On April 17, most of America’s wealthiest citizens will stop paying Social Security taxes. Once the payroll contribution cap of $117,000 is reached, millionaires and billionaires stop paying into the system, while the vast majority of Americans pay on all of their salary – all year long.
As we spend the month of March celebrating the historic achievements of women, it is important to pay attention to the economic challenges women face, including the myriad obstacles to retirement security. The dream of retiring with security is out of reach for most women.
Listening to this little kid say those words, we took a moment to marinade on how messed up our retirement system is. Just watch the clip below, you will see what I mean.
In a state as beautiful, innovative and sunny as California, you would think everyone would want to retire here. Unfortunately most California’s will not have the means to retire, according to a report by The National Institute on Retirement Security (NIRS).