If I remember my history, when the SS system was designed you could retire at 62. The life span of a man was about 57 so there was no chance of the system going broke.
Then came Penicillin and other antibiotics and life spans shot up Up UP! Now the SS is on the verge of collapse.
Here is what was promised back in 1964...
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
The program would be self sustaining if they kept to the original premise:
1. It was a retirement supplement, not a pension.
2. If everyone paid into the system from the first dollar to the last dollar.
3. If they pegged the “retirement age” for those entering the workforce to their life expectancy.
They left those tenants a long time ago.
There is no way that retirement age for an 18 year old is going to max out at 67. There is no way that someone making $300,000 a year shouldn’t be paying the same rate as someone making $50,000.
And stop giving SSI to people with non-disabling issues. Or who haven’t paid into the system.
Self-Supporting
———
It used to be. Now the children and wives of the deceased man get his benefits when he dies- till the kids are 18. The other “ pork” is SS “ Disability “ payments if one is “ disabled “ and unable to work, payments still go out to him AND family.
That said, SS does a good job of scrutinizing Disability payments, often those that apply have to hire a lawyer and prove beyond doubt his inability to work. Anyway you look at it, it has become a mess.
Lastly, I monitor the “ solutions”, some drastic- the latest is Means Testing SS recipients/ if you “ make to much money”, your benefits which you paid into all your life are reduced. The VA is already Means Testing.
Many people don’t realize they are paying 7 percent of their paycheck into SS, AND the employer pays another 7 percent into SS- that’s a lot of dough being squandered.
What was the life expectancy of someone who hit 18. Reduction of childhood mortality was the primary change since then. And although it is sad, the death of a six year old from mumps has almost no impact of the fiscal viability of Social Security.