My Meeting with the Social Security Administration August 19, 2008
Posted by Jeff Nabers in : Money, Self Directed IRA Solo 401k , add a comment
About 6 months ago, the Social Security Administration started calling my office asking to arrange a meeting with my IRAAA colleagues and I. For months I had shrugged it off because of the fact that many of my readers, customers, and colleagues plan their finances as if SSA will fail. Taking control of your IRA/401k funds is all about putting your retirement in your own hands. So when I received the message from SSA, I figured it must be some kind of mistake.
After numerous messages, I spoke with them, and a meeting was set here in Denver. Associate Commissioner of the Office of External Affairs was flown in from Washington, D.C. I didn’t exactly know what to expect.
Their Concerns
Here I provide a brief summary of their objective in this meeting:
- Their budget is being cut
- They now have (more…)
The Roth Assumption May 15, 2008
Posted by Jeff Nabers in : Money, Self Directed IRA Solo 401k , add a commentWe all have that friend who is financially irresponsible. You know, they have a new cell phone every time one comes out. They lease a brand new car every 2 years. Their credit cards are maxed out. And they don’t really have a game plan on how to pay for the stuff they have. The best I can tell is that our government is kind of like that. If you look at the timeline, all major tax changes result in increased taxation. Let’s just look at what happened with Social Security:
- In 1935, the Social Security Act was passed, and the Social Security benefits systems was created. Benefits were not to be taxed.
- In 1937, FICA began payroll taxes of 2% in order to fund the payout of SS benefits.
- In 1950, payroll taxes were raised to 3% in order to fund the payout of SS benefits.
- In 1956, payroll taxes were raised to 4% in order to fund the payout of SS benefits.
- In 1972, payroll taxes were raised to 9.2% in order to fund the payout of SS benefits.
- In 1977, payroll taxes were raised to 9.9% in order to fund the payout of SS benefits.
- In 1983, payroll taxes were raised to 10.8% in order to fund the payout of SS benefits.
- Starting in 1984, up to 50% of an individual’s or couple’s Social Security benefits were (more…)
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