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Message
3
Posted on 7/9/26 at 8:10 pm to Ramblin Wreck
quote:
To date it looks like between my employer and I, about $500K
Just curious, over how many years?
Has anyone realized the OP's claim is statistically unlikely?
This post was edited on 7/9/26 at 8:31 pm
Posted on 7/9/26 at 8:37 pm to Ramblin Wreck
Yep you’re screwed like me. I started collecting at 70 and paid in way more than I will ever receive. Even worse is the cost of my mandatory Medicare insurance that I had to take at 65. My Medicare insurance premium is double what my wife and I were paying while employed.
Posted on 7/9/26 at 8:41 pm to La Place Mike
quote:I can verify it is true without doing the math. I just have to read it on my statement.
Has anyone realized the OP's claim is statistically unlikely?
I’ve worked since I was 16 and am 59 now.Posted on 7/9/26 at 8:44 pm to rrboy
But that $500k would’ve become way more than $1 million
Posted on 7/9/26 at 8:48 pm to Horsemeat
I remember when I was a young MBA looking at my 1st corporate paycheck. Seeing what was taken out, I was pissed off. I wished back then I could have opted out and invested the difference. I turn 62 next year and my own investments will be giving me way more than SS when I retire.
I could have retired much earlier if opting out and investing were an option.
ETA-After 2 divorces with property settlments; who knows if any of that would have worked out my way...maybe SS is a decent safety net.
I could have retired much earlier if opting out and investing were an option.
ETA-After 2 divorces with property settlments; who knows if any of that would have worked out my way...maybe SS is a decent safety net.
This post was edited on 7/9/26 at 8:55 pm
Posted on 7/9/26 at 9:12 pm to Ramblin Wreck
quote:
I can verify it is true without doing the math. I just have to read it on my statement. I’ve worked since I was 16 and am 59 now.
Even if you count the employer match AND your Medicare taxes, your math is completely full of it.
You’re 59. That means you started working in 1983.
If we look at the absolute Maximum Total FICA Tax (Social Security + Medicare + Employer Match) a person could legally pay in the 1980s and 1990s, it was tiny.
In 1983, the absolute max total FICA tax anyone could pay (combining both you and your employer) was $4,783 for the entire year.
In 1990, it was $11,848.
In 1995, it was $14,352.
Even if you were somehow a 16-year-old CEO making six figures in 1983, and you maxed out every single year of your life for 43 years, your combined Social Security totals only hit about $490,000 today.
And since we know you weren't hitting the absolute maximum wage cap as a teenager in 1983, your real Social Security track isn't anywhere close to that.
You are misreading a estimated projection or a grand total, because the actual tax caps from 1983 to 2005 literally don't allow the math to add up to $500k. Quit making up numbers.
This post was edited on 7/9/26 at 9:25 pm
Posted on 7/9/26 at 9:27 pm to Ramblin Wreck
In about 170 months (14 years), you will break even
Posted on 7/9/26 at 9:28 pm to kayjay
quote:
Yep you’re screwed like me. I started collecting at 70 and paid in way more than I will ever receive. Even worse is the cost of my mandatory Medicare insurance that I had to take at 65. My Medicare insurance premium is double what my wife and I were paying while employed.
Standard Medicare Part B costs around $170–$200 a month per person. Even if you got hit with high-income surcharges (IRMAA), the absolute legal maximum anyone can pay for Part B is around $600–$680 a month depending on the year.
For you and your wife, the absolute maximum combined premium would be around $1,200 to $1,300 a month and that’s only if your household is pulling in over $750,000 a year in retirement.
There is very little chance your employer-sponsored insurance for a couple in their 60s was only $300–$600 a month, and there's very little chance your Medicare premium is "double" that.
This post was edited on 7/9/26 at 9:29 pm
Posted on 7/9/26 at 9:35 pm to La Place Mike
Well you’re right expert. We pay over $1200 a month and before we were made to get on Medicare we paid around $600 a month.
Posted on 7/9/26 at 10:04 pm to kayjay
Thanks for proving my point. If you and your wife are paying over $1,200 a month for Medicare, that means you are hit with Tier 4 or Tier 5 IRMAA high-income surcharges. Federal law only triggers that premium level if your joint retirement income is between $410,000 and over $750,000 a year. CONGRSTS! So you aren't "screwed". You are pulling down a top 1% household income in retirement and paying the legal high-earner penalty for it. Also, if you were paying $600 a month while employed, that was just your employee portion of a heavily subsidized corporate plan. Your company was quietly picking up the other $1,200+ a month behind the scenes. Welcome to the real cost of healthcare when you are making half a million a year!
