Don’t forget, in addition, when SS began, the average white American Woman (ages are lower for other populations) could only expect a lifespan of about 67 years. Today that has jumped to a little over 80 years. No one wants to talk about the fact that this was designed for most people never to reach the age in which they would actually retire and get benefits.
Life expectant now in the USA is 78.7 with that in mind the way social security was originally needed, no one under the age of 79 at this moment should be getting social security.
“Don’t forget, in addition, when SS began, the average white American Woman (ages are lower for other populations) could only expect a lifespan of about 67 years. Today that has jumped to a little over 80 years.”
Also not mentioned is inflation. If you save in current dollars so can’t save enough to be self sufficient in future dollars. When you pay in you should receive the same purchasing power when you retire. If there is something that screws people and dwarfs any ‘Ponzi’ words, it is inflation.