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(The Medicare levy, unlike its bigger Social Security counterpart, is not capped).
But many wait to retire (benefits must begin by age seventy), and those who do wait earn bigger Social Security checks.
All else equal, fewer workers means less payroll tax revenue equals a bigger Social Security shortfall.
Joint life, because if the spouse who buys the higher benefit dies first, the survivor gets to take the deceased spouse's bigger Social Security check instead of his or her own smaller one.
This repayment strategy raises the question: If you don't actually need a Social Security check to live on at age 62, should you wait until 69 or 70 to claim a bigger Social Security check or file for benefits at 62, invest the money, and plan to repay the benefits at 70 to claim that bigger check?
This all raises the question of whether assuming you don't actually need a Social Security check to live on at age 62 you should wait until 69 or 70 to claim a bigger Social Security check or file for benefits at 62, invest the money, repay the early benefits at 69 or 70, and then claim that bigger check.
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But this year, with no fanfare whatsoever, Bush stuck a big Social Security privatization plan in the federal budget proposal, which he sent to Congress on Monday.
For more on how to get the biggest Social Security payout, click here.
But I also think Congress, by delaying a big Social Security fix, while making a smaller one in the back room, feeds distrust of this crucial retirement program.
Congress, by delaying a big Social Security fix, while making a smaller one in the back room, feeds distrust of this crucial retirement program.
While it is true that in any year the savings from switching to C-CPI-U will come disproportionately from those receiving the biggest Social Security checks, there is nothing to suggest that these people are particularly well off.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com