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Sludgeyy , 8 hours ago The average person makes 65k Social security is 12.4% Medicare is 2.9% Social Security is 8.19k Medicare is 1.885k Average person pays 10k a year to SS and Medicare. Retirement age is 67 Start work at 18, 49 years of work. S&P500 has returned an average of 10.64% apr for the last 100 years. 16.5% last 5 years. 30-year morgage is ~7.5% Let’s just assume the person could put extra money towards their mortgage, gaining 7.5% apr. 10k/12= 833.33 per month 833.33 a month at 7.5% apr for 30 years is 1.02M 833.33 a month at 10% apr for 49 years is 10.41M Government takes 1-10M from the average American retirement account to give them SS and Medicare. Let’s say you live until 80. Average life expectancy is ~77.5. Means you have 13 years in retirement. Average SS payment is 1,864.52 a month. 22,374.24 a year. 13 years of 22,374.24 is 290,865.12. Average person is losing 750k-9.75M for retirement. Medicare is a whole other beast but unless you’re going to pay 750k+ on medical expenses in retirement, it’s not going to benefit you. Even with Medicare you have to pay premiums, deductibles, copayments, and coinsurance. So it’s not like it’s all covered for “free”. SS is a government ran ponzi scheme. Anyone else doing it would be a crooked investor. I get that minimum wage is $7.25 and that’s 15k a year. They are paying 2k a year for SS. They will most likely benefit from the system. But the average American shouldn’t be footing so much of the bill and not seeing any benefits. It’s crazy
The average person makes 65k
Social security is 12.4%
Medicare is 2.9%
Social Security is 8.19k
Medicare is 1.885k
Average person pays 10k a year to SS and Medicare.
Retirement age is 67
Start work at 18, 49 years of work.
S&P500 has returned an average of 10.64% apr for the last 100 years. 16.5% last 5 years.
30-year morgage is ~7.5%
Let’s just assume the person could put extra money towards their mortgage, gaining 7.5% apr.
10k/12= 833.33 per month
833.33 a month at 7.5% apr for 30 years is 1.02M
833.33 a month at 10% apr for 49 years is 10.41M
Government takes 1-10M from the average American retirement account to give them SS and Medicare.
Let’s say you live until 80. Average life expectancy is ~77.5. Means you have 13 years in retirement.
Average SS payment is 1,864.52 a month. 22,374.24 a year.
13 years of 22,374.24 is 290,865.12.
Average person is losing 750k-9.75M for retirement.
Medicare is a whole other beast but unless you’re going to pay 750k+ on medical expenses in retirement, it’s not going to benefit you.
Even with Medicare you have to pay premiums, deductibles, copayments, and coinsurance. So it’s not like it’s all covered for “free”.
SS is a government ran ponzi scheme. Anyone else doing it would be a crooked investor.
I get that minimum wage is $7.25 and that’s 15k a year. They are paying 2k a year for SS. They will most likely benefit from the system.
But the average American shouldn’t be footing so much of the bill and not seeing any benefits.
It’s crazy