23 Mar 2025 9:57 am
$467,426
That is how much our (wife and I) labor has paid into SS over the last 45 years. Add another $113k for Medicare. That could have turned into one hell of a retirement account. The problem is, it's not a retirement account, it's a welfare program and there is no guarantee. The sooner you realize this the better off you will be.
The Wife turns 62 next January, I collected at 62 three years ago. Our combined benefit will be $52k a year. It doesn't take a rocket scientist to figure out how long before we get our money back. After that, it's the ultimate gravy train for a millionaire household.
Raising the cap will only give those high earners a larger benefit unless something else is written into the law.
I don't have the answers but something needs to change.
That is how much our (wife and I) labor has paid into SS over the last 45 years. Add another $113k for Medicare. That could have turned into one hell of a retirement account. The problem is, it's not a retirement account, it's a welfare program and there is no guarantee. The sooner you realize this the better off you will be.
The Wife turns 62 next January, I collected at 62 three years ago. Our combined benefit will be $52k a year. It doesn't take a rocket scientist to figure out how long before we get our money back. After that, it's the ultimate gravy train for a millionaire household.
Raising the cap will only give those high earners a larger benefit unless something else is written into the law.
I don't have the answers but something needs to change.