If I'd been allowed to invest what they took from me in FICA, I'd *have* 4X as much as I paid in. It's the miracle of compounded interest.
Good FReepers have written to me (with I assume straight faces) that SS needs to be means tested, because it's "not fair Bill Gates can collect SS." Bullcarp. If he paid in as I did, he deserves payout. Even alleged conservatives have fallen for the "Well, SS turned into welfare, so we need to screw good people over because they're just filthy, grubbing welfare recipients" leftist propaganda.
Bottom line: If by some miracle your 401K survives to your retirement, your Social Security will be reduced as punishment for scrimping and saving your whole life.
Of course, had you invested no return—or even retention of principal—would have been guaranteed either.
The fact is that the guv didn’t invest for you and we don’t have the money to pay what people are expecting back—particularly now that we’re living so much longer.
So cuts have to come somewhere. The obvious, unless we just scrap it altogether, include lower increases, later eligibility, and means testing.
What do you propose?