Deprecated: Return type of WP_Theme::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-theme.php on line 554

Deprecated: Return type of WP_Theme::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-theme.php on line 595

Deprecated: Return type of WP_Theme::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-theme.php on line 535

Deprecated: Return type of WP_Theme::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-theme.php on line 544

Deprecated: Return type of WP_REST_Request::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/rest-api/class-wp-rest-request.php on line 960

Deprecated: Return type of WP_REST_Request::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/rest-api/class-wp-rest-request.php on line 980

Deprecated: Return type of WP_REST_Request::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/rest-api/class-wp-rest-request.php on line 992

Deprecated: Return type of WP_REST_Request::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/rest-api/class-wp-rest-request.php on line 1003

Deprecated: Return type of WP_Block_List::current() should either be compatible with Iterator::current(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 151

Deprecated: Return type of WP_Block_List::next() should either be compatible with Iterator::next(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 175

Deprecated: Return type of WP_Block_List::key() should either be compatible with Iterator::key(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 164

Deprecated: Return type of WP_Block_List::valid() should either be compatible with Iterator::valid(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 186

Deprecated: Return type of WP_Block_List::rewind() should either be compatible with Iterator::rewind(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 138

Deprecated: Return type of WP_Block_List::offsetExists($index) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 75

Deprecated: Return type of WP_Block_List::offsetGet($index) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 89

Deprecated: Return type of WP_Block_List::offsetSet($index, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 110

Deprecated: Return type of WP_Block_List::offsetUnset($index) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 127

Deprecated: Return type of WP_Block_List::count() should either be compatible with Countable::count(): int, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp-block-list.php on line 199

Deprecated: Return type of Pimple\Container::offsetExists($id) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/vendor-prod/pimple/pimple/src/Pimple/Container.php on line 133

Deprecated: Return type of Pimple\Container::offsetGet($id) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/vendor-prod/pimple/pimple/src/Pimple/Container.php on line 98

Deprecated: Return type of Pimple\Container::offsetSet($id, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/vendor-prod/pimple/pimple/src/Pimple/Container.php on line 79

Deprecated: Return type of Pimple\Container::offsetUnset($id) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/vendor-prod/pimple/pimple/src/Pimple/Container.php on line 143

Deprecated: Return type of iThemesSecurity\Lib\Lockout\Execute_Lock\Context::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/lockout/execute-lock/abstract-context.php on line 60

Deprecated: Return type of iThemesSecurity\Lib\Lockout\Execute_Lock\Context::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/lockout/execute-lock/abstract-context.php on line 66

Deprecated: Return type of iThemesSecurity\Lib\Lockout\Execute_Lock\Context::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/lockout/execute-lock/abstract-context.php on line 72

Deprecated: Return type of iThemesSecurity\Lib\Lockout\Execute_Lock\Context::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/lockout/execute-lock/abstract-context.php on line 76

Deprecated: Return type of iThemesSecurity\Lib\Lockout\Execute_Lock\Context::getIterator() should either be compatible with IteratorAggregate::getIterator(): Traversable, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/lockout/execute-lock/abstract-context.php on line 56

Deprecated: Return type of ITSEC_Lib_Distributed_Storage_Cursor::current() should either be compatible with Iterator::current(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/class-itsec-lib-distributed-storage.php on line 578

Deprecated: Return type of ITSEC_Lib_Distributed_Storage_Cursor::next() should either be compatible with Iterator::next(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/class-itsec-lib-distributed-storage.php on line 585

Deprecated: Return type of ITSEC_Lib_Distributed_Storage_Cursor::key() should either be compatible with Iterator::key(): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/class-itsec-lib-distributed-storage.php on line 606

Deprecated: Return type of ITSEC_Lib_Distributed_Storage_Cursor::valid() should either be compatible with Iterator::valid(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/class-itsec-lib-distributed-storage.php on line 613

Deprecated: Return type of ITSEC_Lib_Distributed_Storage_Cursor::rewind() should either be compatible with Iterator::rewind(): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/lib/class-itsec-lib-distributed-storage.php on line 620

Deprecated: Return type of WPCF7_FormTag::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/form-tag.php on line 395

