Not only do workers contribute to Social Security; their employers do, too. It totals 15.3% of income before taxes. If a worker averaged $30K over his or her working years, the total is close to $220,500.
Calculate the future value of $4,500 per year (worker’s and employer's contributions) at 5% interest after 49 years of working gives $892,919.98. Withdrawing 3% per year, provides one $26,787.60 per year, which would last better than 30 years (say from age 65 to 95) and that's with no interest! Purchasing an annuity paying 4% per year, gives a lifetime income of $2,976.40 per month.
The average worker gets half that! The folks in Washington operate a bigger Ponzi scheme than Bernie Madhoff! And they call it an entitlement!
Just because they spent all the money does NOT make it a handout or charity. Bad investment, maybe, but that is why they make it mandatory.
But what really, really tics me off: My kids and grandkids generation now have to pay so I can draw my returns on investment. You "leaders" have stolen from me, now steal from them. Madhoff got 150 years for $60 billion; how much should you get?
