Posted on 01/26/2016 6:40:06 AM PST by artichokegrower
“Cloward-Piven”
Yup. The country will be destroyed under it’s own weight.
Another aspect - SS is highly socialized, with higher earners subsidizing lower earners.
Looking at the 3 tiers of the SS calculations that use a retiree’s AIME, or average indexed monthly earnings: In the first tier, 90% of your AIME count toward your PIA (primary insurance amount). Those in this tier alone get back more than they paid in, by far.
The 2nd tier drops rather quickly, giving a retiree credit for only 32% of what they earned. Some in this category might get back what they paid in, some won’t. Depends where they are in the earnings range and how long they collect SS.
Those earning in the last tier will never come close to getting their money back, not even just the amount they paid in if not self-employed, much less the total paid in for them by an employer and themselves.
All calculations are indexed for COLAs.
My husband is 50 and wanted to ‘max out’ his SS before retiring. I doubted that paying in more would actually be a good thing, given our increasingly fascist government. So I did the calculations for his situation. If he works until 67, he’ll pay in over $152,000. (I counted his Medicare portion too, because he will get nothing more in Medicare benefits for paying in more since it is 100% socialized.) This $152k is only my hubby’s portion - add his employer’s and it’s over $300,000!
If he lives to the average male lifespan of 83 and starts collecting at 67, he’ll get $40,000 more than if he quits today and doesn’t pay in one more dime.
It is nothing more than a ponzi scheme depending on the hardworking dupes to keep supporting it.
So, hubby quit work and we are going Galt. It is freedom!
And when socialized security is cut it will be the top tier that is reduced in the calculations. I recommend everyone quit paying into it, and quit supporting the fascist beast, as soon as they can.
I agree completely. Social security is never going away but it will evolve into a welfare system, paying for elderly who have little to no income and savings, while people who worked hard and saved and prospered will get nothing or will pay an exorbitant tax rate on it.
I wont get SS by the time I am of age because I wont NEED it to live. Never mind what I paid in.
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