Quote:
Originally Posted by Lord T Hawkeye
Social security is a ponzi scheme that returns a tiny fraction of the money you pay into it...dude!
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Other way around.
The first reported Social Security payment was to Ernest Ackerman, who retired only one day after Social Security began. Five cents were withheld from his pay during that period, and he received a lump-sum payout of seventeen cents from Social Security
January 31, 1940 Ida May Fuller recieves the first monthly social security check ($22.54). she ultimately recieves $22,888.42 over 35 years though she contributed only $24.75 (three years of payroll taxes).
In 1940, benefits paid totaled $35 million.
$961 million in 1950,
$11.2 billion in 1960,
$31.9 billion in 1970,
$120.5 billion in 1980, and
$247.8 billion in 1990
In 2009, nearly 51 million Americans will receive $650 billion in Social Security benefits.
Using the SS calculator and the future(inflated) dollar I should recieve $3,907.00 per month when I retire. I have paid approximately $50,000 into the system. I'll make that money back in 13 months.
If I retire at 62 and 1 month. I get $2,315.00. and get my money back in 22 months (before I even hit 65 let alone the retirement age of 67.
The life expentancy caluclator says
Life Expectancy: 76.99
Lower Quartile : 68.97
Median Lifetime: 78.78
Upper Quartile : 86.54
All else being equal I'll get more out of it than I put in.