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Joined: Oct 2002
Posts: 10,011 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2002
Posts: 10,011 Likes: 4 |
6.2% of wages/salary, up to a salary of $168,600. Above that, they tell me one isn't taxed for SS. Yep. If you make up to 168,600 dollars in 2024, you pay social security taxes on 100% of that. But if someone makes 10 million dollars in 2024, they still only pay social security taxes on the first 168,600 dollars. They don’t pay any social security taxes on the rest of the 10 million dollars that they made for the year. Yes, that is true. But there is no cap on wages for Medicare tax.
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Joined: Oct 2021
Posts: 10,937 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 10,937 Likes: 4 |
6.2% of wages/salary, up to a salary of $168,600. Above that, they tell me one isn't taxed for SS. Yep. If you make up to 168,600 dollars in 2024, you pay social security taxes on 100% of that. But if someone makes 10 million dollars in 2024, they still only pay social security taxes on the first 168,600 dollars. They don’t pay any social security taxes on the rest of the 10 million dollars that they made for the year. Yes, that is true. But there is no cap on wages for Medicare tax. Yep. For those on Medicare: If your AGI is over a certain amount the monthly cost Of Medicare goes up until you drop back below that amount. Not exactly means testing per se but similar.
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Joined: Nov 2002
Posts: 33,790 Likes: 11
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,790 Likes: 11 |
Jim,
If I were able as you are you to have the choice between paying into SS or elsewhere I would head elsewhere and meet with a Fidelity or Vanguard rep. Your are more than sharp to find the right plan for you and your family.
Conduct is the best proof of character.
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Joined: Jan 2005
Posts: 57,494
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2005
Posts: 57,494 |
When I was 65, I was planning to wait until at least 67 to collect SS because I didn't feel I needed it. I went to the local SS/Medicare office because I had a question about Medicare. I lucked out by getting a rep close to my age when my number was called. After answering my question about medicare, he asked me if I had filed for Social Security yet. I told him No. With 2 quick math problems on his computer.He showed me why I shouldn't have waited past 62, and showed me how much money I had already left on the table, and how much more I would be leaving on the table if I waitedany longer to file. Needless to.say, I filed right then for Social Security. yes. Will be 62 for us for sure. We don't need it either because we have prepared. That said what money they have taken from us has been mis managed so we will take back every penny we can get. Give to the nephews if nothing else.
We can keep Larry Root and all his idiotic blabber and user names on here, but we can't get Ralph back..... Whiskey Tango Foxtrot, over....
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Joined: Jun 2008
Posts: 18,544 Likes: 11
Campfire Ranger
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Campfire Ranger
Joined: Jun 2008
Posts: 18,544 Likes: 11 |
What about guys who are in their early 60’s who continue to work, and want to work until their full retirement age of 67, and haven’t started drawing social security at all, yet…? If they chose to go ahead and ‘also’ start drawing SS before their full retirement age while they continued to work, wouldn’t they ‘also’ have to pay federal income taxes on 85% of the social security money that they’re drawing…?
Every day on this side of the ground is a win.
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Joined: Oct 2002
Posts: 10,011 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2002
Posts: 10,011 Likes: 4 |
What about guys who are in their early 60’s who continue to work, and want to work until their full retirement age of 67, and haven’t started drawing social security at all, yet…? If they chose to go ahead and ‘also’ start drawing SS before their full retirement age while they continued to work, wouldn’t they ‘also’ have to pay federal income taxes on 85% of the social security money that they’re drawing…? Worse than that. If you are working and earn over the limit for 2024 $22,230 your SS benefit is reduce $1 for every $2 above that limit if you take it before full retirement age.
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Joined: Sep 2013
Posts: 18,110 Likes: 36
Campfire Ranger
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Campfire Ranger
Joined: Sep 2013
Posts: 18,110 Likes: 36 |
You know very well what I’m talking about, Today your saying what I was saying yesterday,
FFS sound familiar? It’s just funny how one day makes a difference in how you think or comment. Are you sure?
