” I tried to opt out of socialist security when I started work 38 years ago. Of course I failed. A few years ago I developed a “present worth” spreadsheet of the opportunity lost because of that ponzi scheme. (I have since lost the file.) I used the actual numbers of what was stolen from me plus my employers’ contribution and a conservative S&P 500-based mutual fund growth over those years. The amount that would be available to me today was huge. Not only would the earnings be several times greater than what I will get from SS, I would be able to pass the balance to my family when I croak. Stinking socialist robbery.”
Sadly the truth as you have noted above isn’t known to the general public. They also don’t realize that you can get taxed on social security....
Nice scheme, taxed once to develop the fund, tax you again when you get what you paid in......
Fixing / eliminating this should be question #1 in all the debates........
And there's only one guy with the nads to bring it up.