it's really just a simple matter of arithmetic, numbers being the ultimate in maturity
social security taxes members 7.65%, matched by their employers
for any schmuck making 40K per year, the payroll imposition comes in at exactly $6120 per annum, $510 per month
for those earning 70K, it's $847 every 30 days
young couples just starting out are being asked to pony up over $1000 per month for dual earners, every month for 40 or more years comprising a working career---for their retirements
this is on top of rent, auto and gas and insurance, health care, income taxes...
let alone new shoes for little shaniqua and shaquille
if mom or dad is lucky enough to survive to that steadily and rather stealthily advanced eligibility age, she or he will receive in compensation for this immense investment, the better part of a lifetime's earnings, an average $1076 per month
for those who can't quite make it to age 67, the system often keeps a good part of that mammoth investment
if any one of us took even half that investment and put it in a simple savings account, we'd be looking at near million dollar retirements by the time we got to 66 years and 10 months, or whatever is your exact eligibility age, depending on when you were born
in 1937, workers were taxed 1% of income and were due to receive benefits on their 65th birthday
that promise played false
any public program which can't keep its promises is perforce failed
and this one comes up short by hundreds of thousands of dollars per person
tragic
FICA & SECA Tax Rates
Retirement benefits by year of birth
My Way News - Social Security now seen to run permanent deficits