Madison wrote:urbanbreez wrote:Go ahead, cash that check. You are entitled to it.
Absolutely. I am certainly entitled to the money I paid in, am I not? Isn't that exactly what you are whining about? That you won't get YOUR money?
And since I figured you'd act like that, I've done some research for you.
Here's the tax table:
So, we'll say a worker who worked 50 years with an average salary of $60K and we'll say 10% as the average tax rate (currently over 15%).
That's $300,000 they paid in.
That person would retire at 67 and have to draw $1,200 per month until they were 87 before the PRINCIPAL would run out. That doesn't even count the interest.
And for those who pay self-employment taxes (like myself since I've always had a business of some sort), we pay every nickel of that money. Half isn't paid by our employer (who's the "entitled" one now ?).
So yeah, I think I am more than entitled to a portion of the money that the government took from me, because I will not live long enough to get it all back through social security, seeing as how the average lifespan is only 78:
Allow me to change just one variable: "Female version of Madison"
Female version averages 45k per year since women make less money.
Female version lives 6 years longer since women just live longer.
In the year 2060, median female life expectancy is probably going to be approaching 90 years.
I'm not going to do the math, but my guess is social security is going to treat you fairly equitably.
Now, if you consider that the median woman makes a lot less than 45k a year, then that's where all your money goes, Mad. You are literally paying money into social security so the grandmothers of America don't have to live on the streets.