re: "How dare you cut SS and medicare! I deserve what I paid in!" Your terms are acceptable

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Me: Social Security and Medicare shortfalls ($116 trillion over 30 years) will force us to revisit promised benefit levels. Replies: I demand to get back what I paid into the system! Me: Your terms are acceptable.

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All that work.. for face value.

Whip out an amortization schedule for lifetime contributions at at least 10 percent.

I suppose ill be getting this… IMMINENTLY!!!!

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93and99

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Gaucho got you baw.

I almost fell for it too until I saw who posted it.

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I figure between the two of us we’ve paid well over $500k in taxe

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You can look up your SSA account and see the total taxes paid in and a projected benefit at various ages.

SSA.gov/myaccount

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I figure between the two of us we’ve paid well over $500k in taxe You can look up your SSA account and see the total taxes paid in and a projected benefit at various ages.

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The combined tax for SSA and Medicare is 7.65. Let’s use the typical Boomer married couple, both worked 40 years and earned a combined income over that 40 years of $4-5 million…..they paid over $300k in SSA and Medicare taxes, now imagine all those SSA and Medicare taxes over +40 years earning 5-6% annually……that’s a lot of money from compounded returns.

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The historical average yearly return of the S&P 500 is 10.356% over the last 100 years, as of end of November 2022. This assumes dividends are reinvested. Dividends account for about 40% of the total gain over this period. Adjusted for inflation, the 100-year average return (including dividends) is 7.223%.Dec 11, 2022

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SSA

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SSA has an annual cap. You are calculating too much in your hypothetical taxes paid in.

Also, you can just look up the number for yourself instead of making up numbers.

The "typical boomer" is not making $4 million in a lifetime. lmao. Most folks never make $1 million in lifetime earnings.

So they admit it's a Ponzi scheme.

Now I want everything I've put in back to invest on my own.

SSI dual disability needs to be audited hardcore, with harsh consequences for scammers. The amount of fraud out there is astounding.

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So they admit it's a Ponzi scheme.

Now I want everything I've put in back to invest on my own.

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Anyone that denies it doesn't know what a Ponzi is. I worked to pay my parent's SS. You are working to pay mine. Hopefully, there will be enough workers to pay yours when you are eligible. But, don't be late for work. I need the money!

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But, don't be late for work. I need the money!

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SSA has an annual cap. You are calculating too much in your hypothetical taxes paid in.

Also, you can just look up the number for yourself instead of making up numbers.

The "typical boomer" is not making $4 million in a lifetime. lmao. Most folks never make $1 million in lifetime earnings.

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I'm not making up numbers, I just retired and have my total earnings printed out with my SSA worksheet. I know what my wife makes so this ain't that hard to calculate.......let's see (7.65% x 2) x total household income over 45 years is the total SSA/Medicare taxes paid to the government via payroll taxes.....

The wife and I have a total household income over 45 years in excess of $3 million, take that $3 million X 15.3% (combined employee and employer SSA/Medicare taxes)....that's well over $500K in total taxes over 45 years. Now take that $500k in an account with a 20/80 investment mix and you're looking at 4-5% annual return....at the end of 45 years that $500k has grown to well over $1 million and probably closer to $1.5 million.

Not sure how old you are but there are millions of people over age 60 that have earned well over $1 million dollars, probably over $2 million. If a person works 40 years you only have to make $25K/year to hit $1 million......