All the weirdness, esoteric rules, and insolvency could be eliminated if we could bear to admit that SS is not a retirement system, but just a ridiculously expensive and inefficient welfare program for the middle class. Over half of every other government program depends on taxes from the 1% of wealthiest Americans. But with SS, we normals get hit for 15% of our income for a ponzi scheme that, by law, excuses anyone making over $110K from paying into. Meanwhile SS has been forbidden from "investing" the surplus in anything other than T-bills for all our lives. All, so we can pretend it's a retirement program -- even though you can't even claim ownership of your own "retirement" funds!
Here's a little statistic for you. The annual deficit SS is running right now, halfway into the Boomers retirement, could be covered for the next HUNDRED YEARS by HALF of Mark Zuckerburg's personal wealth -- and he'd still be a BILLIONARE ONE HUNDRED TIMES OVER. Try to imagine how little of your wealth would have been required to deliver your SS check, if Zuck and every other wealthy individual in America had been contributing the same percentage you did!
Or look at it another way. I started saving ANOTHER 15% of my income, the day I became eligible for "catch-up" contributions to my 401K. Even after losing half in the market during the housing bust, the income from my personal savings would be twice my SS check, if I actually tried to spend it all before I die. And I only had two years where my income exceeded the SS contribution limit. THAT'S how stupid Social Security is. I doubled the return on the same money in 1/3rd the time.
I'm not against the government insuring that stupid people who refuse to save for retirement don't starve in their old age. And I'm certainly not advocating that anyone like me who had 15% of their lifetime income confiscated for a ponzi scheme not be repaid every cent they are owed -- even if they don't need it. But I cannot for the life of me understand why any retired American would not argue for a sane replacement for their kids, THAT EVERYBODY PAYS FOR.
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