I assume everyone on here who has actually worked the mandatory 40 quarters to qualify for SS benefits receives a statement in the mail every year from the SSA that shows how much you and your employers have paid in SS taxes. Mine is north of $300,000. That number has not been adjusted for inflation.
Some of you know I am an Econ professor. One of my lectures covers present/future value. As an assignment, a few years ago I gave the students the numbers for the amount my employers and I paid in each year (I didn't reveal those were my numbers), along with the Treasury Note rate for each year and had them compute the amount that would be in that account at that time. Today, the value would be over $1,000,000. I could live to be 100 and never recoup that, since there would still be interest being paid every year until I get to an account balance of zero.
Is Social Security a good deal? No.
Some of you know I am an Econ professor. One of my lectures covers present/future value. As an assignment, a few years ago I gave the students the numbers for the amount my employers and I paid in each year (I didn't reveal those were my numbers), along with the Treasury Note rate for each year and had them compute the amount that would be in that account at that time. Today, the value would be over $1,000,000. I could live to be 100 and never recoup that, since there would still be interest being paid every year until I get to an account balance of zero.
Is Social Security a good deal? No.
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