Yes, but the real scam and scandal is they automatically take your money from you for this “retirement”. The gov figures you can’t take care of yourself properly and won’t be responsible, so they will withhold that income for you.
Then, you still get taxed on it when you “retire” as income, even though they took that money from you 30-odd years ago when value was different! And you don’t get back the value, only the absolute amount!
And, you can’t take it with you….gov wins if you die before retirement, or you die too soon….no inheritance except to the gov!
“Then, you still get taxed on it when you “retire”
Biden the despicable senator did this. We pay taxes on 85% of the social security money that the govt gives back to us after they took away from us with which we could have been privately investing.
Biden has 5 multi million dollar houses on a career politician salary
This is no longer easy to find. Google polishes these up to make these rip off artists look better.
“ In 1993, Biden joined a partisan effort to narrowly pass an “Omnibus Bill,” mostly focused on lowering the deficit. Included in this large package was a bill that changed the level of taxable Social Security benefits from 50% to 85%.”
You only get taxed on “that money” if you have income over a certain threshold. I make far less—so I do NOT know the threshold