[Mr. Bird]

I hate the social security scheme. But I am finding it a bit hard to believe posters who are claiming they put in "$250-350K" over their lifetimes. The current cap is an outlay of less than $7k. In 1970, it was less than $400. In 1990, it was just shy of $4k. In fact, someone who has been gainfully employed for the past 45 years and paid the maximum would have paid in around $130k. Of course, the self employed would have paid in double that.

$130k is a lot of dough. Add in the lost interest and/or the opportunity for capital gain, and it's huge. But there's no reason to state that we've paid in more than we actually have. Such sloppiness unnecessarily undercuts the legitimate arguments against SS.

[joe fonebone]

"I hate the social security scheme. But I am finding it a bit hard to believe posters who are claiming they put in "$250-350K" over their lifetimes."
I get a little form from socialist security telling me what I have paid to date, and what I am going to be eligible to collect...I did not make this figure up, THEY told me

[sten]

i have been a software contractor since the late 80s. i’ve been ‘contributing’ (under threat of violence) max every year since 1991.

i’m self employed.

i pay twice as much to get 1/8th.