NetNews Usenet Archive 1992 #31/NN_1992_31.iso/spool/sci/space/18504

Internet Message Format | 1992-12-31 | 1.6 KB

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From: [e-mail]
Newsgroups: sci.space
Subject: Re: fast-track failures
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Date: 31 Dec 92 17:05:16 GMT
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Ethan Dicks <[e-mail]> writes:
>FICA payments come from employee "contributions" and from matching
>contributions from the employer.  "Self Employment Tax" is FICA, only
>you pay *both* parts.
>
>Take what ever you are paying (~7%-9%, I forget exactly what) and add in
>an equal amount from your employer.  Now kiss it goodbye, because anyone
>under 50 ain't gonna see it come back :-(
>
>-ethan

Unfortunately, I'm afraid you're right.  I have been going under the
assumption that, when my time comes to retire, there will be no Social
Security.  I will try to support myself with IRAs, investments, retirement
funds, etc.  Don't expect your kids to take you in, they'll probably be
living with you (and you will be supporting them).

And now we hear that the Clinton administration is proposing to push back the
retirement age so that they won't have to pay out so much Social Security.
If the trend continues, by the time I "retire", the retirement age will be
90!

Rick Kitchen
[e-mail]