tax return info

Hutzbordello · #1 01-24-2011, 03:07 PM

can i get a refund from what I put into FICA?

rockstarbassist · #2 01-24-2011, 03:54 PM

Newp, nor Medicare.

Hutzbordello · #3 01-24-2011, 04:16 PM

=[ damn that sucks

Steve · #4 01-24-2011, 05:09 PM

You'll get it all back + once you get old and crotchety. Except that, the system won't survive that long. I'm 51 and plan on retiring at 12:01 on my 62nd birthday. I might get a little of your money before it all goes south so, thanks guy.

Muddslide · #5 01-25-2011, 12:15 AM

Quote:

Originally Posted by Steve

You'll get it all back + once you get old and crotchety. Except that, the system won't survive that long. I'm 51 and plan on retiring at 12:01 on my 62nd birthday. I might get a little of your money before it all goes south so, thanks guy.

Yeah, I'm 42 and I've moved around and changed jobs a lot.

I have no illusions that I'll ever see any of that money back. Social Security? Forget it. I'll probably be working until the day I die.

My one source of solace is that if the money I'm putting in now is going to help people who really need it--some less-fortunate folks or some elderly people or something, I am okay with that.

All of those paycheck deductions I just view as charitable contributions right now. Steve is most likely right--the system will be broke before I can see any benefit from it.

Yerf Dog · #6 01-25-2011, 07:17 AM

Quote:

Originally Posted by Muddslide

I have no illusions that I'll ever see any of that money back. Social Security? Forget it. I'll probably be working until the day I die.

SS = Ponzi

NS2A · #7 01-25-2011, 07:26 AM

Quote:

Originally Posted by Yerf Dog

SS = Ponzi

Yup. If they pols wouldn't borrow the money from the SS fund, there'd be enough there and would be solvent much longer.

Muddslide · #8 01-25-2011, 01:56 PM

Quote:

Originally Posted by Yerf Dog

SS = Ponzi

Yeah. Capitalism itself is a ponzi, or pyramid, scheme.

I do think it is still the best economic construct as far as being able to sustain the longest, but ultimately, just as will other economic paradigms, it will collapse in on itself, largely because of human greed.

shadowtippy · #9 01-25-2011, 02:11 PM

If all the money I've paid into SS had gone into an interest bearing account, I would be looking at a lot more money coming my way when I retire in, I hope, 6 years.

fdeck · #10 01-25-2011, 04:34 PM

Quote:

Originally Posted by shadowtippy

If all the money I've paid into SS had gone into an interest bearing account, I would be looking at a lot more money coming my way when I retire in, I hope, 6 years.

Why didn't you invest in stocks, or real estate?

shadowtippy · #11 01-25-2011, 04:45 PM

Quote:

Originally Posted by fdeck

Why didn't you invest in stocks, or real estate?

Too many withholdings for Social Security, Medicade, etc.

fdeck · #12 01-25-2011, 04:54 PM

Quote:

Originally Posted by shadowtippy

Too many withholdings for Social Security, Medicade, etc.

But still, if you had that extra 7.5% to invest, why would you have put it in the bank instead of stocks or real estate?

MatticusMania · #13 01-25-2011, 04:59 PM

Do you get a choice whether to pay SS or not? I know that I dont...

fdeck · #14 01-25-2011, 05:00 PM

Quote:

Originally Posted by MatticusMania

Do you get a choice whether to pay SS or not? I know that I dont...

You don't. I'm speaking hypothetically.

MatticusMania · #15 01-25-2011, 05:01 PM

Ah, yes. I see I misinterpreted the question.

warnergt · #16 01-25-2011, 10:34 PM

Quote:

Originally Posted by Hutzbordello

can i get a refund from what I put into FICA?

If you think you overpaid, there may be a way.
But how did that happen?