Seniors
Related: About this forumDH just started a new job at a more large-ish big box
store; he going on 74 years old. WTH is this stuff about auto-enrolling in a heavy-handed(?) mandated employee savings plan in the Infrastructure Bill and also having the normal deductions being taken out for FICA and state/local/regional taxes when this job just supplements our SS so we can pay our bills?
He had been working a 40 hr week elsewhere that instantly got cut to 24 hrs earlier in Sept and has not yet even received a correct final paycheck nor funds he would have been entitled to under a corporate policy re mandated store closure because of another employee's CoVid exposure to whom he had not been exposed. The temporary manager didn't feel like scheduling nor doing the payroll--so just didn't so we're going into a broken 3 wk cash-flow situation...as we get set up for DD and a regular FT work schedule at the new place with which his hourly is a great deal more. Sounds like a bunch of GOP misinformation for fright purposes, no?
https://www.yahoo.com/money/democrats-retirement-plan-mandate-is-pretty-heavy-handed-expert-says-200249580.html
I sure hope they're kidding about perhaps SS could be delayed next month if the funds are okayed for keeping the government alive - we pay rent out of DH's; it's always outside the 3 day "grace" the landlord allows without late fees. With the eviction moratoriums done with, it's getting pretty scary! Bad enough costs for everything going up due to the shipping/logistic backlog/slowdowns.
I can't keep up...you think you got things figured, and then WHAM! The stress of this instability is KILLING me even if I am fully 3 shots vaccinated!!!
JustABozoOnThisBus
(23,763 posts)If too much is taken out, you'll get it back with next year's tax return. If too little is taken out, you'll owe money. Being on Social Security doesn't change that, though your income may impact the amount of tax paid on Social Security income (If I'm remembering right).
Maybe someone smarter than me can comment on auto-enrollment in a mandated saving plan.
Good luck getting your final pay from the former employer. It wouldn't hurt to contact your congress-person.
3Hotdogs
(13,402 posts)Regarding SS payments during a shut-down, those payments come from SS's own account and have always been paid during prior shutdowns. In any case, it looks like the shut-down has been "kicked down the road" to the end of the year.
marybourg
(13,182 posts)he can opt out. HR will tell him how.
It was discovered that when opting in to a savings plan is the default setting, more people do participate and save. When a positive action needs to be taken to join a savings plan, fewer people do join, to their and societys detriment. There may even be employer contributions to sweeten the pot.
But its not mandatory, and he can back out, if thats what the two of you want. Its not a right wing plot.