Forced FICA Deferral
Moderator: Aitrus
Forced FICA Deferral
How do you feel about the forced FICA Deferral that just rolled out? Most of us plan well; so it won’t be a large issue to us when we repay it back next year. However, a lot of the Soldiers don’t know squat about financial planning and are likely going to be in a hardship when this hits Jan-Apr. yep; they “should” just save the increase for the remainder of the year, but you know they won’t.
I just hate that I can’t opt out of it.
I just hate that I can’t opt out of it.
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Re: Forced FICA Deferral
It is a terrible plan by a pea brained President.
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Re: Forced FICA Deferral
Perhaps a parting gift?
Re: Forced FICA Deferral
Actually, I do not think it is so "pea brained". Congress has failed to act and there are many people out there struggling to make ends meet. This should help those with short term cash flow problems due to Covid. I realize we must pay it back next year so it is only a band aid. Regardless, if Congress could resolve their differences, this band aid would not be necessary.
Re: Forced FICA Deferral
i like it. I can pay down higher interest debt and max out my contributions. Ill end up saving.
- stilljammi
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Re: Forced FICA Deferral
I hear payday loans are also very helpful in the short term.
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Re: Forced FICA Deferral
I agree that an opt out option could have its benefits.
But repaying stimulus at income tax time is not a new concept.
But repaying stimulus at income tax time is not a new concept.
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Re: Forced FICA Deferral
You people really believe this money will make that much difference? For many people it will be extremely difficult to pay this pea brain loan back beginning the month after Christmas. Let's call a spade a spade: it is another attempt by the ultra right Conservatives to break Social Security. JDeacon, the non government employers have been smart enough to not stop paying the FICA tax. Their employees will owe nothing more in January. This is another example of how POTUS feels about the troops. Not a good plan, never should have happened.
Re: Forced FICA Deferral
I am taking advice someone gave as response to my post of a few days ago. I will increase my TSP contribution the amount of this windfall and then decrease my contribution next year until they stop with the double FICA with-holdings.
Re: Forced FICA Deferral
I think it will make a difference for those starting out at the entry level of civil service. However I also think the 4k per pay period is too high a threshold. I still think the real issue is inaction by Congress to help those who are truly in need. I long for the days when politicians were able to find some common ground for compromise in support of the greater good versus partisan politics.
Re: Forced FICA Deferral
When was that?jdeacon wrote: I long for the days when politicians were able to find some common ground for compromise in support of the greater good versus partisan politics.
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Re: Forced FICA Deferral
That’s messed up!crondanet5 wrote:Perhaps a parting gift?
I don’t understand how this is Government assistance since we have to pay it back. I wish we had a choice to opt out.
What’s next, payback unemployment!
Moneys’ Money Making Money (4M)
Re: Forced FICA Deferral
The concept (which is clearly flawed) is that the Administration (since this is an Executive Order--not Congressional statute) wants to offer you payday loan.ProduceMan wrote:That’s messed up!crondanet5 wrote:Perhaps a parting gift?
I don’t understand how this is Government assistance since we have to pay it back. I wish we had a choice to opt out.
What’s next, payback unemployment!
It is bound to fail because quite a few people who resort to these payday loans are unable to pay it back fully.
Also, to address the massive elephant in the room, the Administration (since this is an Executive Order--not Congressional statute) wants people to get artificially bigger paychecks now through election day, then conveniently stops just after that date.
Stating facts FWIW.
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Re: Forced FICA Deferral
Exactly, just messed up!bloobs wrote:The concept (which is clearly flawed) is that the Administration (since this is an Executive Order--not Congressional statute) wants to offer you payday loan.ProduceMan wrote:That’s messed up!crondanet5 wrote:Perhaps a parting gift?
I don’t understand how this is Government assistance since we have to pay it back. I wish we had a choice to opt out.
What’s next, payback unemployment!
It is bound to fail because quite a few people who resort to these payday loans are unable to pay it back fully.
Also, to address the massive elephant in the room, the Administration (since this is an Executive Order--not Congressional statute) wants people to get artificially bigger paychecks now through election day, then conveniently stops just after that date.
Stating facts FWIW.
Moneys’ Money Making Money (4M)
Re: Forced FICA Deferral
Not when Burr shot Hamilton...Midway wrote:When was that?jdeacon wrote: I long for the days when politicians were able to find some common ground for compromise in support of the greater good versus partisan politics.
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