That's because it's paying out money to some people FAR IN EXCESS of what they paid in. Match the payout to what was paid in by each individual and the problem would resolve itself.
If you and your employer paid in $100,000 over the course of your working years, then your benefit should consist of the government paying you back as if you had a $100,000 annuity purchased at the time you declared retirement. If you only paid in $10,000 over your working years, then your payout should be as if you had a $10,000 annuity. Plain and simple. And most of all, fair.
What I'm reading here by others is that those that were successful and saved for their own future should be punished so that the drones (mostly democrats) that worked a total of 5 years out of their lives should continue to benefit as if they had paid in 10 times the amount that they did.
>If you and your employer paid in $100,000 over the course of your working years, then your benefit should consist of the government paying you back as if you had a $100,000 annuity purchased at the time you declared retirement. If you only paid in $10,000 over your working years, then your payout should be as if you had a $10,000 annuity. Plain and simple. And most of all, fair.
Good luck getting that through congress or past most voters. The AARP will be after you with torches and pitchforks.
But aside from that, do you think there really is some kind of ‘lockbox’ with the money it in for all the Boomers waiting to retire? I can assure you there is not. The fund is insolvent. The fund consists of IOUs from a government already hugely in the red.
>What I’m reading here by others is that those that were successful and saved for their own future should be punished so that the drones (mostly democrats) that worked a total of 5 years out of their lives should continue to benefit as if they had paid in 10 times the amount that they did.
The irony here is included in your own post. “Those that successful and saved for their own future” explains why Social Security shouldn’t really even exist. It also explains why means testing is about the only palatable starting step to trimming the program.
I disagree on your logic about the “annuity”....most people....not me,lol....would have been able to invest in property or the stock market IF they had access to the portion of their paycheck sent to SS....thus, that $10,000 might have turned into $200,000....