I will use myself as an example. According to my most recent statement from SS, I paid in $51,394 which was matched by my employer for a total of $102,788. Members of my family generally live well into their 80’s. Assuming I start collecting SS at age 62 & live until 85, receiving my estimated monthly benefit of $1,100(actually $1,138 on the statement), I will receive back $303,600 (23 years x 12 months x $1,100).
Privatize for everyone coming into the system now, or those relatively young. Means test for those currently in the system or about to retire (so the truly needy don’t end up naked in the street) & let those of us with state pensions or fat 401k’s take care of ourselves.
Now that wasn’t difficult, was it?
Obviously it still is for you. You don't understand interest and compounding. Please read up on it a little.
As a matter of fact, it requires the math of a complete simpleton. Why don't you try adding in compound interest on all the cash you flushed down the toilet over the decades? Use an unrealistic, conservative rate if you wish. Then, knock off the "benefits" that would have been paid to the one or two people in your family who will unexpectedly drop dead or otherwise die by age 55, or 58, or 62, or 68. Whatever.
If you are still convinced that you and your family will get back more than you were forced at gunpoint to put in, then write a check to the US treasury and have yourself a party. But don't write any of my checks to the treasury, please.
In other words, "means test" yourself all you want, but don't try to pull that Nazi socialist Democrat scumbag "means test" stuff on me.
Thanks.
Now that's not so difficult, is it?
By the way, I completely agree with you that SS is a Ponzi sheme and a stealth welfare program at its core. It should be completely privatized, if it can't be abolished altogether. But as long as I have been forced to "contribute" my whole life, I want every last dime back that I can get. The fact that I worked hard and saved for retirement shouldn't mean that my social security benefits should be "means tested" and diverted to some lazy, irresponsible slug. Screw them. I am sick up to here of "the poor".
FRegards,
Lancey, the Old and Grouchy