My parents are both notch babies (born between 1917 and 1923), both screwed by the last SS change and correction by Jimmy Carter.
They’re still waiting for congress to fix the problem. Congress is waiting for them to die.
Your parents were not screwed. They just did not get the extra money Congress inadvertantly allocated to others before the mistake was corrected. For Congress to fix the problem, the error would have to be perpetuated.
You should talk to your parents and tell them the truth. The truth is that your parents and my parents are on the front end of an intergenerational Ponzi scheme. Your parents paid relatively little in Social Security taxes unless they worked long after retirement age. They have drawn far more from Social Security than they put in even considering the time value of money.
Our situation is just opposite. Our payroll taxes were substantially increased in the mid 1980s. Congress spent all excess payroll taxes so there are no assets to support our retirement. Even if the money had been saved, our return on Social Security taxes would be paltry. Social Security is an income transfer program providing relatively high benefits to the low wage worker and much less to the higher wage worker.
Yep...my Mother was born in 1917...she was always po’d about the notch baby thing. But considering she went through....depression, WWII, Korea, Vietnam,Clinton Admin etc, AND worked from the age of 12 until she was 76, I would be po too. At least she doesn’t have to go through the total destruction of the Constitution. Miss you Mom