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re: Social Security - Help me understand better
Posted on 2/9/23 at 11:23 am to FMtTXtiger
Posted on 2/9/23 at 11:23 am to FMtTXtiger
First off... it is a government program and NONE of us have a personal retirement savings account there. People think that the money they and their employer pay in (roughly 7%) is their money for retirement. It is not! The government has complete control of it.
Now... If someone is disabled or lives a long time after drawing benefits, they could possibly receive more than they pay in. I have no reason to think this will be me. I won't get back more than I pay in until I hit 80.
Now... If someone is disabled or lives a long time after drawing benefits, they could possibly receive more than they pay in. I have no reason to think this will be me. I won't get back more than I pay in until I hit 80.
1
Posted on 2/9/23 at 11:32 am to ShermanTxTiger
quote:Indeed, and now run the numbers assuming all the money you paid in accrued 8, 9, or 10% interest. You'll never get that back.
I won't get back more than I pay in until I hit 80.
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