this is one of those things they don't tell you.
If you earn any significant money while collecting SS before Full Retirement Age, they decrease your benefit significantly during that year.
You can receive Social Security retirement or survivors benefits and work at the same time. However, if you are younger than full retirement age and earn more than certain amounts, your benefits will be reduced.
www.ssa.gov
This is all actuarial science - and since I just picked up my YT PHD in this as I will be collecting next year, it is good to know.
also:
if people keep living longer, they need to do something (COVID actually helped SS)
if salaries don't grow with inflation they need to do something
if the population contracts instead of expands they need to do something
your employer matches your SS deduction, and your employer doesn't stop contributing when the worker hits the SS limit.
everyone pays - even if they won't be eligible. (F1 practical training visas are exempt - as are H2A)
higher earners have to start paying in again at a certain income level. (this expired a few years ago - they are talking $400k as the new restart level)
this gets back to my finance thread post on getting to $1M saved - which could safely throw off $4,000+/month in retirement -
most people can't do it. they just can't. unseen payroll deductions are the way. what if 1 out of 10 opt-outs fail?
are you going to say TFB? they'll just steal your food to eat, and your money to pay their cell phone.
all the gvt needs to do to make it work is tweak numbers. Actuarial science. go figure.