This is a bunch of bull. In the last three years they've jacked up maximum taxable base for social security by $15K. More and more for us youngs to pay in that we will probably never see again.

2013 113,700
2014 117,000
2015 118,500
2016 118,500
2017 127,200
2018 128,400
2019 132,900

Well when GW was Pres, he made a very scientific and mathematical case, backed by numerous economic experts that SS would run in the red by 2032. So he wanted Congress to pass a bill to allow Youngs to opt out, if they choose, of paying into SS IF they started their own IRAs where they could have a hand in deciding investment options. Ok, now guess who was against this? Yep, the side that said, "Whoa wait a minute here, most people are too stupid to save money, they will blow it on weed, and liquor and then the welfare system will have to support them". So guess what, NOTHING was done about it AND today with the gap in Congress even wider, NOTHING will be done about this either.

We tried to fix it because we were in the same boat. This will really set you off...


"The Treasury both receives the payroll taxes (and income taxes that higher-income retirees pay on their Social Security benefits) and pays monthly benefits on behalf of the Social Security Administration (SSA). The money stays in the Treasury's hands until it is either paid out as Social Security benefits or otherwise spent by the government. In fact, no money ever goes into the trust fund. Instead, the trust fund balance is the result of two accounting entries by the Treasury.

First, the Treasury estimates how much of the aggregate tax receipts are Social Security taxes and "credits" the Social Security trust fund with that amount. Then the Treasury "subtracts" the total amount paid in monthly Social Security benefits from the trust fund balance. No money actually changes hands; these are strictly accounting entries.

Any "money" remaining in the trust fund is converted into special-issue Treasury bonds, which are really nothing more than IOUs. In addition, the Treasury pays interest on the trust fund's balance by crediting the trust fund with additional IOUs. These are also strictly accounting entries, and again no money changes hands. After crediting the trust fund with the proper amount in IOUs, the government spends the extra Social Security tax collections just like any other tax revenue--to finance anything from aircraft carriers to education research."


https://www.heritage.org/social-sec...-social-security-trust-fund-really-works

There were a couple of years back in the 80's where I did not pay in for the last three month of each year that was the last time.

There should be no upper limit on SS taxes.

I agree. I need my SS check.

The upper limit was established for equity since the benefit is capped. Given the long term outlook, the limit will have to start outpacing the cap increase and minimum age levels for benefits will increase.

fyi, If you have 2 jobs in one year and exceed the cap you need to file for a refund when you file your income tax. I did not know this and thought it was automatic. I had to file an amended return. The amount was fairly significant because I left in May and got 1 year lump sum severance, filed and received unemployment for 3 months, and then started a new job.

Seems I remember back several years ago, maybe while Reagan was Pres, that rather than borrow money from someplace else, they borrowed money from SS with the intention of one day paying it back. Don't think paying it back ever happened.

My wife and I thank you for your support!

About the 23rd of each month, I will say a little thanks to my benefactors.

SS taxable ceiling was indexed in 1986 to inflation and has been going up every year since then. It will go up next year too. And the year after and the year after...���..