“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.
When my husband and I were young whippersnappers he saw the writing on the wall and knew SS would not be there for us (or expected it wouldn’t be). He has spent a lifetime making sure we would have a retirement (not an early one but enough). We put our kids through college, saved, didn’t take fancy vacations, didn’t live in houses we could not afford etc.
He turned 55 this year and I will turn 55 next year. Of course, now it looks like we are going to get to bail out all those folks who didn’t see the writing on the wall. Oh well, I guess it’s a good thing our real reward is in Heaven. *sigh*