Quote:
Originally Posted by Neils
Wondering why the depleted SS funding is not being restored to cover expected expenditures for the next 50 years?
With all the trillions of $$$ being given away and lots of new people being added to the qualified recipient list, it seems like a good time to invest a few billion $$$ in SS funding.
|
I dunno. Why are all the people who retired at age 65 and started collecting their monthly check back in the 1990's earning more than they put in now, in 2021? That means it was MY money they're taking in their check, since I didn't retire until this past December.
That's how it works though. I'll be getting checks that came out of your grandson's pay, and your kids will get SS checks that will come out of their neighbor's grandkids' pay.
Here's a little trivia: Ida May Fuller worked for only 3 years under the Social Security program, when it first was formalized in 1937. In 1940 she received her very first monthly check, for $22.54. She died in 1975 at the ripe old age of 100. During her lifetime, she collected $22,888.92 (that's almost twenty-three thousand dollars for those who have trouble seeing decimal points) in Social Security checks.
She paid IN a total of $22.75 (twenty-two dollars, seventy-five cents for decimal-impaired folks) in Social Security taxes during the 3 years she worked at the start of the program.
You get out MUCH more than you put in, as long as you don't earn too much in the first place. There is a cap on how much you can earn, even though you still have to pay into the system.