Is Social Security a good deal?

[Woodznutz]

Accessing my records I find that I have 'invested' $83,000 in SS over my working lifetime.
Since applying for benefits in 2003 I have received $420,000 in monthly SS payments. I have invested all of it and have earned about $175,000 in interest from it for a total to date of about $595,000. As I am still working I pay in $310/month but I receive $2324/month benefit as well as earning about $2,000/month in interest on the $595,000.

I'm very happy with Social Security.

 

[MarathonMike]

Accessing my records I find that I have 'invested' $83,000 in SS over my working lifetime.
Since applying for benefits in 2003 I have received $420,000 in monthly SS payments. I have invested all of it and have earned about $175,000 in interest from it for a total to date of about $595,000. As I am still working I pay in $310/month but I receive $2324/month benefit as well as earning about $2,000/month in interest on the $595,000.

I'm very happy with Social Security.

It is obviously a "good deal" for beneficiaries. The questions are is there rampant fraud and abuse of the SS system? And what happens as the system becomes a massive inverted pyramid with beneficiaries far outnumbering workers paying in?

 

[Woodznutz]

It is obviously a "good deal" for beneficiaries. The questions are is there rampant fraud and abuse of the SS system? And what happens as the system becomes a massive inverted pyramid with beneficiaries far outnumbering workers paying in?

Good question. If enough manufacturing jobs actually return to the U.S. SS revenues might ensure the viability of the program for years to come. Imagine the revenue from those jobs plus the nearly 8 million currently unfilled jobs, if many were to be filled.

6.8 million​

There are currently 8 million job openings in the U.S., but only 6.8 million unemployed workers1. According to the latest Job Openings and Labor Turnover Survey (JOLTS), 8.06 million positions remained unfilled on the last business day of April2. In December 2023, there were 9.03 million job openings in the US, a 20% decrease from the previous year3.

 

[Anathema]

Not for me. I’ve had money taken out every week for decades (I’m 50) and I’ll never get anything out of it… because I won’t take it. It’s dirty money. An Illegal, unconstitutional and immoral program that should never have existed.

 

[Woodznutz]

Not for me. I’ve had money taken out every week for decades (I’m 50) and I’ll never get anything out of it… because I won’t take it. It’s dirty money. An Illegal, unconstitutional and immoral program that should never have existed.

I don't think there is a provision to refuse SS retirement bennies. Of course you can just not apply for them, or take them and give the money to charity (I'd PM you my mailing address but I'll be spread ashes by then).

 

[lg325]

I would be on the street if were not for Social Security back when I was laid up with health problems.

 

[Anathema]

I don't think there is a provision to refuse SS retirement bennies. Of course you can just not apply for them, or take them and give the money to charity (I'd PM you my mailing address but I'll be spread ashes by then).

I will not take the money. I have no intention on ever retiring. I’ve told my boss they’re taking me outta the office feet-first in a plastic bag. It’s that simple. I won’t take dirty money. I won’t take Medicare benefits either.

 

[Woodznutz]

I will not take the money. I have no intention on ever retiring. I’ve told my boss they’re taking me outta the office feet-first in a plastic bag. It’s that simple. I won’t take dirty money. I won’t take Medicare benefits either.

You are indeed a Crotchety Olde Man.

 

[Anathema]

You are indeed a Crotchety Olde Man.

I wear that title with honor. I do everything I can to live by my ideals as much as possible. One of those. Ideals is not taking money from the Governmrnt.

 

[Woodznutz]

I wear that title with honor. I do everything I can to live by my ideals as much as possible. One of those. Ideals is not taking money from the Governmrnt.

I get it. I'm a bit crotchety myself.

Just think of it as your own money being returned to you at a later date.

 

[Anathema]

I get it. I'm a bit crotchety myself.

Just think of it as your own money being returned to you at a later date.

It’s dirty money. Whether part of it was once mine or not, the fact that it’s been in Government hands soils it.

This is also why I work to try and minimize my tax refund every year. It’s not that I want to pay more taxes… I just don’t want the Government taking more than they’re entitled to. This year I’m getting about $600 back, total between state and federal returns. So I’ll have my accountant figure out how to have my employer shift my deductions to try and bring it down next year.

 

[MarathonMike]

I will not take the money. I have no intention on ever retiring. I’ve told my boss they’re taking me outta the office feet-first in a plastic bag. It’s that simple. I won’t take dirty money. I won’t take Medicare benefits either.

Easy to say when you are 50. It may harder to walk the walk when you are say 70.

 

[MarathonMike]

Good question. If enough manufacturing jobs actually return to the U.S. SS revenues might ensure the viability of the program for years to come. Imagine the revenue from those jobs plus the nearly 8 million currently unfilled jobs, if many were to be filled.

6.8 million​

There are currently 8 million job openings in the U.S., but only 6.8 million unemployed workers1. According to the latest Job Openings and Labor Turnover Survey (JOLTS), 8.06 million positions remained unfilled on the last business day of April2. In December 2023, there were 9.03 million job openings in the US, a 20% decrease from the previous year3.

FYI currently SS pays out $300 billion more than it takes in annually. That's a lot of waste, fraud and abuse to cut plus millions new workers to get to break even.

 

[Admiral Rockwell Tory]

Accessing my records I find that I have 'invested' $83,000 in SS over my working lifetime.
Since applying for benefits in 2003 I have received $420,000 in monthly SS payments. I have invested all of it and have earned about $175,000 in interest from it for a total to date of about $595,000. As I am still working I pay in $310/month but I receive $2324/month benefit as well as earning about $2,000/month in interest on the $595,000.

I'm very happy with Social Security.

Damn! You are old! Congratulations!

Why are you still working?

 

[Woodznutz]

FYI currently SS pays out $300 billion more than it takes in annually. That's a lot of waste, fraud and abuse to cut plus millions new workers to get to break even.

Guys like me don't help either. I've long outlived what SS projected would be the life span of recipients.

 

[Woodznutz]

Damn! You are old! Congratulations!

Why are you still working?

85 next month. I love my job, but retirement is in sight.