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I've hated Social Security since 1964, when I made $547 that summer as a rookie stock boy in the warehouse of a Pittsburgh restaurant chain.
That's when the federal government first started swiping a portion of my paycheck under the pretense that it would put the money aside for my retirement years.
The summer of 1964 - 45 years and a dozen low-paying bartending and newspaper jobs ago -- was also when I heard Barry Goldwater boldly declare that Social Security should be voluntary.
Most people I knew then - and, sadly, most people...
It's Time for Social Security Choice
Justin:redtape wasn't making an assumption as to what the salary was, he was making an observation that if you were employed from 1944 through today and made above the Social Security cut-off point, then the most you would have contributed, as an individual, into the Social Security system is $132,272.80 (this year included). Even with employee matching, the most that Government would have generated from Social Security is $264,545.70.
I don't know about you Justin, but I have at many times in my life held 2 jobs. I never got a reduced FICA witholding on either paycheck, nor did good old Social Security ever send me a refund for overpayment. It is certainly possible and even likely that Mr. Steigerwald is telling the truth...