By David W. Marshall
(Trice Edney Wire) – During last year’s midterm election, Utah Republican Mike Lee won reelection to a third term in the U.S. Senate by defeating independent challenger Evan McMillin. It was one of Utah’s most closely watched Senate races in decades. McMillin’s bid focused largely on Lee’s text messages with Donald Trump’s staff in the lead-up to the Jan. 6 attack on the U.S. Capitol.
The text messages between Lee and then-White House chief of staff Mark Meadows revealed how the senator encouraged top Trump advisors to embrace Sidney Powell, a Republican lawyer who later spread wild and baseless claims of a rigged election. Just days before Election Day, McMullin condemned comments Sen. Lee made about ending Social Security more than a decade ago. “It will be my objective to phase out Social Security, to pull it up by the roots and get rid of it,” Lee said at a campaign stop during his first run for office in 2010. For the majority of Utah voters, Sen. Lee’s early efforts to overturn the results in the 2020 election and his desire to end Social Security didn’t matter and were not sufficient reasons to keep the Republican from returning to Washington. Lee’s defenders say his voting record exemplifies a willingness to fight for them and their values. I am not sure which is worse. The elected official who seeks to destroy American democracy and the Social Security system or the exploited voters who keeps him in office.
You cannot say the voters were not informed, they simply didn’t care about the threats. Republican voters who receive retirement payments through Social Security are literally voting against their own self-interests when they elect Lee and others who seek to end a system critical to millions of American seniors. Ignorance plays a major factor as well. Lee’s defenders believe he is a fighter on their behalf, but do they fully understand the motive behind cutting Social Security is to pay for tax cuts benefitting the wealthy. When we consider the exploited Utah voter, we should always remember Bernie Sanders and his constant warning about the one percent. We also cannot forget the history of American aristocracy.
We must remember where we came from in order to answer the simple question, “Why is America such a divided nation based on economic disparities?” Part of our nation’s heritage comes from being a British colony. Great Britain was America’s mother country. With the expansion of the British Empire westward into North America, the idea of aristocracy came with it. Winning the fight for national freedom in the Revolutionary War meant the American colonists were no longer tied to the British hereditary aristocracy. This signaled the end of the type of ruling class in which the title of king or queen was handed down from parent to child. By moving from a hereditary aristocracy to a social aristocracy, Americans were not necessarily free from a society where the most vulnerable citizens were ruled by those who were the most powerful, affluent and privileged. Aristocracy is simple.
You have a small group of people who put themselves in the position of control because they view themselves as superior and truly believe they are the best qualified to rule the entire population. By way of arrogance and a sense of superiority, a small minority within America (the wealthy) has a disproportionate concentration of political power and influence. The priority for aristocrats is to avoid sharing wealth by keeping as much of it as possible exclusively to members of the highest social and economic class. They will achieve this goal even if it means using their political influence in the destruction of critical programs (Social Security), the destruction of human life (opposing meaningful gun regulation) and the destruction of the earth (denial of climate change).
Generally, aristocrats enjoy political power and influence which far exceeds their few numbers by way of exploitation. The majority of Utah residents are not wealthy, but masses of poor and middle-class Republicans will happily vote for someone who wants take away their Social Security. What happens in Utah occurs in all red states. The politics of Sen. Lee makes Utah a good example of how gullible voters will use their one vote/ one voice to follow politically, racially and cultural divisive rhetoric rather than support the economic and safety matters benefitting their households and communities.
The attack on social entitlements such as Medicare and Social Security programs should consider the fact millionaires receive Social Security even when they don’t need it. If senators like Mike Lee and Rick Scott from Florida are determined to cut Social Security, they should start with those making up the one percent. Why should billionaires and other wealthy individuals be entitled to Social Security benefits when they real don’t need it? The maximum Social Security benefit in 2022 is $2,364 for someone who files at 62. It is $4,194 if the person files at age 70. The system is no doubt in trouble. One potential way to help the struggling system is to stop protecting the wealthy. If a “means-test” is applied, it could reduce or even eliminate benefits for wealthy retirees who didn’t need the money. In 2017 more than 47,500 millionaires received Social Security benefits totaling $1.4 billion annually. The perception that the people who are draining government entitlement programs are all poor and middle class individuals is far from the truth.
David W. Marshall is the founder of the faith-based organization, TRB: The Reconciled Body, and author of the book God Bless Our Divided America. He can be reached atwww.davidwmarshallauthor.com.
