REPEAT AFTER ME: Social Security is OUR money, NOT an "entitlement"!
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@morethanmySLE FICA:: On W2: You pay 7.65% & emp pays 7.65% On 1099: you pay full 15.3% as "self emp tax" Dep on inc most pay bet $12K - $18K/yr, $480K - $720K over 40yrs. Using a simple 3% avg cmpd int your acct is bet $0.943M - $1.413M Providing $6K -$8.5K/mo for next 20yrs @SRuhle
@Rng314 @morethanmySLE @SRuhle To say "every cent is yours", you have to make some big assumptions about the time value of money. Next come the actuarial assumptions. Your earlier calculations don't seem to agree with the reality of the program. Why bother mentioning "every cent" when the math doesn't work?