You’re allowed to work as many hours as you want and continue to collect Social Security once you reach full retirement age. You’ll be taxed on your earned income as well as Social Security benefits.
Not necessarily. Social Security is taxable income. About 40% of people who collect it make enough to have to pay taxes on it. They’d be in the same tax brackets as the lower end of the working class. The remaining 60% make too little to pay taxes on their annual income.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.
What about retired people?
Retired people are generally working class too. Unless the person owns/owned a large corporation, that is.
Doesn’t that make them not retired?
I cannot functionally tell the difference from doing 2 hours of work at a Hampton vacation home and being retired. So I would say “not necessarily”.
It’s a dollar amount in America though.
You’re allowed to work as many hours as you want and continue to collect Social Security once you reach full retirement age. You’ll be taxed on your earned income as well as Social Security benefits.
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
That’s my point. A billionaire owner can be functionally retired while still being “employed”. A worker who’s 65 years old cannot.
Sure but they get their money the same way the rich do, via capital gains.
Not necessarily. Social Security is taxable income. About 40% of people who collect it make enough to have to pay taxes on it. They’d be in the same tax brackets as the lower end of the working class. The remaining 60% make too little to pay taxes on their annual income.
https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=About 40%25 of people who,in addition to your benefits.
That would be in lieu of income taxes, yes. Also doesn’t apply for ss or pensions.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.