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Macy's and SSA

March 4th, 2009 at 02:39 am

I don't normally make more than one post per day, but this is really irking me. (A lot of things seem to be irking me lately. Big Grin)

Macy's
First of all, even though I only signed up for a regular Macy's membership card over an equivalent Visa card, it appears that they still like to keep a store balance on me with a nice, healthy APY. Now, I admit, this is likely just sheer ignorance on my part, but I didn't realize that they still do that if you decline for their Visa card.... I thought it would just be a regular discount card similar to grocery store cards....

So anyways, I intend to go there tomorrow and pay them off! And possibly cancel the card. Honestly, I was just there for the membership discount, but really, I don't need or even want a card that can have a balance I have to keep track of.

SSA
Changing subjects, the Social Security Administration sent a nice little newsletter to me yesterday. In it, it stated that, at its current rate, the money for Social Security could run out by 2041. Right before I would ever get a chance to retire. Great!

Alas, that little problem is well-known by now isn't it? I mean, it's still alarming to see it in print, but perhaps someone somewhere will figure out something and fix it by then? Or am I being too optimistic?

Given that sunny piece of news, I found the following "estimated benefits" section quite laughable indeed. So, let's skip that.

What I found most interesting about the newsletter is that they've kept track and listed my annual earnings since 1994! WOW! This is so interesting because I can look at each year and basically know what happened in that year and why I only earned that amount.

What's also sad is having to go back and seeing why I've earned so little, and saved even less, in my younger years. Ah, life's regrets... c'est la vie?

Still, this is an interesting list, and I think I'm going to start keeping a similar record of my annual earnings from now on, so that I can chart my earnings progress.

I must be getting old or something because I never thought I'd actually find a newsletter from the SSA interesting. But I did! Big Grin

5 Responses to “Macy's and SSA”

  1. M E 2 Says:


    Huh? How could you not know you were applying for a credit card?? Department stores DO offer those. Alot.

  2. baselle Says:

    The SSA newsletter is SSAs report on your benefits, and its pretty valuable to review. For me the most interesting piece is the what you will get per month if you retire at 62, 65, and 70 and you compare that to last year and the year before. But I feel like I'm counting my chickens before they're hatched if I use it in my retirement plan.

  3. Broken Arrow Says:

    ME2, I did but I specifically declined on the Visa credit card. Hence the confusion.... Big Grin Basically, I was under the mistaken impression that only the Visa membership card can carry a store balance whereas the regular membership card is just a discount card, and therefore, can not carry a balance.

    Baselle, I found that section interesting too, seeing as how the amount can go up substantially if I were to simply hold off retirement until those later dates. But like yourself, I seriously wonder if that money will be there as stated, by the time I do retire....

  4. Aleta Says:

    I particularly like those updates. Those payments are in todays dollars. One way to see where you are is to see if you could live off of your social security check today, adding any 401K Plans divided by 2 years, and maybe savings to see if you have saved enough. I've ran those figures and it lets me see where I am today.

  5. Aleta Says:

    Sorry about the wrong figures. I meant that you could divide your 401K total by 20 years to find out how much you could take out each year. This is hoping that you could keep your withdrawals down to 4% a year.

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