- Mar 5, 2004
- 17,332
- 6,425
- Country
- United States
- Faith
- Lutheran
- Marital Status
- Single
- Politics
- US-Democrat
It was more than a decade or so. When SS was first set up the life expectancy was 62 for men and 65 for women. That changed significantly over the years. By 1970 men were living to 69 and women to 75. Yet retirement ages weren’t adjusted significantly until the 1980s. By that time SS had dug itself into a hole from which it has never and will never recover.Well, not really. Yes, that was the way the very first beneficiaries--and for the next decade or so--got on. That was because the government rightly concluded that it couldn't set up a retirement system during the Depression and then tell people they couldn't get any retirement benefits, despite their age, until the trust fun had built up to some level.
However, all that passed away decades ago. Today, some get a windfall and some do not collect what they put in. That's because of the unpredictability of life, when each of us will die and so on. Its also because that is the nature of insurance. You may pay for fire insurance all your life but never have a fire. Were you cheated because of that?
You are correct that some people don’t get what they paid into SS. However, because of the increase in life span most people currently get more, in some cases far more than they paid in. I feel bad for those currently entering the work force who will pay into SS their whole lives to support others but who will possibly get back nothing or get back only part of what they paid in because SS will be means tested by that time.
Last edited:
Upvote
0