Is no one gonna talk about the bad math? 5% of 600k is 30k and thats assuming you started your working years with 600k in the bank.
his 600k number indicates a 20k a year contribution and compunded yearly at 5% interest he ends 30 years of this at 1,395,215.80 moneychimp.com not the 1.9 he claims which come out to 3611.12 a month not 3,075 a month. This is some high level jackassery. Who is this guy? can we send him back to 9th grade math?
Edit: saving this for posterity before I go to sleep.
Forget all this though I made an error or two. What you need to know is that you would have to work 75 years at today's rates to put 600k in SS.
Because that's not how taxes work, and pretending they work like this means intentionally minsconstruing them. Social Security is not a government-run IRA, even if some (stupid) people like to pretend it is. It's a social safety net, and works like every other one.
I don't get any direct benefit from my taxes that go towards public schools, or welfare programs, or healthcare for the elderly. However, those and other taxes are essential for creating and maintaining the modern society in which I live. The people around me are better educated, healthier, and happier. From a purely selfish point of view, the increased social stability means less unrest and disruption to my personal life.
To say nothing of the fact that my success in life has largely been based off of the ability of others to be successful - to open businesses, to take risks.
beyd1 on January 3rd, 2019 at 02:31 UTC »
Is no one gonna talk about the bad math? 5% of 600k is 30k and thats assuming you started your working years with 600k in the bank.
his 600k number indicates a 20k a year contribution and compunded yearly at 5% interest he ends 30 years of this at 1,395,215.80 moneychimp.com not the 1.9 he claims which come out to 3611.12 a month not 3,075 a month. This is some high level jackassery. Who is this guy? can we send him back to 9th grade math?
Edit: saving this for posterity before I go to sleep.
Forget all this though I made an error or two. What you need to know is that you would have to work 75 years at today's rates to put 600k in SS.
This guy is bullshit.
socrates_scrotum on January 3rd, 2019 at 02:35 UTC »
$600,000? That is what it would be if you made the maximum amount or more every year for 40 years given the current maximum.
HardcoreHeathen on January 3rd, 2019 at 03:27 UTC »
Because that's not how taxes work, and pretending they work like this means intentionally minsconstruing them. Social Security is not a government-run IRA, even if some (stupid) people like to pretend it is. It's a social safety net, and works like every other one.
I don't get any direct benefit from my taxes that go towards public schools, or welfare programs, or healthcare for the elderly. However, those and other taxes are essential for creating and maintaining the modern society in which I live. The people around me are better educated, healthier, and happier. From a purely selfish point of view, the increased social stability means less unrest and disruption to my personal life.
To say nothing of the fact that my success in life has largely been based off of the ability of others to be successful - to open businesses, to take risks.