Serious SCMP supports Roy Ngerg: Sinkies' beloved CPF is Auntie Ho's Big Fat SCAM

[frenchbriefs]

currently, 12.4% goes to oasdi portion of social security while 2.9% goes to medicare. of the 12.4%, employer contributes roughly 3/5 while employee contributes 2/5. the cap per year is only $18k. the maximum payout for a person after 65 is limited to $2345 per month no matter how much goes into social security over the entire course of the person's employment history. most hce's will get around $1500 per month, and it's subjected to income tax.

in order to reach the $2300 maximum payout per month,at the 15 percent contribution rate,u have to be earning at least 13k a month assuming 0 percent rate of growth.how many people make $13k a month?the top 8 or 10 percent income earners maybe?if u want to live on $2300 a month lifestyle after retirement,u gotta do some saving urself.social security is only subject to income tax if it exceeds $25,000 a year.thats $2,080 per month,nearly close to the maximum payout of $2300.again like i said,what percentage of the population can hope to attain near or the max payout?consider it a tiny tax on the rich.

 

[eatshitndie]

in order to reach the $2300 maximum payout per month,at the 15 percent contribution rate,u have to be earning at least 13k a month assuming 0 percent rate of growth.how many people make $13k a month?the top 8 or 10 percent income earners maybe?if u want to live on $2300 a month lifestyle after retirement,u gotta do some saving urself.social security is only subject to income tax if it exceeds $25,000 a year.thats $2,080 per month,nearly close to the maximum payout of $2300.again like i said,what percentage of the population can hope to attain near or the max payout?consider it a tiny tax on the rich.

the cap on ss payout at full retirement age (69 for many) is now $2639 in 2016. the $25k baseline is used to check if one half of ss benefits collected for the year plus other income exceeds it. there's 401k withdrawals for example. over 25k the total amount is taxable.