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Georgia Unemployment Compensation

Discussion in 'Off Topic Threads' started by blade819, Jan 17, 2012.

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  1. blade819

    blade819 Well-Known Member

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    Never filed before since I began working in 1964. Filed today and through the kindness of the State of Georgia's sympathetic heart, I get $330 per week for 26 weeks. That will just about pay my monthly COBRA Insurance bill. So much for this Baby Boomer's retirement dreams.

    blade819
     
  2. Haskins Bill

    Haskins Bill TS Member

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    So 48 years and if you started at 18 then your'e maybe in the neighborhood of being 66? No social Security? Being laid off is a real kick is the head for sure. Had it happen to me more than once. Kept right in there digging and digging, but can not imagine it this far into life to have to even think of that happening at all. Goood luck to yoiu. Bill
     
  3. Setterman

    Setterman Well-Known Member

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    I spent most of my retirement money on women, alcohol, and guns.

    The rest I wasted.
     
  4. blade819

    blade819 Well-Known Member

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    I always try to put a little humor in it. Now I won't be able to play ALL the options. Started working at 16. Can file SS but want to hold off until I have to so I can get a few more $$. Maybe will turn my hair bluish gray and work as a Greeter at Wally World? Maybe a Chippendale?

    blade819
     
  5. Bob Hawkes

    Bob Hawkes Well-Known Member

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    Setterman, That has to be the best line I've heard.
     
  6. Setterman

    Setterman Well-Known Member

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    Bob, I have that sign in gun room. For some reason my wife keeps hiding it.
     
  7. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Blade, your S.S. money is based on the last ten years of your working career. If you go to Wally World and greet you most likely will bring your average for the ten year period down. You may want to rethink that. Mike.
     
  8. APrice

    APrice Active Member

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    Mike, actually you must have 10 total working years to qualify, but the benefit amount is determined based on the 5 highest earning years. Therefore, a higher than ever earning year could raise your benefit, but a one lower than the top five will have no effect.
     
  9. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Thanks Price. Mike.
     
  10. b12

    b12 Well-Known Member

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    Nope not the highest 5yrs is not what it is based on. Used to be but not now. Also where is this 99weeks unemployment. I don't know anybody getting that much now unless you voted and are going to vote for that food stamp presi.

    Social Security is based on taking your lowest 5yrs and throwing them out. Then averaged the rest of your lifes earnings. Bill
     
  11. APrice

    APrice Active Member

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    Correction: SS benefit amount has been changed to a more complex formula based on AIME, Average Indexed Monthly Earnings. This, however does not involve "throwing out" the lowest five years. Only the 35 highest earning years (420 months) are used in computing the average. Therefore, if you take a job that pays less than the average of your 35 highest earning years, it should have no effect on your future benefits.

    BTW, for those of you who wish to do so, you can now have your SS monthly benefit go directly to your favorite charity. Mine goes to St.Jude Children's Research Hospital.
     
  12. Jeff P

    Jeff P Well-Known Member

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    Blade, waiting to get your SS might be a bad decision.

    You look at the reduced benefit you'll collect over the longer time frame versus the 'big' benefit for a shorter time, you often come out ahead taking the money.

    Plus...if you die, you get nothing.

    I'm only 46, but a LOT of my dad's buddies who didn't collect SS at 62 died when they were 66 or 67, so they didn't collect hardly anything...they could have used that cash between the ages of 62 and 65 for a better life.

    If you don't know how to do present value calculations, go to a CPA firm - you can probably get your answer for a hundred bucks. Or PM me - I'm a CPA - and I'll do it for you.

    Might work out that you should wait, but I'm gonna guess probably not...

    Jeff
     
  13. likes-to-shoot

    likes-to-shoot Well-Known Member

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    The local SS office will figure it out also. I retired at 59 but before I did I went to the SS office to see how much I would lose in monthly benefits by retiring before 62.
     
  14. Franklin

    Franklin TS Member

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    remember the max you can earn for the years is 14,640 for 2012. if over this amount they will deduct $1.00 for every two that is earned.
     
  15. BigM-Perazzi

    BigM-Perazzi Well-Known Member

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    not if he's 66. no penalty for earnings.
     
  16. X Trap 2

    X Trap 2 TS Member

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    I just wish I got that much for retirement. Ray
     
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