Florida seniors hold birthday celebration for social security program

By  | 

TALLAHASSEE, Fla. (WCJB)-- Cut the cake, not social security. That's the motto retirees are touting as they celebrate 84 years of the program.

Reporter, Jake Stofan, says "advocates for retirees say one of the greatest challenges is dispelling the myth that young people today will never see the benefits of the program."

Baby boomers are projected to see smaller payments by 2035, but advocates say even that could be avoided by raising the current cap.

Annual earnings above $132,900 aren't subject to the 6.2 percent social security tax. As of this year retiring at 66 comes with a maximum payout of $2,861 a month.