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Retirement Discussions / Retire Early CampFIRE
|Subject: Re: Help! My Social Security is in Lucent||Date: 7/26/2001 7:17 PM|
|Author: intercst||Number: 46551 of 775962|
3) Over 100,000 has been paid into social security from my employment (50k by me 50k by my employers). With over 20 years until retirement and market returns, the rule of 72 says my social security money would double 3 times invested privately (once = 200k, twice = 400k, three times = 800K). Does anyone in their right mind think I will ever get anything close to $800,000 from social security? Unless the answer is yes then social security is a bad deal for anyone not already retired or very close to it.
I think you've been misinformed about your Social Security "account". Your $100,000 in Social Security taxes is not invested (at low returns or otherwise.) It went straight out the door to pay your parents' and grandparents' Social Secuity benefits if they are old enough to collect.
Maybe stiffing current beneficiaries is a way to free up more money for younger folks retirement investments. <grin>
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