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Reply to "Two jobs in one year - SS tax refund?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks! This makes me happy. Even though on principle I support raising the cap![/quote] Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help [/quote]Because of the way Social Security returns are calculated (bend points/AIME/...), the higher one's earnings, the worse the ROI. Higher payout in dollars, but even with the current cap, "... for upper-income individuals, even though with above-average health, the ROI on Social Security FICA taxes is generally negative." (https://www.kitces.com/blog/social-security-fica-self-employment-taxes-return-on-investment-roi-irr/) Remove the cap, the ROI would get increasingly negative.[/quote]
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