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To: magooey
taxed when deposited, and then taxed again

Yes and no.

Employers make a matching contribution on your FICA contribution (both SS and Medicare). The amount you contribute appears as income and is taxed at the time, unlike a 401k where your contribution is not taxed.

The employer contribution is deducted from their gross income as a business expense so is not taxed at that time.

So, from the get go, everyone pays tax on the half the employer contributed when they receive benefits.

The ripoff occurs on that up to 85% part. There's an income cutoff where you start paying tax on what you already paid tax on. So up to 35% of that up to 85% is the rip and is basically a type of means testing.

This is why limited government is the best. It should never have gotten into the retirement business. The socialist type crap programs always winds up being a scam.

15 posted on 09/25/2026 3:49:10 AM PDT by fruser1
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To: fruser1

Thanks for the explanation.


26 posted on 09/25/2026 12:47:59 PM PDT by magooey (The Mandate of Heaven resides in the hearts of men.)
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