Social Security.....or Not?

[TexasLadybug]

Hi Everyone! I'll be eligible for Social Security benefits in January 2009...my BK plan should be complete sometime in May. I'd like to have the Social Security benefits start in January...but I need to know if it will be considered "additional income"...or if it is exempt? Or does it depend on the individual Trustee? I may have asked this question before...but have forgotten the answer I received. That happens to all of us sometimes....
Thanks!
Jane

[NowImDownInIt]

In most cases, in Texas at least, social security retirement benefits are exempt.

[PoorGrammyinBK7]

Social security income is exempt from income in the means test, according to my attorney.

[Mi Bankruptcy]

I hope social security is around when it's time for me to retire in another 30 years. Of course, I am filing bankruptcy and going to start buying gold and diamonds..lol.. don't know what the U.S. dollar will worth in 30 years.

[Scott50]

I hope social security is around when it's time for me to retire in another 30 years. Of course, I am filing bankruptcy and going to start buying gold and diamonds..lol.. don't know what the U.S. dollar will worth in 30 years.

I don't plan on Social Security being around when I retire in 2040.. Social Security and Medicare/Medicaid benefits will BANKRUPT the US. 78 million baby boomers will be retiring over the next decade or so.. Each baby boomer can expect to rceive on average$50,000 in annual benefits for social security and medicaid.. 78 million x $50,000= roughly four trillion dollars... The only way for Uncle Sam to meet these future spending "obligations" is to print massive quantities of money. This will cause sky high inflation and interest rates ... We all know what has happened in every country that tried to spend far beyond its ability to pay.. not to sound so gloom and doom but the collapse of the US is coming....

[Mi Bankruptcy]

Scott agree 100%.. That is why I a filing BK. I have not been able to really save for retirement. I could go on paying my bills.. However, I would never have enough socked away for retirement.

My bankruptcy is purely a business decision for me and my wifes future.

[DebtSlave]

Hi Scott I agree also. except the problem isn't the baby boomers being born...it is the gov't dipping into the funds for nefarious reasons.

[BigJohn]

Actually both Medicare and Social Security are programs that are both deeply in the black. Actually about 1/3 of the Federal budget comes from money gleaned from these programs. At the end of every month, the government, according to an 1939 law, takes every penny these programs have and put it in the general budget.

Peope are concerned about bailing out Wall Street, what they should be concerned about is the money the government has taken out of Social Security and Medicare and replaced the money with cardboard boxes. Right now, those stacks of cardboard boxes are holding everything up but are surely going to stumble for a great big fall. 700 billion dollars will look like peanuts to fix what the government has done to us.

To the original poster, I believe when you apply for Social Security, it will take 1-2 months before you get a check. I would check that out and take that into consideration.