them in financial despair does not mean they are being penalized ..rather they are already getting more then others who did pay in.

they just have financial issues themselves that may be difficult, but again that doesn’t mean they are not already eating more then they killed in the systems that provide what we live on and the criteria they use .
 

Last edited:
You must log in or register to reply here.

Back
Top