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No one benefits from social security.The average payout is below the input. Members pay so that more senior members may benefit and then hope that newer member
by astine 19y ago
No one benefits from social security.The average payout is below the input.
Members pay so that more senior members may benefit and then hope that newer member will pay enough so that they may benefit as well. It functions like a large, mandatory pyramid scheme and only survives because people who have paid fortunes into it expect to be compensated.
- sethg 19y agoThe benefit you get from Social Security is that if you retire before you die, if a spouse or parent who provides your family income retires or dies before you die, or if you become too disabled to work, you don't have to worry about outliving your savings, and you don't have to worry about inflation making your annuity worthless.
- astine 19y agoBoth of the problems could easily be solved by replacing SS with an ordinary savings account. Not to mention that Fed loans to SS aggravates inflation greatly.
- sethg 19y agoAn "ordinary savings account" can't give you a stream of income for the rest of your life that adjusts for inflation, even if you have to retire early due to disability, regardless of the state of the stock market or interest rates. And right now, Social Security loans money to the rest of the government, not vice versa.