We all know the ******* history. You aren't telling anyone anything new. Don't you realize that? SS has evolved in the last 90 ******* years! If it was not for SS, my wife and I have our savings and a $500 a month retirement. She would also have no Medicare coverage.
Someone making 25k a year from 18-65 who never gets a raise in 47 years who invests just what SS takes out of their paycheck employee and employer in an S&P index fund at 8% (normal S&P is 10% annually) would retire with 1.7 million in their retirement fund. The return on that money would allow them to retire on 126k a year without touching the principle. If you and your wife would only have 500$ a month retirement without SS you might be retarded.
What part of that are you missing? You can't just do away with something because it hasn't performed to your expectations.
I want to do away with it because
A, it's not the Federal Governments job to fund your retirement
B, They are bad at it anyway
C, It's a massive wealth thief
D, It's not actually about funding a retirement and it's just another tax which the Government then mismanages.
I'm sorry that you are bad with money. There are tons of online resources you can access to get better. Also, you could have just given your money to a manager, and he would take care of it for you.
Here's a compromise. Those who need their Daddy (the US government ie you) to handle their financial future can opt into SS. Since according to you SS is just paying back what you're owed from paying in, the people who don't want to be involved with SS should be able to opt out without it affecting the program. All I want is what I've already paid in to be returned, actually you can keep it, if that's the price I have to pay to get out of it now. (BTW I'm 10 years from collecting so I would be losing a ton of money by doing that).
I don't know why you need the Government to force you to save some money for retirement. Your bank will ACH money to an investment account which would then be invested by your account manager. How is that any different than what the Government is doing minus the fact that if you die at 64 you just lose all that money you "paid in" for all those years and them getting to decide for you how much money you get to have from your account as well as when you can take it out.