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One of my favorite days

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  • Avatar gvs.psych 
    Participant
    Status: Resident
    Posts: 37
    Joined: 12/01/2016
    Disability Insurance

    I always like the day in the year where I max out on FICA. That was today, thanks to some moonlighting. 6.2% increase for the rest of the year 🙂 Anybody else who is attuned to this?

    #205844 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 619
    Joined: 02/11/2019

    I also like that day but it will not come for a couple/few months.

    “Never let your sense of morals prevent you from doing what is right.”

    #205847 Reply
    Liked by Megalops, Tim
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 372
    Joined: 06/14/2016

    Based on the quick math exercise, you earn $485k. I won’t get to SS day for a couple months… 😞

    #205850 Reply
    Liked by Craigy, Tim, Peds
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3399
    Joined: 01/08/2016

    Yea not for a while. Thank your pediatricians.

    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1021
    Joined: 02/15/2016

    There is no maxing FICA, as Medicare is uncapped. You’re basically just in a doughnut hole until the extra 0.9% Medicare tax kicks in at $200k. Depressing!

    #205864 Reply
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1411
    Joined: 01/08/2016

    I always like the day in the year where I max out on FICA. That was today, thanks to some moonlighting. 6.2% increase for the rest of the year 🙂 Anybody else who is attuned to this?

    Click to expand…

    I look forward to the SS max earnings day, so that I can add another year to my spreadsheet on the march towards the second bend-point.

    I am part-time, so still got some time to go.

    #205874 Reply
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 372
    Joined: 06/14/2016

    2nd bend point is roughly 17 years of max SS income?

    #205882 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1822
    Joined: 09/18/2018

    Payback is sweet. You turn 70 and turn on the auto deposit from SS!
    It’s not the amount, it’s the last time you make yourself wait delaying for the future.

    #205886 Reply
    Liked by hatton1
    Avatar squirrel 
    Participant
    Status: Physician
    Posts: 77
    Joined: 01/26/2016

    Love that day too and almost there.  However I am changing groups and the counter will reset to zero so I get to pay it twice this year.  Gotta love paying double taxes!

    #205986 Reply
    Avatar ZZZ 
    Participant
    Status: Spouse
    Posts: 389
    Joined: 06/18/2018

    “However I am changing groups and the counter will reset to zero so I get to pay it twice this year. Gotta love paying double taxes.”

    You know you’ll get that $ back, right?

    #205997 Reply
    Avatar Brains428 
    Participant
    Status: Physician
    Posts: 185
    Joined: 11/09/2017

    This is nice to know…. I’ll have maxed out my retirement accounts and SS by the time I upgrade to partnership pay.

    …all so the extra income can go to student loans.

     

    #205998 Reply
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1411
    Joined: 01/08/2016

    2nd bend point is roughly 17 years of max SS income?

    Click to expand…

    I use 21 years of max SS income (reference is Mike Piper at the WCI conference).

    #206011 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 856
    Joined: 01/11/2017

    Id like to see Mike’s calculations, I have always found it closer to seventeen years.

    #206014 Reply
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1411
    Joined: 01/08/2016

    Id like to see Mike’s calculations, I have always found it closer to seventeen years.

    Click to expand…

    I’ll take 17!  Will try to run numbers myself…more to follow.

    #206018 Reply
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1411
    Joined: 01/08/2016

    Id like to see Mike’s calculations, I have always found it closer to seventeen years.

    Click to expand…

    I’ll take 17!  Will try to run numbers myself…more to follow.

    Click to expand…

    Using PoF’s calculator, 17 years is not enough.  But it looks like 18 plus residency salary (and a few summer jobs) is.  Thanks, guys!

    #206031 Reply

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