Deprecated: Return type of WPCF7_FormTag::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/form-tag.php on line 387

Deprecated: Return type of WPCF7_FormTag::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/form-tag.php on line 381

Deprecated: Return type of WPCF7_FormTag::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/form-tag.php on line 399

Deprecated: Return type of WPCF7_Validation::offsetExists($offset) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/validation.php on line 78

Deprecated: Return type of WPCF7_Validation::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/validation.php on line 72

Deprecated: Return type of WPCF7_Validation::offsetSet($offset, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/validation.php on line 59

Deprecated: Return type of WPCF7_Validation::offsetUnset($offset) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/contact-form-7/includes/validation.php on line 82

Deprecated: Automatic conversion of false to array is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/better-wp-security/core/modules.php on line 137

Deprecated: DateTime::__construct(): Passing null to parameter #1 ($datetime) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/script-loader.php on line 348

Deprecated: Constant FILTER_SANITIZE_STRING is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/conditionals/third-party/elementor-edit-conditional.php on line 22

Deprecated: Constant FILTER_SANITIZE_STRING is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/conditionals/third-party/elementor-edit-conditional.php on line 28

Deprecated: Return type of Requests_Cookie_Jar::offsetExists($key) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Cookie/Jar.php on line 63

Deprecated: Return type of Requests_Cookie_Jar::offsetGet($key) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Cookie/Jar.php on line 73

Deprecated: Return type of Requests_Cookie_Jar::offsetSet($key, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Cookie/Jar.php on line 89

Deprecated: Return type of Requests_Cookie_Jar::offsetUnset($key) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Cookie/Jar.php on line 102

Deprecated: Return type of Requests_Cookie_Jar::getIterator() should either be compatible with IteratorAggregate::getIterator(): Traversable, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Cookie/Jar.php on line 111

Deprecated: Return type of Requests_Utility_CaseInsensitiveDictionary::offsetExists($key) should either be compatible with ArrayAccess::offsetExists(mixed $offset): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Utility/CaseInsensitiveDictionary.php on line 40

Deprecated: Return type of Requests_Utility_CaseInsensitiveDictionary::offsetGet($key) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Utility/CaseInsensitiveDictionary.php on line 51

Deprecated: Return type of Requests_Utility_CaseInsensitiveDictionary::offsetSet($key, $value) should either be compatible with ArrayAccess::offsetSet(mixed $offset, mixed $value): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Utility/CaseInsensitiveDictionary.php on line 68

Deprecated: Return type of Requests_Utility_CaseInsensitiveDictionary::offsetUnset($key) should either be compatible with ArrayAccess::offsetUnset(mixed $offset): void, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Utility/CaseInsensitiveDictionary.php on line 82

Deprecated: Return type of Requests_Utility_CaseInsensitiveDictionary::getIterator() should either be compatible with IteratorAggregate::getIterator(): Traversable, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/wilbul4/maxoutofpocket.com/wp-includes/Requests/Utility/CaseInsensitiveDictionary.php on line 91

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/class-wp.php on line 173
Social Security FICA: Tax, Pension, or Disability Insurance Policy? - Max Out of Pocket
Deprecated: parse_str(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/formatting.php on line 4975

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 176

Deprecated: ltrim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/wp-db.php on line 3030

Social Security FICA: Tax, Pension, or Disability Insurance Policy?


Deprecated: ltrim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/wp-db.php on line 3030

Deprecated: parse_str(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/jetpack/class.jetpack.php on line 4222

Well, as fun as it is to blog about skiing the east and buying lambs, it is time to get back to business. I promise you, all these tax articles are going to come in handy once we start talking about saving money on healthcare.

Here at Max Out of Pocket, we always expect the best, but plan for the worst.

I just couldn’t help myself. Max OOP’s slightly ridiculous Social Security Card.

We learned a few weeks back that most Max OOP readers likely pay $1.45 of every $100 in earned income into Medicare. This tax is collected through FICA payroll taxes to help cover the Medicare program’s Part A hospital benefits for when you get old and grey. In total, it comes out to about 1.45% of earned income and there is no wage base limit on how much they can tax. We now need to cover the other piece of FICA – Social Security.

