Yes the math isn't even close. It would be just a shade over $222,400.00


The other thing to consider is that the program was designed so that most people would never collect.

You could start drawing at age 65 but the life expectancy in 1935 was 59.9 for males and 63.9 for females.

Typical FDR socialism

"Life expectancy is an average
An important point to bear in mind when interpreting life expectancy estimates is that very few people will die at precisely the age indicated by life expectancy, even if mortality patterns stay constant.

For example, very few of the infants born in South Africa in 2009 will die at 52.2 years of age, as per the figures in the map above. Most will die much earlier or much later, since the risk of death is not uniform across the lifetime. Life expectancy is the average.

In societies with high infant mortality rates many people die in the first few years of life; but once they survive childhood, people often live much longer. Indeed, this is a common source of confusion in the interpretation of life expectancy figures: It is perfectly possible that a given population has a low life expectancy at birth, and yet has a large proportion of old people."

Source: Our world data.

Probably, if you made it through childhood, you probably would collect some SSA in the early years too. All those infants ( all those zeros and ones) dying is what affects the average more than old people living a few more years.


P.S. The Total Payroll tax rate was 1% until 1950.

I started drawing it at 62. I did the math and discovered I would never be able to make up for what I would lose if I waited until I was 65 to start drawing it. Also, white 17 is correct. It's setup so 85 to 90 percent of those who pay in aren't supposed to live long enough to collect it. The covid jab is gonna fix that problem. That and them raising the retirement age. Take it early, you won't be sorry.

The whole thing is a brilliant ponzi scheme. The money you earn is taxed over and over again until they get it back.

According to the latest stats, longevity for women in the US is 79 years plus and for men 73 plus and that is with a 1 year decline over the last couple years. So to me way more than 15% of US citizens collect some SS, probably more like 80 plus percent or more collect. That average age will probably increase again over time. Other than recent increased elderly deaths the bigger increases are coming in younger adults with over doses and accidents.

As to when to collect. I waited until I was 66 and got a 32% monthly stipend increase by doing so. I worked part time until 66 and sure did not want to be paying back a bunch of SS. The larger stipend may not equal out as to total received but the higher income is nice after retiring. Another nice increase for us was when I started collecting my wifels monthly stipend increased as she was getting the minimum since she was 62.
Every families financial picture is different so, having a variety of options is good.
As to how long the fund will last? We don't know, but having high levels of employment with higher wages won't hurt keeping the fund going. Also many that retire from full employment say at 60-62 or so are working PT and many are not filing for SS until they reach the age when they can earn money and not get a reduction, that adds to the fund as well.
Bryce

Retired at 62 +6 months, making at 67 what I was projected to collect at full 66 retirement age. It your lifestyle can skirt inflation effects ( limit travel and grow your own food and provide your own heat) ... you got to seriously look at the numbers. Other thing to consider are the family's genetics, following my dad's and uncle's life cycle as I was in my 50's; I should have already be gone, so everyday I see the sun is a another blessing.

I'm going to have to readjust my mental calculator, I missed I 6 percent. Need to recalibrate.

As far as the facts go there aren't many on this thread that are right. The fact is we will have to make our children and grand children to bail it out and even that won't be enough.

Sad deal coming for our loved ones and community members that do/will rely on SS.

This is what happens when evil bankers in high places trick F the monetary system in the form of fiat currency. Working class folk have three choices, either work harder/longer, become more efficient, or both at the same time. This is why it takes both a mom and a dad working to make ends meet now.

True, most of us don't live within our means, but my children's generation do not have the opportunity to do what I did; as far as buying land, a home, equipment, etc. They have good work ethics too. Tractors have doubled in price in just 5 years; so have work trucks. We can't double our wages to compensate; as we have to get the job. Just my rant for our situation.

I don't know what the solution is, but this ain't working.

Sure. Land is expensive. Equipment is expensive. Homes are expensive. But to say there is no opportunity is incorrect. I see plenty of young people succeed everyday.

That's commie talk.

If you invest $300/month for 40 years at 8% you would have approximately 1.1 million at retirement.

8 percent is a pretty lofty goal.

Social Security was never and is not now a savings plan. it is an insurance plan. It covers widows, orphans, disabled, and retirement. Like nearly all insurance plans, you are not guaranteed a return of premium. However, most retirees recover their contributions and more.

SS is not a retirement annuity. Why do people continue to assume it is?

With inflation that would be about like 1500 bucks

I wonder how many retirement insurance plans that don't earn money insurance companies sell each year?

P.S. I bet those retirement plans where the insurance company gets to keep all your contributions if you die before retirement age are the biggest sellers.

Had our Government not started using the money that we and our employers payed in for our Social Security,, as the Goose That Layed The Golden Egg,, not only would S.S. be solvent,,,it would be WAY in the black.They stole from us,,plain and simple.

Where do people get this kind of nonsense.

Pretty expensive insurance. If it wasn't compulsory any one with a lick of sense would take a hard pass.

I disagree. I work close in your neck of the woods in the SCOOP in Oklahoma. Those guys are probably on meth and killing themselves so that production stays up. You know it, and I know it.

The problem is the value of the dollar. Glad to hear you see plenty of young people succeed everyday; consider your area fortunate. I am not a communist, but rather I am smart enough to know when someone is pissing down my back and tells me its raining.

One other thing is all the millions of illegals that our government is flooding our country with, I believe they get SS for life if they cant speak English and unemployable.

Wait till you guys figure out they just steal your money with inflation and all that money you worked for is only worth a 1/4 what it was. The whole system is rigged against you.