Mike Milligan explains how Social Security's pay-as-you-go system works and warns the taxable wage base could jump to $300,000–$400,000 by 2029–2030 as fewer workers support more retirees. This shift will reshape payroll taxes and how benefits get funded.
By the way, Gary, I think that this wage-based number in the future, maybe 2029, 2030, I think we're going to see this number go up to $300,000 or $400,000. Oh, boy. Because, because the— if you think about the way Social Security is funded, we always say, I paid into the system, so it's my money. But that's not really how Social Security works. You paid into the system to fund the people on the program. Okay. Yes. But my, the, my Social Security taxes that are being paid now is going to pay people that are currently receiving Social Security. And so in the future, when there's less workers paying for Social Security, uh, recipients, that base has got to go up to fund their benefits. And so this is, this is going to look like chump change in what's going to probably come in 2028, 2030, and beyond.
How to evaluate AI growth stocks (Nvidia, Oracle, CoreWeave) beyond market hype
How to evaluate AI growth stocks (Nvidia, Oracle, CoreWeave) beyond market hype
