Quote:
Originally Posted by
Prozema
Quote:
Originally Posted by
jbjb
The SS Ponzi Scheme should immediately be terminated and every single person who has had any money put into it be immediately refunded that exact amount.
Sign me up please.
While I know both of you are being sarcastic and facetious, I needed a mathematical exercise. As an older individual that will hopefully receive SS in four years, I wondered if I would have been better without contributing to SS (which is not an option). I spent over an hour trying to determine base numbers. Remember, the employer gives equal amount to SS as the employee. If some one does not want to give into SS (which is technically not an option) and they want their money, then the equal contribution from the employer should/could not be added.
Long story made short; my base SS number is worth 4 years of SS benefits at 66 1/2 years. If I took every dollar I earned for 35 years and put it in a 4% savings, at age 66 1/2 I would have slightly above 8 years of the SS payout. The numbers would double (8 years without interest and 16/17 years with interest) if you want to claim the employer's contribution. With age expectancy at 84 or so, that would be a wash.
So, if the SS program lives, it is beneficial. If it dies, I will hunted down like a dog.