S.S. was never designed or intended to be anyone’s sole source of income. Retiring and depending on it as such is just plain stupid. Unfortunately many do just that then complain that “S.S. should pay them enough to live on”
The Act created a new federal agency (the Social Security Board) to ensure that American workers would continue to have income after retirement.
There was nothing about it being a supplement. I don’t know where this all started from, but that’s not what it was intended for.
I’ve heard 3 different people say the exact same words...
“I don’t know why the government can’t give us enough to live on”
All spent their entire lives working under-the-table
so yes, even with savings in retirement accts, SS is the bread and butter....
That makes just as much sense as the argument that the 2nd amendment only applies to muskets. Times change, people change, and when SS was put in place it was the only tax deducted from a paycheck for most people. And it was not the same rate it is today.
And when I read about large cities in this country trying to figure out how to pay for the expensive hobby of keeping illegal aliens comfortable, it is painful to think about the people at the low end of the spectrum having to cope with the 2024 increase.
SS was the greatest financial scam in history until Climate Change/Global Warming appeared. Worker pays income tax on the SS amount BEFORE it’s deducted (after tax deduction). Employer matches (worker gets no credit for this amount although worker is the one producing it). Government takes in these funds and spends them immediately. Government then issues “special bonds” reflecting the amount it has “borrowed “. These “special bonds” pay a much lower interest rate than TBonds (another government boondoggle). If the SS funds (both employee & employer amounts) would have been invested for 40yrs in an S&P 500 index fund, the employee would have a retirement account infinitely larger than is current. Also, keep in mind that said account ends upon death. If the employee dies before drawing benefits they get nothing but the$250 death benefit. The final injustice is if your income exceeds a certain amount, your benefits are taxed again. What a wonderful deal for Washington.
CANNOT build much Soc Sec benefits when you are grossing $5 an hour.
MY Dad died in 1980-—43 years ago this month.
HIS Monthly Soc Sec check was $252. His property taxes were over $2000 a year. I supported lots of his expenses for his last 7 years....and I wasn’t making more than $7.50 an hour. Had 2 jobs his last 3 years.
HE earned as high as $12,000 a year in the 1950’s.
That was ALOT of money then.