Are you counting on Social Security for your retirement? Before you answer, you might want to take a look at the Social Security Calculator. It shows how much you're paying into the system and how much you can expect to get out of it when you retire.
When you take a close look, you'll see it's nothing but a government sponsored ponzi scheme.
Here are my stats:
You can expect to pay $399,502 in Social Security taxes over your working life for retirement and survivors benefits. For those taxes, you can expect to receive $2,591 a month in Social Security retirement benefits. Your rate of return under today's Social Security is -1.23%.
However, if you had been able to invest your Social Security taxes in a Personal Retirement Account (PRA), you would have had a total of $1,202,779 when you retired. Your monthly benefits would have been $9,798. You lost $7,207 a month.
I consider that a crime. The government is extorting money from me to pay those who got involved in the pyramid scheme earlier than I did.
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