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Originally Posted by RFlushDiamonds
You'd never get that. You pay your share and your employer matches and if there was no FICA you'd get exactly what you get now.
What? This makes no sense.
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Originally Posted by RFlushDiamonds
But that's not why I say it's free. My MIL collects and never paid FICA, her husband did.
Are you in your early 20's? This doesn't make any sense either. While you MIL didn't earn, her husband did. So let's wipe out his forced retirement fund. What?
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Originally Posted by RFlushDiamonds
Don't confuse a tax with a 401k payment. SS isn't a pension. It's something you collect that may or may not be based on your lifetime earnings and that you may or may not have paid into for your entire working life. Get disabled young, get a bigger payout. Widow, orphan etc....
From the SSA website: Social Security Disability Insurance pays benefits to you and certain members of your family if you are "insured,"
meaning that you worked long enough and paid Social Security taxes.
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Originally Posted by RFlushDiamonds
The money has to come from somewhere so they tax the employee and employer but once you flip the switch it's free monies. No annuity fees, no pension claw backs....just cheese.
But we DO PAY for this "free money".
Riddle me this: Husband and wife both earn a reasonable salary during 42 years of their working lives. Both have deductions removed from their weekly salary for SS and Medicare. The husband will collect $1500*. per month from the SSA, the wife $2000*. Thus the couple get $3500 per month from Social Security.
At 68 years old, the husband dies. How much is the Social Security check for the widow beginning the month after the death?
*