But can we trust the SSA? ;)
Actually, I use the information on their website when I created a spreadsheet to see if it was worth it for my husband to max out his 401k, as he put it. They have the calculations on there and they explained it really well. I was able to calculate that if he worked for 17 more years paying at the max rate, he would put in something like $135,000 in today’s dollars. His employer would put in the same. And if he’d lived to the average age of 83 he would get around $33,000 back more than if he didn’t work those 17 years. Definitely not worth it as a retirement investment!
Sorry, I went off on a personal tangent. I did have a point but I forgot it along the way. I do have everything spelled out on their website it’s what I was trying to get to. But you do have to interpret it yourself. Like they don’t say that those that pay in the most will never get their money back, or those paying in the least get triple or quadruple what they paid in. It is extremely socialized. It’s not actually said anywhere but it is in the calculations loud and clear. Unfortunately, public education being what it is, the Millennials will have no clue.