They are extracting far more than they put in.
Can’t give a stat, as I don’t know the current withholding and payot, but ...
if you know YOUR payin per month (average it if you need to), simply take this amount and multiply by 12 and then by the number of years you will pay in (47 if you start at 18 and work to 65).
Then take the monthly payout you expect to receive and multiply it by 12 and then the number of years you expect to collect.
Subtract B from A.
Gotta admit I'm in that boat. Before I retired at 65 in 1998 the max SS tax I paid was something in the range of $3600 a year. I am now drawing $2,100 A MONTH. In the early days, I felt guity, now I just take the money and run - and wonder how soon taxpaying citizens will take to the streets.
Re: No, retirees are not dying before they extract as much money from the system as they put in.
They are extracting far more than they put in.”
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In the first years of Soc. Sec., people tended to retire by 65 and died a few years later — if they lived much past 70 that was a big deal! But now, with people living so long —that Soc. Sec. just keeps getting paid out on the backs of younger workers.
My parents, Depression kids, always hated the idea of Soc. Sec. as it, like income tax in general, was designed to support those who would not or could not SAVE their income/assets for the future.
They recalled paying income tax at the end of the year, in total— all at once. Naturally that did not last long since so many people couldn’t/wouldn’t come up with the money to pay their tax share.
The current nightmare(s) have been a LONG time coming. Heaven knows how this country will recover from the multiple crises.