I haven't paid into social security in months and don't plan to anytime soon
Further, if current rates would see it gone in 30 to 40 years (which is complete bullshit), all they have to do is reduce benefits in half and it will last 60 to 80 years -- without accounting for increased interest that it would grow
Further still, no one has ever seen money they paid into social security. It has always been a matter of current workers paying for those drawing benefits. Unless an entire generation drops out of the workforce, there will always be money going in
Further, if current rates would see it gone in 30 to 40 years (which is complete bullshit), all they have to do is reduce benefits in half and it will last 60 to 80 years -- without accounting for increased interest that it would grow
Further still, no one has ever seen money they paid into social security. It has always been a matter of current workers paying for those drawing benefits. Unless an entire generation drops out of the workforce, there will always be money going in
so it's a ponzi scheme?
yes, seriously
join a union that's exempt from social security because their members are allowed to participate in "private" pension plans that they fight to deny to everyone else
for example, teachers unions in CT
and if you do, your privatized funded retirement benefits will be 3x to 4x better than the unfunded social security you are promised
join a union that's exempt from social security because their members are allowed to participate in "private" pension plans that they fight to deny to everyone else
for example, teachers unions in CT
and if you do, your privatized funded retirement benefits will be 3x to 4x better than the unfunded social security you are promised
I'm not sure if you guys realize it, but especially this year you aren't paying all that much.
you pay 4.2% of your gross wages (up to $106,800) towards SS, your employer has to match 6.2% of your gross wages to taxes.
So if you gross $50k in 2011, then you pay $2,100 towards SS and your boss pays $3,100 towards SS.
these numbers are subject to change annually. When we are old (i'm 31) and collecting, I imagine the gross wage cap will be like $200,000 and the % may be 10% ee and 10% ER so essentiall 20% of most gross wages are given to us old peeps....that may suffice
you pay 4.2% of your gross wages (up to $106,800) towards SS, your employer has to match 6.2% of your gross wages to taxes.
So if you gross $50k in 2011, then you pay $2,100 towards SS and your boss pays $3,100 towards SS.
these numbers are subject to change annually. When we are old (i'm 31) and collecting, I imagine the gross wage cap will be like $200,000 and the % may be 10% ee and 10% ER so essentiall 20% of most gross wages are given to us old peeps....that may suffice
