From the Motley Fool: "Social Security is for suckers"
America's Social Security system is on exceptionally shaky footing. Don't just take my word for it. Based on data from the Social Security Administration, it will:And why not hold a minimum-wage job, Grandpa? Social Security was started in part because the elderly couldn't perform the physical labor (e.g. farming, mining) of Depression-era jobs. Now everything is computers and telephones.
- Begin paying out more than it takes in as revenues in 2017.
- Exhaust its "trust fund" in 2041.
- Require $4.7 trillion in extra revenue to pay estimated benefits for the next 75 years.
Sound like a program that will meet the retirement needs of anyone from Generation X or beyond? Didn't think so. Even if further tax hikes, economic growth, or benefit changes keep the system somewhat solvent, the fact is that it was never much of a retirement plan to begin with. Based on the most recently available data, the average Social Security benefit received by a retiree's family is $1,097.95 per month -- $13,175.40 per year. That's less than a full-time, minimum-wage job in some states.
2 comments:
Well, then, I should get full benefits from 2014 to 2017? Sweet.
Well, if Her Royal Thighness wins in 2008, she'll "fix" the Social Security problem by expropriating everyone's (except for politicians, govt hacks, left-wing non-profits, Hollywood and media types and academics) 401Ks, IRAs and other retirement savings and investments...
all for the "children" of course.
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