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I like empirical evidence so looked up the actual cost /benefit ratio of Social Security. Only have my own data to go on so this may be skewed somewhat since I made diddly squat for many years and only in the last 15 years or so did I actually make a "good living". SS payments are calculated on the last two years of employment so my early starving years and resulting low contributions actually work in my favor on a strictly bottom line basis.

I have paid a bit over $149,000 total in SS taxes since I began paying them in 1968 working after school jobs. My employers got stuck for some $153,000 so a total of $302,000 taken by the government. Can't accurately determine how COLA will affect future payments, but based on reasonable estimates in roughly 10 years I will break even on how much I and my employers paid in versus what I get out. That's gross amount before mandatory Medicare deductions and taxes on SS.

Sometime in 2035 is when everybody else starts paying for my sports cars, hookers and cocaine.


Just for the hell of it -

Breaking down just my portion - no employer contribution at all - as an equal monthly payment, had I been able to invest just my share at 5% compounded annually for 53 years it would have amounted to $667,000, over twice as much. So you guys wouldn't be buying my drugs and sex until 2045.

That's neither here nor there since the government doesn't let us do that but it does give some concrete numbers about how inefficient and what a ripoff SS is for everybody involved.

So if I'm getting you right, if I paid an average $100 per month x 50 yrs =60k.(not counting employer matching) And now I'm getting $900 per month so at the 5.5 year point if I can afford it I should contact SS Administration and tell them to stop my payments.

Might be a couple of problems with that, who's to say what I can afford and what I cant? And what happens after I drop my ss and I'm living on a 401k and then the market crashes or the housing bubble pops, or I get sick, etc. Don't know your situation at all but you mentioned your wife is putting into deferred comp. and a wise choice but be honest, are you two going to forgo SS when it's time?

Prostate Specific Antigen?


Boomers know about that one.

I don’t know about you, but I’d like the 50 years of compounded interest AND principal figured in.

You certainly seem to have regards for other peoples money, I guess we could call that a compromise.

Yeah, some of us do, and if you’re not getting yours checked every year or so, you may not have to worry about how much SS you’re going to get. Cancer sucks! 🤬!

Don't worry, Rum checks Jim's prostrate quite frequently lol

I like empirical evidence so looked up the actual cost /benefit ratio of Social Security. Only have my own data to go on so this may be skewed somewhat since I made diddly squat for many years and only in the last 15 years or so did I actually make a "good living". SS payments are calculated on the last two years of employment so my early starving years and resulting low contributions actually work in my favor on a strictly bottom line basis.

I have paid a bit over $149,000 total in SS taxes since I began paying them in 1968 working after school jobs. My employers got stuck for some $153,000 so a total of $302,000 taken by the government. Can't accurately determine how COLA will affect future payments, but based on reasonable estimates in roughly 10 years I will break even on how much I and my employers paid in versus what I get out. That's gross amount before mandatory Medicare deductions and taxes on SS.

Sometime in 2035 is when everybody else starts paying for my sports cars, hookers and cocaine.


Just for the hell of it -

Breaking down just my portion - no employer contribution at all - as an equal monthly payment, had I been able to invest just my share at 5% compounded annually for 53 years it would have amounted to $667,000, over twice as much. So you guys wouldn't be buying my drugs and sex until 2045.

That's neither here nor there since the government doesn't let us do that but it does give some concrete numbers about how inefficient and what a ripoff SS is for everybody involved.

I’ve not read much of this thread but did note the anguish over SS. It’s a government program that’s been totally mis managed, no surprise.
SS needs to be phased out. It’s going to hit a wall in the not to distant future. Seems to me that a bipartisan small group could find a path to get out of this catastrophe, but it won’t be painless. Hopefully the pain would be less and foreseeable while letting SS hit a wall in the future will be more much painful. I’d think something like setting and end date, say 20 years from now. Then ramp down the benefit to the wealthy, over that time. And ramp down the contribution to the lower earners. Maybe expand 401K and Roth programs to further incentivize saving. Post elimination, maintain a fund for the <1% of the population that are truly disabled. After the 20 years, people are on their own, like they were before the democrats started this pile of you know what.
Oh, and I’m a boomer, paid in for 45 years. Wife did same in paying in. Considering compound interest, I’ll never recover what I paid in. My wife collected fo six years and died. Obviously she collected only a fraction of what she paid.

Don't worry, Rum checks Jim's prostrate quite frequently lol

Some bitter [bleep] here can't compute this. Thanks for it.

Don't worry, Rum checks Jim's prostrate quite frequently lol

I’ve not read much of this thread but did note the anguish over SS. It’s a government program that’s been totally mis managed, no surprise.
SS needs to be phased out. It’s going to hit a wall in the not to distant future. Seems to me that a bipartisan small group could find a path to get out of this catastrophe, but it won’t be painless. Hopefully the pain would be less and foreseeable while letting SS hit a wall in the future will be more much painful. I’d think something like setting and end date, say 20 years from now. Then ramp down the benefit to the wealthy, over that time. And ramp down the contribution to the lower earners. Maybe expand 401K and Roth programs to further incentivize saving. Post elimination, maintain a fund for the <1% of the population that are truly disabled. After the 20 years, people are on their own, like they were before the democrats started this pile of you know what.
Oh, and I’m a boomer, paid in for 45 years. Wife did same in paying in. Considering compound interest, I’ll never recover what I paid in. My wife collected fo six years and died. Obviously she collected only a fraction of what she paid.

The folks that rely on SS would not have saved the money on their own.


They just wouldn't have done it.

The folks that rely on SS would not have saved the money on their own.


They just wouldn't have done it.

You going to answer the questions when you called me out, or keep thinking about Jims’ prostrate?