Social Security is not designed to redistribute a ton of money from the rich to the poor. And it isn’t used to fund the government so it doesn’t make the rich pay their “fair share”. It’s intended to force people to save so we don’t have a ton of poor seniors around.
Rich people are taxed up to a certain amount. So the rich and super rich pay in the same maximum dollar amount. But on the other side the benefits that they get out are capped in the same way.
It’s not supposed to be like a retirement plan where you assume you’re going to live on 80% of your income in retirement. It’s just there to ensure you have “enough”.
The most money an individual can get out of social security, the maximum benefit, is $5181/month.
To be a little more accurate, Social Security Disability Insurance is redistributive by design.
Social Security is not designed to redistribute a ton of money from the rich to the poor. And it isn’t used to fund the government so it doesn’t make the rich pay their “fair share”. It’s intended to force people to save so we don’t have a ton of poor seniors around.
Rich people are taxed up to a certain amount. So the rich and super rich pay in the same maximum dollar amount. But on the other side the benefits that they get out are capped in the same way.
It’s not supposed to be like a retirement plan where you assume you’re going to live on 80% of your income in retirement. It’s just there to ensure you have “enough”. The most money an individual can get out of social security, the maximum benefit, is $5181/month.
To be a little more accurate, Social Security Disability Insurance is redistributive by design.