An interesting way to look at minimum wage.

[George K]

@mik said in An interesting way to look at minimum wage.:

Both are earned.

I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.

By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.

[Axtremus]

@mik said in An interesting way to look at minimum wage.:

@axtremus said in An interesting way to look at minimum wage.:

Seems easy: because one is work while the other one is not.

Wrong. Both are earned.

Yet one produces something, the other does not.

[Aqua Letifer]

@axtremus said in An interesting way to look at minimum wage.:

@mik said in An interesting way to look at minimum wage.:

@axtremus said in An interesting way to look at minimum wage.:

Seems easy: because one is work while the other one is not.

Wrong. Both are earned.

Yet one produces something, the other does not.

That's exactly how I feel about your discussions with mik.

[Mik]

@aqua-letifer

[Jolly]

@george-k said in An interesting way to look at minimum wage.:

@mik said in An interesting way to look at minimum wage.:

Both are earned.

I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.

By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.

I didn't pay SS, except on beginning jobs and side work through the years. As such, I am subject to the WEP.

The WEP makes you weep.

[Mik]

My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.

[Jolly]

@mik said in An interesting way to look at minimum wage.:

My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.

Oh, it gets worse.

My wife is subject to GPO. After I die, her survivor benefits will be $0.

[Horace]

my dad has a Wisconsin state pension. I think it's six figures. My mom gets it after he passes, from what I understand. White privilege.

[jon-nyc]

Usually the people that are opted out of SS get more generous pensions from the municipality they’re working for.

[Copper]

I think the max SS is about $47K per year. (max paid in + wait until age 70).

If the wife also gets max you can make about $95K on SS.

For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.