For some people, Social Security can be a pretty sweet deal ... it all
depends on how long they live.
My mother is now 93 and has been collecting SS for 28 years now. No mistake
about it, she does need that money. However there's no way in heck she or
the school systems for which she worked put enough money into SS down
through the years to cover what she's received.
Very rough calculations tell me that my employers and I have contributed an
amount that, on the surface, equals a little over 8 years of SS benefits
for. Granted, all this assumes that I retire at age 66, incorporates some
rough extrapolations, doesn't factor in an interest rate (which has been
running, what, under 3 % per annum), etc., etc. This means that once I hit
age 75 or 76 I will likely have depleted any monies contributed to SS by
myself or my various employers. From there on out it's gonna take someone
else's money.
As I said, for some folks it turns out to be a good "purchase", mandatory or
not.
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