re: Social Security - Help me understand better

quote:

---

Dude

I can assure you I'm neither hateful or greedy. But I'll damn well gripe about any mandatory program run as inefficiently as SS.

e.g., Warren Buffett and Charlie Munger have received SS checks for years. When I eventually qualify for SS, I'll fall their highest benefits tranche, and won't need a penny of it.

OTOH, working class employees have their income garnered for years only to have it returned (maybe) at an inflation-adjusted ROI loss 40yrs later. Federal payroll tax withholding is a big deal for folks on a budget. At least the damn payout at the other end could make it worthwhile.

Adding insult to injury, life expectancy for various working class groups may run as much as 10yrs shorter than for wealthier demographics. Yet, there is no transference of benefit or money for early death or underutilized "benefits." Does that piss me off? Yeah, it kind of does. It should probably piss you off as well, even if you're not hateful and greedy.

---

My wife and I are in the same position....we do not need SS to retire comfortably unless something tragic happens in the next 10 years or so. That is a problem. You are 100% correct. It is also a problem that some folks jobs means their life expectancy is not as high as others and they will get shafted. Lifestyle is the same way as is income level...poor people die younger and pay far more in relative terms into SS than wealthy people and that is a problem. There are heaping piles of things we should do to social security to make it even sounder and more equitable for those who truly need it but we don't because all we talk about are social security cheats (the scum of the earth) how bad an investment it is (it is not an investment but we talk about that a lot) and how much of a shame it is that bankers can't get their hands on the money so they can steal most of it.

You are 100% correct Social Security is FAAAAARRRRR from perfect...its just the best idea ever conjured up to accomplish its core mission and mankind had several thousand years to do so and only came up with a seriously flawed but working system in the last 80 years or so....