Sandi wrote:Yes technically I suppose they are contributing via my SS check because the government spent my money on other stuff in spite of their promise not to. However I will never draw more than I payed in... unless I live to be around 100 or more.
Sandi, I am calling BS on this.
In 2010 the cap limit on SS for an employee was $6,621.60. That is the highest amount it has ever been
In 1997 the cap limit was $4,054.80.
Before that the limti was lower, 6.2% of the SS wage limit.
For sake of argument let's say you put away $4,000 a year for 50 years. That is $200,000 put into SS. You are recieving $15,900 a year in benefits. With no COLA adjustment factored in for increased benefits it will take you 12.6 years to have taken more out of the system than you put in.