Originally Posted by Cimarron29414

When SS was created, it was designed to help people who simply lived beyond the average life expectancy and had extinguished their personal retirement. Adjusting for today's longevity, SS should not even kick in until you are 85 or so. Doing that, you reduce the amount needed. What's more, the fact that the system continued to reduce the age of benefits and turn it into a true retirement program is why it broke and it went from something like .3% of your income (as a tax) to 7.5% today.

As an example, a 22 year-old today would simply have to contribute 2% of their income for 15 years to pay for those on SS until it phased out. They would get nothing in return other than the knowledge that they don't have to give 7.5% for the rest of their career with no hope of ever seeing that money. A 32 year-old would pay 1% for the next, say, 7 years. Something like that. It doesn't really matter the exact formula - you can't tell me that one does not exist. It can be done and be phased out.

---------- Post added at 09:51 AM ---------- Previous post was at 09:48 AM ----------



Exactly why is that crazy?