Are you counting on Social Security for your retirement? Before you answer, you might want to take a look at the Social Security Calculator. It shows how much you’re paying into the system and how much you can expect to get out of it when you retire.
When you take a close look, you’ll see it’s nothing but a government sponsored ponzi scheme.
Here are my stats:
You can expect to pay $399,502 in Social Security taxes over your working life for retirement and survivors benefits. For those taxes, you can expect to receive $2,591 a month in Social Security retirement benefits. Your rate of return under today’s Social Security is -1.23%.
However, if you had been able to invest your Social Security taxes in a Personal Retirement Account (PRA), you would have had a total of $1,202,779 when you retired. Your monthly benefits would have been $9,798. You lost $7,207 a month.
I consider that a crime. The government is extorting money from me to pay those who got involved in the pyramid scheme earlier than I did.
When it’s federal government dependency time, you bet you’re going to get screwed
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The flaw in the above argument is the presumption that the money American workers now pay and have paid into Social Security tax is money they would have otherwise received. When I was a working stiff, I looked at the Social Security, “supposed” deduction, and was quite well aware that if I say, refused to pay my SS tax, there would be no way for me to do so. People look at those figures on their pay stubs and somehow have the looney idea that they are not getting money that they have been paid. You were never paid that money that went into SS to begin with. Wake up, dumkopfs!
Sincerely, Lisbeth Jardine, MA, History of Medicine (& Health Policy Analysis/Economics), UCSF