>>1. The system is not going to fold when you are 55. It will only be able to pay at benefits at 75% instead of 100% if changes aren't made, but it is not going to fold.<<
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A negative return on the money paid in is dismal and a terrible thing to offer us in retirement.
>> 2. The average Social Security monthly benefit is less than $800. a month and for almost half of all recipients, a Social Security check makes up 90% or more of their income.<<
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Private retirement accounts would double or triple that and remove us from the political maneuvering on means tests, retirement age, and size of benefits. We would own the money outright.
>> 3. And I wish I had more time, but speak for yourself, most young people I know, myself included don't despise senior citizens, in fact many of us are supporting our senior parents and grandparents because their income is not enough for them to survive on alone.<<
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With 12 percent of payroll siphoned off for immediate payout to current retirees, nothing accumulates, nothing is owned by us, and nothing is left over available to invest for our futures. We are with the current system destined to become wards of the state instead of independent citizens. That 12 percent put into private retirement accounts (like the Cato Institute's plan) would provide much better support without adding taxes on other people.
