SS was originally meant to be a stopgap to keep people from becoming destitute - not to provide a comfortable retirement. Then it grew. And grew. And so did the SS taxes.
Well, they’ve basically figured out a way to get it back to where it started despite the protestations about SS ‘going insolvent’, haven’t they?
I’m talking about the $1 deduction for every $2 you earn over a certain amount - meaning that if you’d like to use your SS to help supplement your older years, you need to stop working, basically.
Lovely. I’ve put more $$$ into it than I’ll ever see, and then I’ll have to retire completely (ie not work) to see SOME of it come back.
But if you don’t have enough saved to comfortably retire (yet), then you have to keep working - and not take your SS.
The angles on this scam keep getting more interesting ...
And I think that is based on total Household income, so if your spouse is still making good money, you have to pay back 50 cents on the dollar. Right?
” -———and then I’ll have to retire completely (ie not work) to see SOME of it come back.”
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Not if you’ve reached full retirement age——you can earn and collect.
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