Why I'm donating $150/month (10% of my income) to the musl Libc project (2019)

Re:Why I'm donating $150/month (10% of my income) to the mus... by loeg on Thursday October 07, 2021 @04:40PM (#28791756)

SS contributions cap out at around $143k (indexed with inflation). Beyond that, extra income has no impact on your eventual SS payout. Even below that threshold, returns on Social Security tax associated with higher income are pretty small once you meet the 40 credit threshold for any benefit[1].

[1]: https://rootofgood.com/early-retirement-social-security/

[ Parent | on HN ]

Re:Why I'm donating $150/month (10% of my income) to the mus... by scarmig on Thursday October 07, 2021 @05:44PM (#28792514)

~$400k in lifetime earnings fills out the 90% AIME bracket; ~$2M in lifetime earnings fills out the 32% bracket. I think that, so long as you're still in that 32% bracket, you're more likely than not getting (small) positive returns from paying SS taxes.

Though I agree, it'd be silly to continue working or to declare higher income purely for that.

[ Parent | on HN ]

Re:Why I'm donating $150/month (10% of my income) to the mus... by loeg on Thursday October 07, 2021 @06:44PM (#28793073)

To clarify, my comment was about annual income; not lifetime. Income in any given year beyond the annual cap does not affect your SS lifetime earnings. (I think you probably know that, just adding it for other readers.)

[ Parent | on HN ]