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In reply to the discussion: Sen. Warren Blasts GOP Social Security Scheme: "It’s ridiculous – but not surprising" [View all]Thinkingabout
(30,058 posts)Listing for FICA, this figure is arrived by multiplying the Gross salary by 6.2% up to the maximum cap for FICA for a year. When the employer makes the 941 deposit they also deposit 6.2% which matches the amount the employee pays. At one time the SS fund was a separate fund but it has been changed to be included in the general fund.
I do not see why you are so willing for future generations to lose SS? Perhaps soon Warren will explain SS and perhaps coming from her will be able to set the record straight and get the garbage off the table so we can do some more reforms like raising the maximum cap, perhaps push the retirement age out further since the life expectancy has increased since the implementation of SS.
Did you know the amount of benefits you receive is calculated on your 35 highest years of paying into the system? Also if a worker decides to stop working after 30 years the benefits are still calculated by dividing the total paid into 35 years? The amount is also determined by the year of life one decides to start their benefits.
I am quiet aware of the loss of jobs in the past few years, I have felt the loss of a job but for me technology displaced many. I still work in my "retirement", it is a minimum wage job but it is paying more than some of my early years of work.