Most of what anyone pays in is immediately paid out to current beneficiaries. Anyone who started working after 1975 and retired in recent years would have seen 85-90% of their FICA paid out rather than go into the "trust fund." www.ssa.gov/oact/STATS/t... - ThreadSky

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sejarzo.bsky.social • 108 days ago

Most of what anyone pays in is immediately paid out to current beneficiaries. Anyone who started working after 1975 and retired in recent years would have seen 85-90% of their FICA paid out rather than go into the "trust fund."

https://www.ssa.gov/oact/STATS/table4a3.html

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victorialynn-45.bsky.social•108 days ago

It doesn’t change the fact that what I paid in, plus the amount paid in by my employer, should be available for my retirement. Thousands pay in and never draw out. I’m not sure how those that are on disability at an early age balances out, but we need to take care of them one way or another anyway.

sejarzo.bsky.social•108 days ago

How do you define "available"?

sejarzo.bsky.social•108 days ago

If someone started working in 1980 and stopped in 2023 (44 full years) making the cap, employee + employer would have contributed $450k in FICA for retirement, of which 87% was paid out immediately to existing recipients, leaving $59k to the trust fund. 1/n

victorialynn-45.bsky.social•107 days ago

It sounds like the gov is handling the trust fund poorly. Did the gov borrow from it to the tune of 1.7 trillion? I worked more than 44 yrs and no matter how the trust fund has managed that money, I ought to be able to depend on it for my retirement. Get rid of the wage cap.

sejarzo.bsky.social•107 days ago

The law that established Social Security has required the SSA to loan the surplus to the Treasury from day one. What did you think happened to the surplus? Was it supposed to sit idle and do nothing?

sejarzo.bsky.social•107 days ago

sejarzo.bsky.social•108 days ago

If that person retired & started taking benefits at year end 2023 at full retirement age, the payment would be $3822/mo or $45,864/yr. It's obvious that this comes from current workers, not the trust fund, or what one contributed. /end

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