I know for a fact that I’m not going to get my share of Social Security and I don’t even have a choice whether I want to contribute or not. But how much will my share be?
Lets assuming the average person makes $50,000 a year for 35 years. Even though most people start working with they’re 16 and keep working until they’re 65, we’ll exclude the first 14 years when they may not be making a lot. We’ll also ignore the effects of inflation and salary increases to keep the math simple.
Considering that Social Security taxes (FICA and Medicaid) are ~15%, (even if you’re an employee andd only pay half of that, its a cost to your company that results in a lower salary to you) that comes out to $7,500 per year. Considering the savings could have been invested in the stock market at 8%, the total comes to a whopping $1,395,766.11.
But the Government doesn’t have enough to pay out the baby boomers through the end of the next decade. So I’m sure I’m not going to get of my Social Security checks in 30+ years.
I think the government should privatize Social Security and create individual accounts for everyone. Or atleast stop taxing me and let me figure out my own retirement!
To see the opinions of various presidential candiates regarding Social Security, check out this link. And please vote for Ron Paul if you’d like the president to be someone who realizes that we’re bankrupt and the monetary system needs to be fixed.