Social Security: What You Pay In Vs. What You Draw Out (deaths, Clinton)
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No, they are taxing SS income as income. Not a tax on a tax. You pay a tax and later receive a benefit check. The check is income. Next you'll want public employees to not pay taxes on their paychecks becuz that money came from taxes????
How about public employees give up the right to strike since their salary is determined by the poiticians and paid by the taxpayers?
If you retired last year as an average wage-earning man, for example, you could expect a lifetime benefit worth $417,000 in today's dollars on $345,000 in taxes. If you were a woman with the same work history, you could expect to collect $464,000 on the same taxes.
I did, but wish thinking and b*tching about SCOTUS rulings that didn't go your way doesn't put you on the right side of THE LAW. YOU'RE WRONG becuz you on the minority side of every ruling. The CONSTITUTION world that way, if you're going to thump your chest with it when it goes your way, you're going to have to live with it when YOU'RE on the the wrong side.
If you're an average wage earner, you can expect to pay in about 420,000 dollars, and withdraw about 650,000.
Solves the question raised by the OP. Along with the security aspect of this investment, in that it must be there for you, it pays to have social security.
45 years ago was 1967. I was a first year teacher making $5000/yr. - just over $400/mo. There's no way I averaged $300/mo SS contributions over the course of 45 years.
As I said, if you are 62 years old or older, your SS contributions would not have made you a multimillionaire.
I run a spreadsheet last nite, using a high fica rate on a upper middle class wage starting in 1/1/1967. Adjusted wages throughout and fica at each increase. Assuming a 8% return, right thru the great recession the best you could hope for is about $275,000 in the 45 years. It would be 6/1/1981 before you'd have $10,000 saved, even with compounding. And it would be 2/1/2001 before you had $100,000 in your account.
Does anyone have the facts and figures on this? Ive often thought that someone is more likely to draw out of social security much more than what they pay into it during their career. Seems like a system that is destined for bankruptcy. Does anyone have estimates on this?
That problem in the past has been solved by demographics; there were always many more younger employed people paying into the system than there were older people drawing on it. Also, life expectancy was lower when the system was devised. Now life expectancy is higher, so the payouts last years longer than originally intended, plus the Baby Boom demographic bubble in combination with smaller family size compared to the first decades after the system was implemented are wreaking havoc with the system.
Another oft-overlooked factor is all the elderly legal immigrants who go right onto Social Security without ever having contributed a dime.
That problem in the past has been solved by demographics; there were always many more younger employed people paying into the system than there were older people drawing on it. Also, life expectancy was lower when the system was devised. Now life expectancy is higher, so the payouts last years longer than originally intended, plus the Baby Boom demographic bubble in combination with smaller family size compared to the first decades after the system was implemented are wreaking havoc with the system.
Another oft-overlooked factor is all the elderly legal immigrants who go right onto Social Security without ever having contributed a dime.
Explain how an elderly immigrant gets around the work requirements. That's a new one for me. I have never heard of someone getting SS without paying in fica for the required years. I'm thinking you got hoodwinked by a talking head spreading half truths.
I think the sad fact is the numberof people who think that they will be able to live on SS alone. As large corps. and govt. lowers pension payout if you havent saved into some sort of retirement account you will need to be working for a longer time then you expected.
The demographics are also another reason why the Stock Mkt. is hanging around the way it is as the boomers move there retirement income out of equities and try to preserve what they have.
Thank you for the failed conservative economic theories which created this mess
Explain how an elderly immigrant gets around the work requirements. That's a new one for me. I have never heard of someone getting SS without paying in fica for the required years. I'm thinking you got hoodwinked by a talking head spreading half truths.
Yahoo answers? Really? FYI, your other link is bad, at least on this phone.
As for Yahoo!, this answer seems to counter your claim...
" The rules for non-citizens being eligible for Supplemental Security Income are pretty strict.
You must be legally in the United States and be blind or disabled on or before August 22, 1996 and have already been on SSI;
or you must be a legal permanent residence under the Immigration and Nationality Act (INA) and have a total of 40 credits of work in the United States (in some situations a spouse’s or parent’s work also may count);
or be and active duty member of the U.S. armed forces;
or be a member of a federally recognized Indian tribe;
or be certain noncitizens admitted as Amerasian immigrants;
or be Cuban/Haitian entrants under the Refugee Education Assistance Act.
Some refugees and other noncitizens can get SSI for up to seven years.
It's so very hard to get SSI benefits, and with the very few ways that people can legally immigrate to the US, I don't think people are abusing the system. I am also comforted to know that people who've taken the necessary steps to be here legally will be taken care of in the event of a disabling illness or accident. When families fall apart because of a disability, the whole community can pay the cost. I also wouldn't want the US to start deporting people who are legally here because they are or have become disabled."
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