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Author
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Topic: social security going broke?
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PaulCat
Player
Member # 513
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posted 12-20-2021 07:28 PM
You always hear about social security running out of money, but I don't know whether to believe that. I just looked at my values on the SS website. In my lifetime, as of today, I have paid $130,714 into SS and my employer has paid $134,280 for approximately $265,000 combined. If I retire at age 70 it is reporting that I will receive $3720 per month. Assuming social security is not taxable, and I live to the average life expectancy of 72, that means I will receive $89,280 ($3720 x 24 months) of that (so far) $265,000. Tell me who gets the better end of that deal!! Now if I retire at age 67, I will get $2994/month for a total of $239,520 (with a life expectancy of 72), still in the government's favor.
Am I missing something here?
I guess there's probably more stuff (disability, etc) that gets paid from the SS pot which then I can believe that SS might be losing money.
Posts: 10335 | From: Erlanger, Ky. USA | Registered: Mar 2000
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rlt4uk
Player
Member # 3194
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posted 12-20-2021 11:57 PM
I'm not depending on SS when I retire. I've invested well and I've saved quite a bit. I own a bit coin, I bought it when it was $1,400.00, just to mention one good investment. I have a great 401k, and my union retirement. Social security will be icing on the cake.
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Bleeding Blue in south Alabama. Kentucky born, Kentucky bred,I'll be kentucky until i'm dead!
Posts: 9779 | From: enterprise, al 36330 | Registered: Sep 2010
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handycat
Player
Member # 2323
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posted 12-21-2021 09:32 AM
The way SS is distributed is inequitable to put it mildly. SS is little more than a socialist program, IMO. It didn’t start out that way but it “evolved”.
Any payout should be based on what You paid in and nothing else.
[ 12-21-2021, 09:34 AM: Message edited by: handycat ]
Posts: 5394 | From: decatur ill. | Registered: Feb 2005
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m hamilton
Player
Member # 127
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posted 12-21-2021 12:02 PM
I've paid in over $7500 in SSC this year alone. Any Govt hand out is taken out of SSC.
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The potus is planning 1st major tax hike since '93 in next economic package!
I still can't believe some people believed that LIAR!!!
Your whole life is determined(by) 10% what happens to you, and 90% how you handle it!!!
Posts: 123971 | From: vevay, IN USA | Registered: Sep 1999
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Tiptree
Administrator
Member # 844
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posted 12-22-2021 10:47 PM
Agree with Handy, but that ain't the way it works. Money paid into Social Security isn't even limited only to SS payouts. It goes into the 'general fund'... for whatever the feds want to spend it on.
It should go into a separate fund, and it should have payouts based upon what you put into it. But, it is merely another tax to feed the behemoth in DC.
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Tiptree
“If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be.” Thomas Jefferson
Posts: 13608 | From: Terre Haute, IN | Registered: Sep 2000
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