Unless I live to 200, I will never break even on SS.
Wait until they take the 401k money you have invested and give you a f****** allowance from your savings back to you.
If they have their way (>200 votes in MN to remove all doubt now) no more late life big ticket purchases with “your” money like a cruise or the classic sports car you always wanted and saved for all your life.
Oh, and another thing, die young with a large balance of “your” money? No inheritance to your survivors, the entire balance will go back in the “system”, not to your family.
If someone told me I would be typing that out in all seriousness 10 years ago I would have laughed my ass off at them, now I almost do it with a tear in my eye.
I am not sure that is the case. If you and employer paid max SS (not medicare) tax, your libaility this year is about 13K. I know for the past decade I have maxed out and probably (hopefully) will for the next 17 years until I retire. I think I and my employer have paid close to 200k thus far and you could multiply 17 years x another maybe 15-16 k a year for another 250 k or so. Total contributions then will be around 450-500k. At age 67 I would collect about 30k p/year in todays $, so it would take me about 15-20 years to recoup my $, albeit in money worth far less than I paid, and with no interest accrual benefit.
You must make very good money.