Social Security: How Much Do I Owe?

For most of us, in 2019 we will pay $6.20 on every $100 we earn to the Social Security Administration as mandated by the Federal Insurance Contributions Act (FICA) in 1935. This comes out to 6.2% of earned income and is taken directly out of our paycheck. Like with Medicare, your employer pays a matching 6.2% of your wages to Social Security as well. If you are self-employed, sorry, you are on the hook for the whole 12.4%.

With the exception of a few years during the great recession, Social Security FICA payroll taxes have been pretty stable since the 1990’s. We don’t see a lot of fluctuation with the percentages so the tax is basically baked into the economy at this point.

Here is a nice link from the IRS corroborating these numbers for when you do your own research on the subject.

FICA Cheat Sheet

This pie chart of course ignores other premiums and taxes including Medicare FICA, etc. The goal of this sophisticated chart is to help visualize how much of your cash is going to the Social Security Program.

Good News For High Income Earners

We learned with the Medicare portion of FICA there was no income threshold where the Medicare tax phases out. In fact, with Medicare FICA, they actually increase the tax for higher wage earners. The Social Security portion of the tax actually has a maximum income level where they stop taxing you. In 2019, that maximum is $132,900. So the most Social Security you would have to pay through payroll regardless of income is $8,239.80.

$132,900 X 6.2% = $8,239.80

This is for each employee, so multiply this by two for married couples.

Good News For The Early Retired

As with Medicare, you might have noticed I kept repeating “earned income” above.

The FICA/Social Security Tax is applied only to earned income. So, like with Medicare, if you retire early and sail off into the sunset living off your investment portfolio, this tax essentially goes away. Keep in mind though, your actual Social Security benefit payment when you hit your golden years would likely be reduced in the event of an early retirement. This is because the calculation is based on income averages from your working years. Throwing a few $0.00 years in there will hurt your average. We will cover more on that at a future date. Also, the Net Investment Income Tax we mentioned in the Medicare series does not apply to Social Security.  

Social Security: Tax, Pension, or Disability Insurance?

Max OOP considers Social Security not only a pension, but also an insurance policy that would kick on in the event of disability.  

Once again, regardless of your tax philosophy, knowing how much you pay into this program is important for when our political leaders start tinkering with these numbers. As much as it is talked about in the news, the US social security retirement benefit likely won’t just run out and go away one day. I am not saying the tax structure or payment model won’t change, but some cash will be there for Max OOP when I finally hit that golden age. Max OOP doesn’t include Social Security income in my early retirement calculations, but I am 99.9% certain something will be there.

It will also be there if I need it in the event of an unexpected accident causing disability. My social security statements says I would get $2,251 a month if I become disabled “right now”. I just thought of about 3 ways I could become disabled “right now”. One was an electrical keyboard malfunction/situation disabling all ten fingers and thus flushing my cubical rockstardom down the drain. If I was determined disabled by this scenario, the annual disability payment would come out to about $27,012 per year.

Per the Social Security website. That link in the image doesn’t work, so don’t wear out your mouse trying to steal Max OOP’s disability benefits.

To put up this kind of security and protection against disability, Max OOP would need a ‘disability investment portfolio’ of about $900,000. This assumes a safe withdrawal rate of 3%. I choose an overly conservative 3% withdrawal rate as opposed to the 4% rule of thumb because odds are I wouldn’t be as flexible to cut expenses or generate additional income if I was in a disabled state (particularly if all 10 fingers were inactive). If you ask Max OOP, $27,000 annually is a pretty solid insurance policy and takes some of the weight off my shoulders when planning for the worst.  

$900,000 X 3% withdrawal rate = $27,000

Since everyone has a different disability benefit number, do you know how much you would get from social security if you became disabled “right now”?

Share

Deprecated: ltrim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/wp-db.php on line 3030

You may also like


Deprecated: parse_str(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-content/plugins/jetpack/class.jetpack.php on line 4222

Leave a Reply

Your email address will not be published. Required fields are marked *


Deprecated: rtrim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wilbul4/maxoutofpocket.com/wp-includes/formatting.php on line 2747
%d bloggers like this: