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Originally Posted by qzar9999
Yeah, except that thanks to inflation, you kinda sorta won't...
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True it won't have the same purchasing power. The same can be true of any investment using today dollars versus tomorrow's dollars.
Quote:
Originally Posted by DalekSec
Don't forget longer life spans (Imagine raising the retirement age to 65, the SAVINGS!! Of course the whiners on both sides would FREAK), better quality of healthcare and nutrition.
The Soc Sec system would work fine if we died at 70 and had more kids.
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I assume you meant 75 rather than 65. When the Social security system started the 1935 average life expectancy was 61.7 men 59.9 women 63.9 (who were more or less written out of the system.)regardless benefits started at 65. - So if you beat expectations and lived longer than expected (five years for men) then you could start to collect. Until that point you were expected to plan ahead, or rely on other family members for support.
Ida Mae Fuller makes a nice example of how the system was flawed litterally from day 1.