Posted on 7/9/26 at 10:11 pm to La Place Mike
I'm at 291K combined (me+employer). Not 50 yet.
Maybe he is rounding up. I am doubting the 500K number also
Maybe he is rounding up. I am doubting the 500K number also
Posted on 7/9/26 at 10:15 pm to La Place Mike
“Penalty”. That says it all. Why should I pay a penalty. I came from dirt poor and made something out of nothing. No one gave me anything so now do you suggest I need to give to others. Sounds like Socialism to me.
Posted on 7/9/26 at 10:16 pm to bayouteche
quote:
If you’re 100% VA & you’re bringing in $4k + additional allowances per month, with “Tri-Care 4 Life,” meaning you have no medical costs for you or your family, what is the extra SSDI going to do? Help you buy more stuff?
Help you pay bills and other expenses?
Same government but completely separate buckets, programs, and standards. The Veteran paid SS taxes just like everyone else. I'm not sure why you think they shouldn't get the benefits that they were forced to pay for just because they qualify for a "workers compensation" package from their former employer, Uncle Sam.
Would you give up your SSDI or other benefits through your employer that you qualify and pay for?
This post was edited on 7/9/26 at 10:17 pm
Posted on 7/9/26 at 10:19 pm to La Place Mike
Here is what my google search shows -
1983: $3,855.60 / $7,219.85 (Cap was $35,700 at 10.8%)
1990: $6,352.00 / $12,704.00 (Cap was $51,300 at 12.4%)
2010: $6,621.60 / $13,243.20 (Cap was $106,800 at 12.4%)
2020: $8,537.40 / $17,074.80 (Cap was $137,700 at 12.4%)
2026: $11,439.00 / $22,878.00 (Cap is $184,500 at 12.4%)
I was making good money during college and paying the max very early after graduating from college based on that chart.
1983: $3,855.60 / $7,219.85 (Cap was $35,700 at 10.8%)
1990: $6,352.00 / $12,704.00 (Cap was $51,300 at 12.4%)
2010: $6,621.60 / $13,243.20 (Cap was $106,800 at 12.4%)
2020: $8,537.40 / $17,074.80 (Cap was $137,700 at 12.4%)
2026: $11,439.00 / $22,878.00 (Cap is $184,500 at 12.4%)
I was making good money during college and paying the max very early after graduating from college based on that chart.
Posted on 7/9/26 at 10:21 pm to La Place Mike
“If is the key word.Odds are they would have never have invested the money”
Truer words were never spoken.If SS payments weren’t withdrawn from paychecks the vast majority of people would reach old age without a penny saved for retirement.
I started working on the books when I was 16,no way I would have been thinking I need to save for retirement and put a percentage of my paycheck into an account for retirement.
I never saved anything for retirement until I was 30 when Reagan started IRA’s.
When the hospital I worked at started 403-B’s half my co-workers didn’t participate,not even the minimum to get the match.
Truer words were never spoken.If SS payments weren’t withdrawn from paychecks the vast majority of people would reach old age without a penny saved for retirement.
I started working on the books when I was 16,no way I would have been thinking I need to save for retirement and put a percentage of my paycheck into an account for retirement.
I never saved anything for retirement until I was 30 when Reagan started IRA’s.
When the hospital I worked at started 403-B’s half my co-workers didn’t participate,not even the minimum to get the match.
Posted on 7/9/26 at 10:22 pm to La Place Mike
quote:yep
Odds are they would have never have invested the money.
myself included
Posted on 7/9/26 at 10:29 pm to armytiger96
Military service benefits should be excluded from SS just like Railroad Board.
Taxpayers are footing the bill for VA disability, yet should they become disabled they don’t touch 4K a month or receive free medical family-wide.
Taxpayers are footing the bill for VA disability, yet should they become disabled they don’t touch 4K a month or receive free medical family-wide.
Posted on 7/9/26 at 10:32 pm to rrboy
quote:
If you live to be 92 Social Security would have paid you 1,080,000.
imma take my $1,067 a month and be happy... Cause I was getting nuttin before.
Posted on 7/9/26 at 10:33 pm to Ramblin Wreck
So you will draw $36,000 per year for the next 40 years? That’s about $1,400,000.
Sounds like an okay deal to me. And even if your wife doesn’t pay anything in, and you die, se gets it keel drawing that check
Sounds like an okay deal to me. And even if your wife doesn’t pay anything in, and you die, se gets it keel drawing that check
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