Pilot2013
Full time employment: Posting here.
However the benefit calculation is based on the highest 35 AIME, which for people contributing above the current cap could result in PIA above the current maximum. The current "largest possible" benefit is under $4000/month, but very high earners would have much higher benefits...
But we are talking about CHANGING the current situation, so we can change both... eliminating or changing the cap, so I would say you also change the max payout by some amount (let's say that the Top Contributors would get only 25% (as an example) of the increased revenue. ie, the improvement to the plan would get 75% of the additional tax (or as some on here like to say, Gov't income ), while the folks that are asked to provide that increase get a modest increase.
Yes, this is part of the blasphemous redistribution I rail against, but this is the one area that I feel it should be part of our planning, and promise to the elderly.