A couple who both start collecting at age 70 and both hit the maximum FICA tax for 35 years would probably have a combined benefit of about $130K. A 20% cut would be about $26K. For a single earner, the spouse would get a 50% benefit (of the FRA benefit, I believe). This could translate to about an $18K reduction in 2033.
Quote:
Originally Posted by LoisR
How does a possible 21% shortfall equate to $18k loss? Who is being paid $90k, or so, by SS?
Need to raise SS tax rates to those who earn more than $175k.
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