Quote:
Originally Posted by GoPacers
Social Security was never intended as a system where you got back what you put in.
Yes, there are people who don't get back what they put in but imagine the uproar if you got cut off when you reached the amount you paid in. You can't have it both ways.
Social Security is broken because too many people are getting benefits that exceed what they contributed. There are also challenges with population growth, or the lack thereof which leads to more people drawing benefits than those that are paying in.
The system needs an overhaul and some people are going to be unhappy. The longer Congress kicks the can down the road the bigger the gap becomes. Congress continues to accumulate debt at extraordinary levels that someone will have to pay back. Those of us over 60 are hugely fortunate as most/all of the solutions will fall on our children and grand-children.
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If the money that we paid in was invested conservatively, we would all have more in our accounts that we paid in and for most of us, more than enough to last the rest of our lives.
Congress has "borrowed" money from this fund over the years and has never paid it back.
Consider all of the people that die before they reach retirement age. My wife died at age 59. My mother died at age 58. My mother in law died at 65 and never collected SS. So take that money and add it to the money that I, my brother and sister and my brother in law get and it's a lot more than any of us paid in.
This money was never invested properly and it Congress should never have been allowed to use it for other purposes.
And no one will ever pay back the national debt. It will just keep growing and growing and growing.