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Joined: Nov 2002
Posts: 33,790 Likes: 11
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,790 Likes: 11 |
Taking SS at 67 rather than 62 would have left me without the $150K I will collect in those 5 years. The numbers are pretty easy to run to see when I would get the $150K back post 67. I am not employed.
Conduct is the best proof of character.
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Joined: Dec 2010
Posts: 6,164 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Dec 2010
Posts: 6,164 Likes: 1 |
Taking SS at 67 rather than 62 would have left me without the $150K I will collect in those 5 years. The numbers are pretty easy to run to see when I would get the $150K back post 67. I am not employed. Don't forget the growth in the later payout of about 7% per year delayed. Everybody has different circumstances as to what works best for them.
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Joined: Jan 2016
Posts: 1,989 Likes: 2
Campfire Regular
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Campfire Regular
Joined: Jan 2016
Posts: 1,989 Likes: 2 |
Taking SS at 67 rather than 62 would have left me without the $150K I will collect in those 5 years. The numbers are pretty easy to run to see when I would get the $150K back post 67. I am not employed. Ed explain to me the penalty for drawing early and still working I’m guessing if I’m full time at say $150000 i wouldn’t get anything from ss and it would hurt me later when i do quit full time. But if I went to part time at say $60k a year would i get anything?
We might have to be neighbors, but I don’t have to be neighborly. John Chisum
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Joined: Dec 2010
Posts: 19,283 Likes: 19
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,283 Likes: 19 |
You’re certainly entitled to your opinion; but it’s the basic definition of entitlement.
Look it up. I did, and I feel differently than you about it. You “feel” differently? It’s the first definition ffs. If you put in, you have a legal right to receive it. This isn’t hard. By definition your pay check is an entitlement. If you work, you're entitled to get one.
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Joined: Oct 2002
Posts: 13,496 Likes: 4
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Oct 2002
Posts: 13,496 Likes: 4 |
You’re certainly entitled to your opinion; but it’s the basic definition of entitlement.
Look it up. I did, and I feel differently than you about it. You “feel” differently? It’s the first definition ffs. If you put in, you have a legal right to receive it. This isn’t hard. By definition your pay check is an entitlement. If you work, you're entitled to get one. But this is the definition they are pushing on us.
Dog I rescued in January
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Joined: Jan 2005
Posts: 57,494
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2005
Posts: 57,494 |
What about guys who are in their early 60’s who continue to work, and want to work until their full retirement age of 67, and haven’t started drawing social security at all, yet…? If they chose to go ahead and ‘also’ start drawing SS before their full retirement age while they continued to work, wouldn’t they ‘also’ have to pay federal income taxes on 85% of the social security money that they’re drawing…? Worse than that. If you are working and earn over the limit for 2024 $22,230 your SS benefit is reduce $1 for every $2 above that limit if you take it before full retirement age. Thats really easy to solve. I suppose I'm not of that type A personality that just has to work and go go go. I have plenty to work on and go go go. But at 62 it will be very little for others and mostly for ourselves. Enjoy what we have left. I can turn 22K pretty easy guiding a couple months, still get full. And manage some other ways of income etc... as needed. Of course we all have the right to choose what route. And if you want to keep working then by all means, like we all should, consult some folks that are on top of this stuff and make sure your choices are correct. We have lunch with our investor at least once a year to talk family, hunting, fishing, and what our next steps are. Headed to 60 I was under a house 3 days in a row on rocks and in a small space re leveling it for a nephew. Jobs like that can be found that will pay cash and a bit at a time and its pretty easy to get things like that done.
We can keep Larry Root and all his idiotic blabber and user names on here, but we can't get Ralph back..... Whiskey Tango Foxtrot, over....
