In Reply to: Re: Social Security Insurance posted by Jim Rushford, CA on February 11, 2019 at 21:28:41:
I am 76. I retired at 64 and started my SS immediately. Yes, a "reduced" amount. Taking the numbers above, which are low for my purposes, by age 96 I would draw less tha 50% of what was paid into SS under my SS number. Even calculating with a higher estimate, I would still draw less than 50% by age 96. Thank you dems/libs.
50 years ago I proposed that my contributions to SS and my employer's contributions be placed into a private investment account (later IRA) in my name with my family/estate the heirs.
At the same time, I would sign an annual statement form with my income taxes that I would NEVER be allowed to draw from the SS system. How much money would I have today or my family would have if I had died at a young age (under 65)?