Median benefit $30,000 per year
Times
7 years
Equals
$210,000
Yes Gaffer, it is likely you will have gotten everything back in seven years. And don’t start talking about interest, because the money was never invested.
I had enough good fortune and foresight to arrange my finances so that I won’t need Social Security when I turn 67. I plan on funding prepaid life insurance (which pays dividends and can be borrowed against tax free) for my grandchildren using my SS benefits as a way of helping them avoid reliance on SS in their golden years and giving them at least some benefit out of all the taxes they will be paying to support our generation.
No, it is not. But it doesn’t bother me financially because I also had a separate retirement planned that compensates for the bad SS deal.