Social Security is a bad deal for the American People. We could, instead, be a nation of Millionaires. The example used so far focused on a fictitious individual who worked their entire life at minimum wage.
Yes! ONLY minimum wage.
In this post, we are going to change the example to someone who works at the twentieth percentile of wages. That is, our fictitious worker’s wages are greater than nineteen percent of the population, but LESS than eighty percent of the population.
Click here for the spreadsheet detail and calculations.
In this case, the Social Security benefit is $1,261.27 each month.
The Privatized monthly benefit is $1,650.58, or $389.31 MORE each month.
The Privatized solution provides these benefits from age sixty-six to age ninety-one.
The total retirement fund accumulated by our fictitious worker is $495,174.42. In addition, the worker will have $106,893.68 with which to purchase a catastrophic healthcare plan in retirement.
Now, let’s assume, as we did for the minimum wage worker, that they marry someone who also works their entire career at the twentieth percentile of wages. The combined household retirement fund would be $990,348.84!! The household funds with which to buy a catastrophic health insurance plan would be $213,787.36!!
Soon we will publish the same information for someone working at the median wage for their entire career.
I am still waiting for someone to tell me how Social Security is NOT Regressive?
And The Founders Weep.
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