3 ms·
> to be able to contribute more to... social security I don't think that makes a whole lot of sense. Do people actually do that?
by CPLX 9y ago
> to be able to contribute more to... social security
I don't think that makes a whole lot of sense. Do people actually do that?
- rsync 9y agoI doubt many people expand their salary to maximize social security contributions but I can say with certainty that people expand their salary to allow maximal 401k contributions, which your parent also referred to ...
- CPLX 9y agoWell right. It's that social security idea that seems nuts. Hence my question.
- meritt 9y agoWhy do you think that's absurd? Social Security is basically a very inefficient (and potentially insolvent) retirement plan. The more you put into it, the more you should get out. That's why people would want to maximize contributions.
- CPLX 9y agoI guess you'd have to do the math and maybe there's an edge case but it seems almost totally and completely inconceivable that you'd be better off increasing your rate of payroll income (which also adds the 2.9% Medicare tax as well) in hopes of one day getting larger social security checks, rather than the alternative of keeping and saving it now.