FAQs
In 2017 more than 47,500 millionaires received Social Security benefits totaling $1.4 billion annually. The perception that the people who are draining government entitlement programs are all poor and middle class individuals is far from the truth.
Do high income people pay into Social Security? ›
That means someone whose paycheck is $83,333 a month—and $1,000,000 over the year—stops contributing to Social Security on February 28, 2023. The vast majority of workers are paid less than $160,200 per year, so they pay the 6.2 percent social security payroll tax on all of the paychecks they receive in 2023.
Why do rich people collect Social Security? ›
Social Security isn't simply a welfare program, with money handed out to anyone who asks. Rather, Social Security is funded by payroll taxes on workers. As millionaires and billionaires by definition earn more money than most Americans throughout their careers, they also pay a higher amount of tax into the program.
Is a million dollars plus Social Security enough to retire? ›
Will $1 million still be enough to have a comfortable retirement then? It's definitely possible, but there are several factors to consider—including cost of living, the taxes you'll owe on your withdrawals, and how you want to live in retirement—when thinking about how much money you'll need to retire in the future.
Does Warren Buffett get a Social Security check? ›
Buffett's estimated monthly Social Security check in January 2024 is $3,254, accounting for inflation and future increases or earnings.
How much Social Security will I get if I make $120000 a year? ›
The point is that if you earned $120,000 per year for the past 35 years, thanks to the annual maximum taxable wage limits, the maximum Social Security benefit you could get at full retirement age is $2,687.
What is the highest Social Security payment allowed? ›
3 steps to claiming the $4,555 max monthly Social Security...
- Step 1: Work a minimum of 35 years. ...
- Step 2: Earn an income equivalent to or greater than the wage cap. ...
- Step 3: Delay your Social Security claim until age 70.
As of this week, Americans earning $1,000,000 have already finished paying their share of Social Security taxes for the year, according to a new report. Any future paychecks for those million-dollar earners in 2023 won't see deductions for Social Security.
What is the Social Security monthly payment for a millionaire? ›
You don't have to need Social Security benefits to collect them: every eligible American can collect benefits at retirement, and that includes millionaires. In 2010, 47,535 millionaires received Social Security benefits totaling $1.438 billion. The maximum benefit is $2,533 a month, or $30,396 a year.
What is the Social Security 5 year rule? ›
The Social Security disability five-year rule allows people to skip a required waiting period for receiving disability benefits if they had previously received disability benefits, stopped collecting those benefits and then became unable to work again within five years.
Millionaires Pay More for Medicare
Once you turn 65, you can sign up for Medicare no matter how rich you are. Medicare Part A, which covers hospital services, is generally free. There's a monthly premium for Medicare Part B, which covers doctor visits and outpatient services.
How many people have $1000000 in retirement savings? ›
In fact, statistically, around 10% of retirees have $1 million or more in savings.
What is the average 401k balance for a 65 year old? ›
Average and median 401(k) balance by age
| Age | Average Account Balance | Median Account Balance |
|---|
| 35-44 | $97,020 | $36,117 |
| 45-54 | $179,200 | $61,530 |
| 55-64 | $256,244 | $89,716 |
| 65+ | $279,997 | $87,725 |
2 more rowsJan 20, 2023
Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a $1 million index fund could provide $100,000 annually.
Who gets the highest Social Security check? ›
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.
What president allowed borrowing from Social Security? ›
President Jimmy Carter
| 1. | SOCIAL SECURITY SYSTEM--May 9, 1977 |
|---|
| 3. | SOCIAL SECURITY FINANCING BILL -- October 27, 1977 |
| 4. | SOCIAL SECURITY FINANCING LEGISLATION -- December 1, 1977 |
| 5. | SOCIAL SECURITY AMENDMENTS OF 1977 --December 20, 1977 |
| 6. | SOCIAL SECURITY FINANCING LEGISLATION --April 10, 1978 |
8 more rowsWho Is Exempt from Paying Social Security? Self-employed workers who make less than $400 annually do not need to worry about paying Social Security taxes. 4 High-income individuals are also exempt from paying the tax on any earnings over the $147,000 threshold in 2022 and $160,200 in 2023.
What is a good monthly retirement income? ›
According to data from the BLS, average incomes in 2021 after taxes were as follows for older households: 65-74 years: $59,872 per year or $4,989 per month. 75 and older: $43,217 per year or $3,601 per month.
