Millennial Men Leave Perplexing Hole in a Hot U.S. Labor Market

[deemus]

Please explain what "payroll" taxes they are then.

You still haven't addressed the fact that that you stated that someone retiring at 67 would receive $3167 a month? Why is that? Facts make your head hurt? Start answering questions and quit dancing around the truth like a Liberal.

I'm certain Ben will have a better explanation where it all ends up, but here they are:

SS - 6.2% withheld from paycheck
SS - 6.2% company matching portion paid by employer

Medicare - 1.45% withheld from paycheck
Medicare - 1.45% matching portion paid by employer

State unemployment - rate varies, paid by employer

Federal unemployment - generally 0.8% paid by employer; can be higher in some instances.

That is all of them.

 

[benenglish]

I'm certain Ben will have a better explanation...

I could go into excruciating detail and put everybody to sleep; the consequences of non-payment are especially fun to discuss. However, I don't need to do any of that. There's a decent overview here. It and your post agree.

 

[TheMailMan]

I'm certain Ben will have a better explanation where it all ends up, but here they are:

SS - 6.2% withheld from paycheck
SS - 6.2% company matching portion paid by employer

Medicare - 1.45% withheld from paycheck
Medicare - 1.45% matching portion paid by employer

State unemployment - rate varies, paid by employer

Federal unemployment - generally 0.8% paid by employer; can be higher in some instances.

That is all of them.

So you do agree that those payroll taxes shown in your budget pie chart are the SS and Medicare payments. You previously stated those didn't go into the budget at all.

So if those payments go into the general fund why should the SS and medicare costs come out of the general funds?

What you're looking at is what's called a UNIFIED budget. A compilation of every dollar received and spent. In fact SS funds don't go into the general fund and payments don't come out of the general fund.


Now about that $3167 a month SS payment to a 67 year old....care to comment on that?

 

[deemus]

I have not posted a pie chart, and have made zero comments about where all that ends up, and or whats done with it.

I can tell you that for wage earners who have exceeded the SS wage limit for years prior to entering retirement, the $3K per month is not far off.

Its possible the $3100 number is a max.

 

[seeker_two]

That would require one hell o f a spreadsheet.

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Sent from my SM-G892A using Tapatalk

 

[TheMailMan]

I have not posted a pie chart, and have made zero comments about where all that ends up, and or whats done with it.

I can tell you that for wage earners who have exceeded the SS wage limit for years prior to entering retirement, the $3K per month is not far off.

Its possible the $3100 number is a max.

Sorry deemus, I didn't pay attention to who posted the numbers. I thought it was Darkpriest, but I should have known better. He loves to through out things, and when called on them he just starts throwing out other things. Typical Liberal.

Since you guys like pictures more than reading federal budgets here's an infographic. It's put out by the CONGRESSIONAL BUDGET OFFICE. Not some fringe group. The people that actually read and make sure the budget's i's are dotted and t's are crossed.

View attachment 153124

That Darker and Dark Blue are social security and Medicare. It's MANDATORY spending.. It's money we have to spend.. get this.. not out of the trust fund, but out of the FEDERAL BUDGET COLLECTED FROM TAXES...

As for the trust fund raids. You can't blame Millennials for that one either. That was done before the majority were born with the exception of myself and a few others who were still crapping our diapers when you guys continued to vote the thieves in.


An old statute requires the Treasury to issue an annual financial statement, similar to a corporation’s annual report. The FY 2017 edition is 274 enlightening pages that the government hopes none of us will read.

Among the many tidbits, it contains a table on page 63 that reveals the net present value of the US government’s 75-year future liability for Social Security and Medicare.

That amount exceeds the net present value of the tax revenue designated to pay those benefits by $46.7 trillion. Yes, trillions. Where will this $46.7 trillion come from? We don’t know. Baby Boomers don't have to care. They will be dead before it comes due.

Trying to add them up quickly becomes an exercise in absurdity. They are so huge that it’s hard to believe the government will pay them, promises or not.

Now, I know this is going to come as a shock, but that $46.7 trillion of unfunded liabilities is pretty much a lie. Professor Larry Kotlikoff estimates the unfunded liabilities to be closer to $210 trillion.


If you ever want to get sick or make yourself want to drink you can look at the reality of our situation here. Not caused by the lazy millennials. Hell maybe we are lazy, or maybe a lot of us have just logically given up because we've literally been put in a no win situation by the baby boomers.

http://www.usdebtclock.org/

Here's the latest federal budget that was printed. 2017 should be coming in the next weeks or so.

https://www.fiscal.treasury.gov/fsr..._campaign=JM-305&utm_medium=ED&utm_source=for

Just remember kids, the minimum wage was 1.70 in 1970.. In REAL dollars thats 11.35 in 2018. So the minimum a boomer was earning was 11.35. So let's not act like you guys weren't starting off with better wages and lower costs. You were.

And then there is social security. The average boomer paid in just about 35000 dollars (total) into Social security. they can expect to receive a benefit if they retire at 67 and live only to 77 of 380,000 dollars. A 1000% increase in their investment. Millennials now make up 35% of the work force. They pay the majority of the social security dollars and FICA taxes... Oh and by the way.. Social security now eats up 30% of the budget and we are now paying 8% of our entire federal budget paying on interest for loans we have to take to pay for social security.


So excuse me if I don't kiss your asses while I pay for your retirement.

The max amount one can receive at age 66 if you retire this year is $2788. Note that Darkpriest says the AVERAGE is $3167 per month. AVERAGE means something "midway between the extremes" that would indicate that there are people who are receiving MUCH more than $3167 per month. Sorry, that can't happen.

 

[deemus]

Also to note, SS benefits increase by 8% each year you postpone taking them, until age 70. You get the max benefit if you wait till age 70.

If you think you will live a long time, and can afford to wait, wait.

 

[AustinN4]

Also to note, SS benefits increase by 8% each year you postpone taking them, until age 70. You get the max benefit if you wait till age 70.

If you think you will live a long time, and can afford to wait, wait.

Your math is correct, but I am a bird in the hand guy and took mine the first year available.

 

[ZX9RCAM]

Your math is correct, but I am a bird in the hand guy and took mine the first year available.

Yep, my dad passed before he made 70.
I don't expect to pass it by much, if at all either.
I'll be taking mine when eligible.