[Edison]

"The sad fact is that the Social Security Ponzi Scheme gives back far less than you put into it"

I don't think it works that way...ex: lets say a person works 30 years with an average salary of 40K @ today's 6+% SS tax, that only comes out to approx $72,000. It only takes about 6-7.5 years to collect that money thru SS. Life expectancy is 8 years past 65 for the average man, so you are getting more than you put in UNLESS you averaged over 40k your entire working career. I seriously doubt that most baby boomers averaged 40k over a 30 career span.

Edison

[Ferndina]

I believe your employer has a matching portion to pay into SS that goes along with your payment unless you are self employed then you pick up the full 12+ %.

[Atlas Sneezed]

I don't think it works that way...ex: lets say a person works 30 years with an average salary of 40K @ today's 6+% SS tax...

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Whoops! You're off by a factor of 2. The tax is 13%. Whether or not your employer hides from your stub is economically irrelevant.

[Atlas Sneezed]

that only comes out to approx $72,000. It only takes about 6-7.5 years to collect that money thru SS.

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Unless you assume that money has value over time. Lend me $100k that I will repay in 10 years. If you are reluctant, you understand the time value of money.

[CurlyDave]

It only takes about 6-7.5 years to collect that money thru SS.

Edison, you are completely ignoring the fact that the money should have been collecting interest. Being paid back 30 years later in inflated dollars instead of having a pot of money which would have increased substantially due to interest really is getting the shaft.

[Neanderthal]

"I don't think it works that way...ex: lets say a person works 30 years with an average salary of 40K @ today's 6+% SS tax, that only comes out to approx $72,000. It only takes about 6-7.5 years to collect that money thru SS."

Where did you get 6%? It more like 13%.