In a perfect world SS will be means-tested within the next 15-20 years. This kind of waste is bankrupting the country.
the income generated by the "rule of thumb" that says, for someone expecting to retire at the point where life expectancy is multi-decade, to figure being able to initially withdraw 4% of liquidatable assets and get an annual figure in income that should mean their money will not run out.
Actually, in a perfect world, everyone has a job that provides a fair and livable wage, and everyone is given a comprehensive financial education during their school years so that everyone knows how to properly save and invest money and things like Social Security are not even needed.
I I'm 43 and never married. I've paid more than my share of taxes and I doubt I'll ever see a meaningful dollar from social security.
i saw a guy post elsewhere a very good non mathematical reason for deferring s.s. to age 70. it works best for a guy who for whatever reason is not considering his spouse or his heirs. his reasoning was this: if he delays to age 70 and lives well beyond 70 then he has some extra money for those years which is great. but what if he decided to defer to 70 but he didn't live to age 70? is he pissed off because he didn't get anything? no, he's not pissed off about anything. because he's dead.
If someone doesn't have a job they aren't contributing to social security in the first place. I'm not buying the lack of financial education either. Someone old enough to be collecting social security has had decades to educate themselves about their own retirement. Sorry, but that isn't my responsibility.
Of course it's not going away but the purchasing power of $1 will be nothing in 20 years just as $1 today buys a whole lot less than it did 20 years ago.