401k Shit the Bed?

[*TheLeonardLeap*]

(03-12-2020, 07:33 AM)NATI BENGALS Wrote: Why is my retirement like playing roulette at the casino?

Why is there a cap on what rich people pay in to social security?

If you make over $137,700 this year you dont pay any social security tax on anything over that.

So some NFL players will be done paying SS tax after one check.

Us regular ass shmucks will watch chunks come out of every pay check all year. Guess who could use it more on the week to week basis?

Why does their exorbitant earnings and those of all the other richards get special privilege over all the other people who will never make over 137k a year?


This doesn't seem too hard to figure out

Because there's a cap on what people can get back in social security.

In 2020, the most a single person can get per year in SS payments is ~$9,400. A person with a spouse can get ~$14,100.

SS isn't meant to be a system where rich people pay for your retirement. It's a system to help you pay for your own retirement financial security. If you are making over $137k a year, you theoretically shouldn't need the government to help you plan for your retirement's financial security. (I would argue you shouldn't be forced to regardless of what you make, but that's not what this thread is about.)


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Not to mention that depending on where you live, $137k/yr doesn't make you "rich". 

$137k in Washington DC, for example, is the same level of living as $70.5k in Cincinnati.