As might be expected, from this post, I’ve been reading up on Social Security lately. Mostly it’s been focused on SSDI/SSI. But I believe that, in this case, similar rules exist for regular retirement.

Let’s say Joe Citizen gets out of high school, and starts earning wages – perhaps civilian, perhaps military, it really doesn’t matter. All that matters is that he’s earning wages, and paying FICA. Thirty years down the road (at the ripe old age of 48), Joe Citizen stops earning wages… perhaps he becomes a street bum, or perhaps he “retires”, and simply lives off pension and savings – whatever. (I would include going expat, but I believe the US is one of the few nations of the world which goes after its citizens for taxes when they are living, working, and paying their host nation’s taxes, in a foreign country.) What’s important is that Joe Citizen doesn’t pay FICA for twenty years…

As I understand it, when Joe Citizen turns 68, and goes to collect Social Security, it’s as if he had never paid FICA at all. Is this correct?

Trust Fund my ass!