I'm hoping my wife will work forever so I can retire someday.
SS is such a scam, my dad died a few weeks ago so my mother switched over to collect his amount (his was higher) so now everything she paid in....poof, vanished....spent by greedy politicians.
The issue is the fund will be depleted and the on going benefits will be paid by those who are working. Who knows, by that time, there may not be many people working, especially at the rate people are quitting today.
If your a private contractor, your not required to pay into SS. It's voluntary. Most don't.
Work for a company that forcibly takes it from your salary is still not socialism by definition.
Sorry to hear about your dad. May he RIP.
Part of the gubberment ponzi scheme.
Actually there may be some benefit to the SS system from the illegal immigration. Those getting fake SS cards are contributing to the system even though the illegal will never reap the benefits if they work for a company that takes the money without permission.
I'd prefer the illegals not be here, but they are.
You pay both the employee and employer taxes 12.4% or you get fined and/or go to jail. Are Social Security Benefits a Form of Socialism?
You don’t get a say if you are in it or not, don’t get a say how it’s invested, don’t get much of a say when you can take it, can’t let someone else inherit what “you payed ”. You are in it‘s social insurance camp.
I’d rather have invested the 12.4% in something I control and manage. I’ll have payed more into ss than I’ll ever get back in return. (I’m still fine with social security, but I’d much prefer a capitalist solution)
I would rather have invested too. Normal people would be millionaires and companies would be thriving because of all the investments in stock and bonds from those funds.
I think people have the wrong idea of why SS was developed. It was sold as a bill of goods to help you, but in fact it was developed to help others who are less fortunate. Now, with all the illegals devouring this country, there are a lot more people who are less fortunate. It’s hard to believe the pool of funds will be depleted in just a few years. All the money we contributed will be gone. Talk about mismanaged and the folks who did it are enjoying the fruits of their labor.
I think people have the wrong idea of why SS was developed. It was sold as a bill of goods to help you, but in fact it was developed to help others who are less fortunate. Now, with all the illegals devouring this country, there are a lot more people who are less fortunate. It’s hard to believe the pool of funds will be depleted in just a few years. All the money we contributed will be gone. Talk about mismanaged and the folks who did it are enjoying the fruits of their labor.
In 2021 a person making over $147,000 pay (6.2%) or $8,853.60 in Social Security Taxes (Employer Matches)
If you retire in 2021 and have been making the maximum your Social Security check is $3,148 a month or $37,776 per year for life
If you started work in 1982 making $30,000 you paid $1,860 in social security taxes
Lets average 1,860 & 8,853 and we get $5,356 time 40 years = $214,240
If you collect Social Security for 5.67 years you break even
Most people do not make the maximum over their lifetime working so their pay back is a lot shorter
If you retire in 2021 and have been making the maximum your Social Security check is $3,148 a month or $37,776 per year for life
If you started work in 1982 making $30,000 you paid $1,860 in social security taxes
Lets average 1,860 & 8,853 and we get $5,356 time 40 years = $214,240
If you collect Social Security for 5.67 years you break even
Most people do not make the maximum over their lifetime working so their pay back is a lot shorter
5.67 year payback rate without considering interest. If we consider the time value, that $5356 annually for 40 years is $2,370,526 @10% which would be similar to the stock market, or $647,004 @5% which might be close to the average risk-free rate. I don't want the government controlling my piggy bank.
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