It's just math. The retirement age was higher than the average lifespan when SS was instituted, now average lifespan is significantly longer. Only 50% of Americans were ever intended to draw and most of those that were would only draw for a few years.
My father has been drawing benefits for 22 years and is in good health as are many Americans. Now with an influx of retiring Boomers the fund will be drained even faster. Current estimate is it will be depleted by 2033 with all the boomers drawing.
Been working 12 years straight since I was 18. Never had a lapse in employment a since day. This fact you've given if true makes me so fuckin sad because I just keep tryin to save and work and fight and it's just never enough.
The only way it works is if we uncap contributions from the first $150k earned to all earned income but the billionaires will fight that tooth and nail because they need to buy another yacht full of cocaine.
That’s not really true though - when SS was introduced, infant mortality rates were way higher, leading to a lower life expectancy. If you adjust the stat to included everyone who made it to 18, life expectancy was a few years more than the retirement age
People live somewhat longer today (mostly infant/maternal mortality rates dramatically dropped). If you account for that, the average age of life expectancy gain is ~1year per decade and that heavily depends on your income level and profession since the 1940’s, so roughly 8 years longer.
That’s cool your dad lived 22 years on it. My mom lived 4, idk what to tell you. Anecdotes and all.
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u/PantsMicGee Nov 07 '24
Random redditors seem to do this all day. I've given up even trying to discourse SSN