Quote Originally Posted by tcrideshd View Post
yes gugi id like you to find documentation on that statement,, see if you can find out how many enjoy money that they never paid into. I for one have kept up with what I put into SSN I have paid in the max every year for the last 20 years and real close to that for another 20 ,, they have 547,000 of my money and that isn't even considering interest. now at my retiremet receiving 3100 a month do the math on how long I have to live to get mine back, why don't we do the math on hard working individuals who die before they get it.
The math is pretty simple:
547/(3.1*12)=14.7 years in retirement before you get back what you put in. I don't know if you include both the social security and the medical costs, but the medical contribution is a quarter the social that gives you about 130k for any medical expenses.
65+14.7~80 so a little before your 80th birthday you'd be turning a 'moocher'.
If you put in the maximum that means you've been earning fair amount above the median so 'regular folk' is putting much less.

Remember the rates that you put in the 60s and the 70s have been significantly lower than today's (roughly half of the current ones in the 60s).

Currently the numbers are 15.3%, so over 45 years you've put in just short of 7 years of your annual incomes. With that you could get back 14 years at half your working life's income, or 21 yeas at a third of your working life's income.

I do fairly complex math for a living (solving partial differential equations in very large number of dimensional spaces) , but please do not put in my mouth words that you only think I've said.