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Joined: Sep 2013
Posts: 18,110 Likes: 36
Campfire Ranger
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Campfire Ranger
Joined: Sep 2013
Posts: 18,110 Likes: 36 |
But this is the definition they are pushing on us. What are you talking about? Who is “they”?
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Joined: Jan 2016
Posts: 1,989 Likes: 2
Campfire Regular
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Campfire Regular
Joined: Jan 2016
Posts: 1,989 Likes: 2 |
You’re certainly entitled to your opinion; but it’s the basic definition of entitlement.
Look it up. I did, and I feel differently than you about it. You “feel” differently? It’s the first definition ffs. If you put in, you have a legal right to receive it. This isn’t hard. By definition your pay check is an entitlement. If you work, you're entitled to get one. Akwolverine, by your definition your car your house that you have paid for or are paying for are entitlements too
We might have to be neighbors, but I don’t have to be neighborly. John Chisum
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Joined: Sep 2013
Posts: 18,110 Likes: 36
Campfire Ranger
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Campfire Ranger
Joined: Sep 2013
Posts: 18,110 Likes: 36 |
You’re certainly entitled to your opinion; but it’s the basic definition of entitlement.
Look it up. I did, and I feel differently than you about it. You “feel” differently? It’s the first definition ffs. If you put in, you have a legal right to receive it. This isn’t hard. By definition your pay check is an entitlement. If you work, you're entitled to get one. Akwolverine, by your definition your car your house that you have paid for or are paying for are entitlements too You already posses them. It is not my definition. It is the Oxford English Dictionary definition.
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Joined: Dec 2010
Posts: 19,283 Likes: 19
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,283 Likes: 19 |
You’re certainly entitled to your opinion; but it’s the basic definition of entitlement.
Look it up. I did, and I feel differently than you about it. You “feel” differently? It’s the first definition ffs. If you put in, you have a legal right to receive it. This isn’t hard. By definition your pay check is an entitlement. If you work, you're entitled to get one. Akwolverine, by your definition your car your house that you have paid for or are paying for are entitlements too You already posses them. It is not my definition. It is the Oxford English Dictionary definition. And by that definition every pay check you get is an entitlement. You worked for it, your entitled to it.
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Joined: Aug 2022
Posts: 1,320 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Aug 2022
Posts: 1,320 Likes: 1 |
Whew............there is a Chit ton of unearned moral virtue on this thread.
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Joined: Oct 2010
Posts: 7,800 Likes: 13
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
Posts: 7,800 Likes: 13 |
It is not my definition. It is the Oxford English Dictionary definition. In the thread that spawned this boomer rage thread the OP asked for a "definition" of entitlement program and I provided him with a number of links showing that SS is an entitlement program. He got mad and said the one he looked at was not the definition itself (one of the later links was). He appears to have consoled himself with a few drinks, then posted this thread. There is no amount of facts that will keep these boomers from trying to weasel their way out of this. They are so unbelievably incurious about the world that they didn't ever feel the need to know how any of these programs worked or how they were funded. You can see that in just about every comment one of them makes in these threads. They were told the bread and circuses would never run out and they bought it the whole way.
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Joined: Aug 2022
Posts: 1,320 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Aug 2022
Posts: 1,320 Likes: 1 |
It is not my definition. It is the Oxford English Dictionary definition. In the thread that spawned this boomer rage thread the OP asked for a "definition" of entitlement program and I provided him with a number of links showing that SS is an entitlement program. He got mad and said the one he looked at was not the definition itself (one of the later links was). He appears to have consoled himself with a few drinks, then posted this thread. There is no amount of facts that will keep these boomers from trying to weasel their way out of this. They are so unbelievably incurious about the world that they didn't ever feel the need to know how any of these programs worked or how they were funded. You can see that in just about every comment one of them makes in these threads. They were told the bread and circuses would never run out and they bought it the whole way. You imply I had a choice with regards to paying in or not. I would gladly take back every nickel I paid in, no interest needed and I will sign away any future fund transactions to me, or to the government.
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