http://fff.org/explore-freedom/article/is-social-security-welfare/
“Social Security is welfare because there is no connection between the taxes paid and the benefits received. Take two men who are the same age and have identical incomes. One works for exactly 35 years, reaches full retirement age, and then retires. The other works for 45 years, reaches full retirement age, and then retires. Since Social Security benefits are based on the average of a worker’s 35 highest years of earnings, as related above, the benefit amount that these two men receive every month will be substantially the same. The fact that each man paid vastly different amounts into the system yet received basically the same benefits is irrefutable proof that there is no connection between Social Security taxes and benefits.”
And if one dies the day after retiring, then he and his airs get nothing, in part because nothing is there, as it was given away to prior generations.
Agree - CLEARLY WELFARE. The money a person gets who retires tomorrow will come from the debt imposed on our little kids, many not even born yet. The money that a working person puts in is immediately sent out to pay other government obligations...it is not saved or invested in any way.
actually, no.
There’s an incentive to delay SS retirement, to receive up to approx. 8% a year more, past Full Retirement Age.
In the scenario given, the guy who works 10 more years will get more.
i mis-read the scenario. same age, same income same retirement date. One worked 10 years more than the other ( started working 10 years earlier than the other)
yes, they’d get the same benefit.