Imagine that one of your ancestors devised a plan - let's say in the 1930's - where all of the working family members would contribute a percentage of their incomes to a family retirement trust fund. The workers paid in, and the ones who were retired got paid.
They hired a team of Account Managers to make sure the fund remained solvent, paying the retirees an amount that the fund could afford, based on current and projected revenues from living and future family members. But being very conservative in their approach, they told the trustees that the money COULD NOT BE INVESTED. Just put it into a non-interest bearing account and leave it. The trustees recalculated everything every couple years to make sure the fund remained solvent, considering the number of workers, retirees, and the amount coming in. Each of the retirees got their share of the revenues that were coming in.
But you happened to be in a generation that had more kids than anyone ever anticipated, and when you were in your peak earning years, the trustees went crazy with the abundance of cash, increasing the amount of the pension payments in unprecedented percentages. They were so flush with money that they decided that they would pay pensions not only to retired family members, but members would could not work, for one reason or another. And they promised that no one's pension would ever be reduced, for as long as they live.
As a member of that generation, you questioned the trustees, asking whether they were paying out too much, considering that your generation was going to be retiring one day, and that money would be needed then. But the trustees said, Don't worry. And besides, today's retirees are thrilled with what they are getting. It is much more than they ever paid in, and they love it!
So you generation is now retiring in large numbers and you are told that the trust funds might run dry. You say, "But that's my money!" (It won't run dry, of course. In the worst case, pension payments will just be limited to the amount coming in, which would reduce those payments by about 20%).
So, no, it's not your money that you are drawing as a pension. Your money was paid out decades ago; the fund now requires NEW money from the generations that are working now. You selfish bastards limited your families to one or two kids so you could live lavishly on your two incomes, and now you pay the price. There aren't enough people paying into the family retirement fund. Your kids are going to have to work longer and pay more to fund your retirement, so quit bad-mouthing the little bastards. They are supporting you.
And that's how Social Security works. Quit saying that it's your money and you earned your retirement. Your money is gone, and you are responsible for your own retirement. Be thankful that you are being supplemented by your kids and grandkids, who have no choice in the matter.
