I had my first paycheck at age 15 and my last at age 56. 41 years of paying into the SS System at an average of $5K per year or $205,000.00.
I won’t recoup that ‘initial investment’ (theft!) until I’m 74 years old, and Mother Government is BANKING on me to die before then.
Had that money been in my own hands over those 41 years and modestly invested at 6% I’d have $2,727,749.72 on hand.
If Mother Government had invested SS funds responsibly, there would be NO problems with SS running dry.
As usual, those of us that were productive members of society get the shaft. *SPIT*
IIRC Social Security was designed to be a passthrough system.
For its first 30 years the amount collected had to match the amount dispersed, excess funds weren’t allowed to collect. The SS tax rate was adjusted annually to hit that goal.
During Lyndon Johnson’s administration that changed and excess funds are deposited in Treasury bonds.
Chile tried and maybe still uses a retirement system that invests some of the money it collects.