Who Doesn't pay any Income Tax

[geareduplyn]

Quote:
people live longer nowadays Somebody can live 30 years or more after they retire. So they could end up getting more than they paid.

Actually most only paid in 1/2 of the funds. The employer paid the other half. I know because I was both employer and employee. I'm still doing it. 17+% right off the top. I'll never get it all back.

 

[HennysMom]

Quote:
people live longer nowadays Somebody can live 30 years or more after they retire. So they could end up getting more than they paid.

Not really because its based on your top 3 earning years... thats what you draw so you cant earn more if you work more than 30 years..its all income based.

 

[Zahboo]

We always get money back... It goes to school clothes or whatever we need.

 

[mychickensrock]

We too always get money back. This past refund was a pretty big chunk o' change. We ended up in the 0% bracket this year. That's only because we paid well over $10,000 of out of pocket medical expenses. DH makes a decent salary. I'm a stay at home mom. I don't think we generally make it that low on the tax bracket though. Even though we were in 0%, we didn't get back all the money we paid in this year. So I don't know what 0% really means.

 

[Jolly Acres]

Quote:
Social Security benefits are based on your average earnings over your lifetime.
Not the top 3 earning years.

 

[HennysMom]

really? I could have sworn it was top 3... then again, maybe I'm thinking dad's retirement...he was drawing both when he passed away.

 

[Jolly Acres]

yes, really is lifetime average.

I have been a stay home dad for the past 9 years, every year when I receive my SS statement my benefits keep going down because of the average.

Also states on the statement how they figure your benefits.

 

[Jolly Acres]

I just hope social security still exists when I do reach retirement age.

 

[warmfuzzies]

Thats what I was thinking!

 

[HarlansHollowFarms]

Quote:
Yes, it is average over your lifetime. That is why my dad would not let us kids get a SSN untill we accually started to work, I think I got mine when I was 15.