Is $1,500 a month enough to retire on? ›
That means that many will need to rely on Social Security payments—which, in 2021, averages $1,544 a month. That's not a lot, but don't worry. There are plenty of places in the United States—and abroad—where you can live comfortably on $1,500 a month or less.
How much should a 72 year old retire with? ›
Financial experts generally recommend saving anywhere from $1 million to $2 million for retirement. If you consider an average retirement savings of $426,000 for those in the 65 to 74-year-old range, the numbers obviously don't match up.
To determine the amount of SSI benefits a couple is eligible to receive, their combined countable income is deducted from the FBR for a couple. The result is then divided equally and paid to the couple in separate checks.
What is the average Social Security check? ›
According to the Social Security Administration (SSA), the average monthly retirement benefit for Security Security recipients is $1,781.63 as of February. Several factors can drag that average up or down, but you have the most control over the biggest variable of all — the age that you decide to cash in.
How much does the average person pay into Social Security over a lifetime? ›
Let's keep the first one simple: A single person who made the average wage (about $47,800 in 2015 dollars) and retired in 2015 would have paid about $272,000 into Social Security and would receive about $294,000 in lifetime benefits.
What state pays the most in Social Security? ›
1. California
- Total Social Security Received: $9.34 billion.
- Total Number of Recipients: 6,166,205.
The Social Security tax limit is the maximum amount of earnings subject to Social Security tax. The Social Security taxable maximum is $160,200 in 2023. Workers pay a 6.2% Social Security tax on their earnings until they reach $160,200 in earnings for the year.
How much Social Security if you make $100,000 a year? ›
If your highest 35 years of indexed earnings averaged out to $100,000, your AIME would be roughly $8,333. If you add all three of these numbers together, you would arrive at a PIA of $2,893.11, which equates to about $34,717.32 of Social Security benefits per year at full retirement age.
How much Social Security will I get if I make $75 000 a year? ›
If you earn $75,000 per year, you can expect to receive $2,358 per month -- or about $28,300 annually -- from Social Security.
How much monthly retirement income from $1 million dollars? ›
A $1,000,000 annuity would pay you approximately $5,677 each month for the rest of your life if you purchased the annuity at age 60 and began taking payments immediately.
How much monthly income for $1 million retirement? ›
For example, if a 55-year-old person purchases a $1 million annuity with a lifetime income rider and wants to retire in 10 years at age 65, that person would receive roughly $10,121 per month for the rest of their life.
How do I get the $16728 Social Security bonus? ›
To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.
The only people who can legally collect benefits without paying into Social Security are family members of workers who have done so. Nonworking spouses, ex-spouses, offspring or parents may be eligible for spousal, survivor or children's benefits based on the qualifying worker's earnings record.
Can a person who never worked get Medicare? ›
Medicare Eligibility for People Who've Never Worked? Regardless of your work history, you are eligible for Medicare at age 65 (or younger in some cases) if you're a U.S. citizen.
What do rich people pay for Medicare? ›
The wealthiest senior couples will be paying nearly $14,000 a year in Medicare Part B premiums. Part B (the base and the surcharge) covers doctors' and outpatient services. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021.
How much do rich people pay for Medicare? ›
If you're a higher-income beneficiary, you'll pay a larger percentage of the total cost of Part B based on the income you report to the Internal Revenue Service (IRS). You'll pay monthly Part B premiums equal to 35, 50, 65, 80, or 85 percent of the total cost, depending on what you report to the IRS.
What is the maximum Social Security for high earners? ›
The maximum benefit is $3,627 for someone at full retirement age (FRA). The absolute maximum benefit that an individual can receive per month in 2023 is $4,555, and you must wait until age 70 to claim benefits and have been a high earner for 35 years to get this much.
What is the highest amount a person can get on Social Security? ›
In 2023, the average senior on Social Security collects $1,827 a month. But you may be eligible for a lot more money than that. In fact, some seniors this year are looking at a monthly benefit of $4,555, which is the maximum Social Security will pay. Here's how to score a benefit that high.
What is the highest amount a person can collect from Social Security? ›
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.
How much Social Security will I get if I make $100000.00 a year? ›
If your highest 35 years of indexed earnings averaged out to $100,000, your AIME would be roughly $8,333. If you add all three of these numbers together, you would arrive at a PIA of $2,893.11, which equates to about $34,717.32 of Social Security benefits per year at full retirement age.
What will be the maximum Social Security benefit in 2023? ›
The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62. A person's benefit amount depends on earnings, full retirement age and when they take benefits.
