Social Security : Are We Being Robbed Blind?

Social Security - Here's are some controversial viewpoints:

1. It's Going Bankrupt - Fast

Forget what the politicians tell you - Social Security is careening towards insolvency at breakneck speed. With baby boomers retiring en masse and fewer workers paying in, the trust fund could be bone dry by 2034. After that, retirees can expect a 20% across-the-board cut in benefits. Hope you weren't counting on that money!

2. You're Forced to Pay for a Terrible Investment – but is it an investment?

The average worker pays over $3,000 a year in Social Security taxes. If you invested that money yourself, you could potentially earn 7-10% annual returns. But Social Security's return? A pathetic 2-3% at best. Note: the market does not always earn 7 -10% each year

3. It's a Raw Deal for Minorities

Due to lower life expectancies, African Americans and other minorities often pay into the system their whole lives but die before collecting much in benefits. Meanwhile, wealthier white retirees collect for decades. How's that for "social justice"?

4. There's No Legal Guarantee of Benefits

Think your Social Security benefits are guaranteed? Think again. The Supreme Court has ruled that Congress can change or eliminate benefits at any time. Your "guaranteed" retirement could vanish with the stroke of a pen.

5. It Encourages Government Dependency

By making retirees reliant on government handouts, Social Security has created a massive voting bloc that politicians pander to. This perpetuates a cycle of dependency and entitlement that's eroding American self-reliance.

It's time to revamp Social Security – would you agree?

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Sources:

https://www.ssa.gov/oact/presentations/scgoss_20240221.pdf

https://pmc.ncbi.nlm.nih.gov/articles/PMC3148579/

https://www.princeton.edu/news/2022/05/02/how-fix-social-security-its-political-it-can-be-done

https://www.cnbc.com/2024/06/15/as-social-security-faces-fund-depletion-plans-for-reform-commission-spur-debate.html

https://www.brookings.edu/articles/privatizing-social-security-the-troubling-trade-offs/

https://www.morningstar.com/retirement/whats-wrong-with-social-security