Posted on 01/21/2023 9:01:16 AM PST by 6thavenue
KEY POINTS The former president seems to have foregone Social Security benefit income. Here’s why you may not want to employ that strategy for yourself.
(Excerpt) Read more at cnbc.com ...
True that, especially starting with the first factor - wage limit will be removed on the collection of the tax.
But remember, in addition to the “greedy employee”, it will also impact the “greedy companies” who must pay their half of the tax. Depending on the greasing of the palms and dinner/political sex parties for Congressional members hosted by companies ... maybe there will be a significant jump in the wage limit (to say $500,000), before “no wage limit” is ever broached. The frog has to have the heat of the pot increased in increments else it will jump out.
I never understood the cap on the tax. If you want to keep it solvent, you don’t cap the salary tax. You cap the benefits.
“My guess is that he has never filed for SS benefits...”
A rich doctor friend that I know simply NEVER entered the system. So he never paid a dime into SS...and, of course, he will never get a dime out of it. Oh, did I mention, he’s a DOCTOR (surgeon, to be exact).
But things are different these days...thanks to all of the Illegals, the feds require an SS if you want the ‘benefits’ of having a kid...so they’re all hosed, even before being weaned.
Excellent points.
They have cut my check twice so YES I know. The first cut ended and the second began. I have the letters from the IRS. In them, the possible reasons why my benefit was lowered are listed but doesn’t say which reason was used in my case.
The “you may have had a large capital gain” reason is the only one that fits me in both cases.
And the end result is that it is now legitimate to obtain and expose others tax returns. Republicans, use this power!
Yes, silly article. The max Social Security benefit one can receive today is around $3,600/mo. That would be after decades of six figure incomes. The average person gets more around $2,000 - $2,500 a month.
To a billionaire like Trump, this would be like picking a penny off the sidewalk. Why bother?
The average Social Security benefit amount is:
$1,553.68 per month
We are now weeks since the release of Trump's pristine tax returns and there is nothing there. This is a big kick in the stomach to the Trump-haters, who were waiting for years to get their hands on Trump's tax returns.
My wife just turned 62 and is eligible for about $2,700/mo but I'm having her hold off as I'm still working and so we just don't need that just yet. If I can hold off retirement until I'm 67 (FRA), the both of us will combine for about $70K a year in SSA benefits alone. Drawing from our 401k and IRAs will be gravy at that point.
Fantastic, great work on your part, and I hope people realize that doesn’t happen overnight I took mine at 66.5 about 7 years ago, wife is younger but is about to turn 67 and we haven’t taken hers yet, it will just add to our regular income, raising our taxes and we don’t need the income. We make more than we spend in retirement because we have never had that need to buy, buy, buy all the time (unless it’s a great piece of real estate or a carried mortgage.). Also, I’m pretty experienced at making easy low or non-taxed money with low risk.
That benefit figure I quoted was gotten by asking Google: “What is the current average Social Security benefit payment.”
That should be the average amount being sent out right now to everyone of any age who is currently collecting.
This assumes the government keeps paying and you have good health.
This assumes the government keeps paying and you have good health.
This assumes the government keeps paying and you have good health.
What moral high ground do you think Trump is winning here??
A useless troll like yourself would never understand.
For the life of me, I can’t think of a single policy, program or proposal issued by Democrats that is in any way beneficial or productive for Americans, America or any other living being.
“ My guess is that he has never filed for SS benefits...”
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Yep, actually applying for the benefits is prerequisite.
If you dont file for medicare you cannot have SS benefits.
If you are wealthy you do not want medicare, you self insure.
Then you can have the healthcare you want with the people you want. No medicare strainer.
the only people in the UNITED STATES that I know of who do not participate in SS are the Amish.
by religous objection
All others must participate whethere you choose to collect or not.
Dick Armey Did a lot of work on this issue about 10 years ago.
“All others must participate whethere you choose to collect or not.”
My doctor friend is about 70 years old and he DEFINITELY was not a player in SS. But it did mean that he could not get a job as someone else’s employee - but he could work for himself - which he did.
But, again, they’ve pretty much locked that out with SS Numbers now being assigned at birth if the parents want any of the ‘benefits’ from Uncle Sam.
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