Do the math,if you put that money in a IRA account for 45 years you would get at least double your SS check/month.

Pretty sure there was one announced on the last 6 months.

I started drawing my SS when I was 63 not that much after about 60% taken away for State retirement pension.
Decided to draw early and take less after having a heart attack at age 55 I was maxed out with my retirement benefit .
The lady at SS office did all of the numbers and the money that I would draw for the years of early SS benefits it would take 17 years to get it if I waited until full SS age.
And who knows how long you will live, decided to retire and do some fun things I still work 3 or 4 days a week if I want to.
I have a job that I am off during the winter months unless I want to work, during the summer I work 4 days a weeks mostly.
It all boils down to do you want to work until you can't enjoy your retirement, or find something part time and enjoy life.
I also know not every body can live off SS and have to work to keep bills paid

The Social Security Trust Fund is invested entirely in U.S. treasury securities. Last year the U.S. Treasury Securities paid 2.92% interest to the Social Security Trust Fund. That's a little below the long term average, but still not impressive as an investment return. Google the long term market returns. The SS trust is scheduled to run out of money at around 2035 as of this year. That's unless lawmakers find a way to keep it afloat longer, that means millennials will need to be taxed a LOT more to keep things afloat. The rest of us too. Double would be a big understatement. I wish public schools would begin teaching math skills and prepare kids for real life. End of my rant. meanwhile, everyone have a Merry Christmas and Happy Holiday!!

They just keep pushing back the age you can first collect to help balance things out.

I have been self employed pretty much my whole life. If I live as long as my parents did I will pull out far more than I ever put in. Of course to live on that amount I'll have to move to a third world country! LOL

Many people get all their money back within a few years of retirement.

Many would not save a dime for retirement on their own.

I think it may be safe to change the word "many" for "most".

If I work until my full retirement age of 67 the maximum I can draw is $3011 a month. If I keep contributing as much as I do in my name, it will take me more than ten years to recoup just the original investment. Will I live until I'm 77? The average male life expectancy is 78.69 in the US.

Just think of the economic boom this has helped create with millions of retirees spending trillions they may not have had and how much employment their monies create. Almost 100% into the economy directly.
Compare the spending and life style of the millions of elderly today compared to 75 years ago?
Bryce

Rather than calculate your odds based on the general population, add the ages of your parents when they died ( or if still alive do the math on their parents), divide by two and that is your likely lifespan. Subtract or add for lifestyle issues.

Carl, my parents aren't all that old yet, early 70s, My relations are all over the place as far as age of death.



Compare the sending and lifestyles of the young 75 years ago. The economy has changed and it has zero to do with SS., Social security is a redistribution plan, those who make less get a better return on investment.

SS is no different than Income tax, or unemployment insurance. Gov. programs redistributing wealth.

I see what you are saying. You take trillions from workers so they can't spend it boosting the economy and give it to another group to spend and boost the economy. Definitely good for the the economy.

They'll just waste it then become a burden on society when they're old and sick and broke.

That's right the old and sick and broke people are not a burden because the government takes money from workers so that they are not a burden on those workers.

I wonder how many more of us would be paying to support our parents if it weren't for their Social Security.

Something like that only everybody pays and no one gets a free ride.

How many in the last 50 years was the point SS for what you could get back is a pretty good deal. I’m more concerned we don’t pay enough to keep it going.

I’m talking what is paid in tax, not paid out COLA

The workers get back what was taken and then some. If not why is everyone saying it will go broke in xxxxx? Not saying it may have been the best choice but it is what we have and it works for millions and millions of people and not just in the USA. We will see how the millions of families that plan to retire on their IRA savings will do compared to those with pensions. Both have SSI but some will do much better than others. Most federal employees have their own retirement system which they pay into and they are not eligible for SSI nor are the wages or income earned while a federal employee usable in establishing a stipend base.

Also if we look at SSI the rate we pay is about 5% as the remainder goes to Medicare so for many workers the return on their 5% is very, very good in comparison and collected and distributed as it is it is an economic booster.
The high and very high income persons have a very, very small percentage of their income in the form of SSI collections.
This link covers some issues that some or many may have.
https://www.aarp.org/work/social-security/info-2015/myths-of-social-security.html
Bryce

Bryce it is a Ponzi Scheme. The payout to the retirees in 2019 comes from taxes( 12.4%) on the workers of 2019. There is no economic benefit to the overall economy by shifting this money from one group to another .