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The Water Cooler
General Discussion
Social Security Cost-of-Living Adjustment for 2022 Is 5.9%
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<blockquote data-quote="Uncle TK" data-source="post: 3656496" data-attributes="member: 31781"><p>In 2021 a person making over $147,000 pay (6.2%) or $8,853.60 in Social Security Taxes (Employer Matches)</p><p>If you retire in 2021 and have been making the maximum your Social Security check is $3,148 a month or $37,776 per year for life</p><p></p><p>If you started work in 1982 making $30,000 you paid $1,860 in social security taxes</p><p></p><p>Lets average 1,860 & 8,853 and we get $5,356 time 40 years = $214,240</p><p></p><p>If you collect Social Security for 5.67 years you break even</p><p></p><p>Most people do not make the maximum over their lifetime working so their pay back is a lot shorter</p><p></p><p></p><p></p><p>[ATTACH=full]228819[/ATTACH]</p></blockquote><p></p>
[QUOTE="Uncle TK, post: 3656496, member: 31781"] In 2021 a person making over $147,000 pay (6.2%) or $8,853.60 in Social Security Taxes (Employer Matches) If you retire in 2021 and have been making the maximum your Social Security check is $3,148 a month or $37,776 per year for life If you started work in 1982 making $30,000 you paid $1,860 in social security taxes Lets average 1,860 & 8,853 and we get $5,356 time 40 years = $214,240 If you collect Social Security for 5.67 years you break even Most people do not make the maximum over their lifetime working so their pay back is a lot shorter [ATTACH type="full"]228819[/ATTACH] [/QUOTE]
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Social Security Cost-of-Living Adjustment for 2022 Is 5.9%
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