Comment on We can play that game too
toddestan@lemmy.world 2 days agoThat’s not how Social Security works. The money the Boomers paid into the system went to paying benefits for the previous generations. The benefits the Boomers (at least the ones that have retired) are getting now is being paid by the workers in the younger generations. While it’s true the program has run a surplus, if the young taxpayers stopped paying into the system that surplus wouldn’t last very long.
ronl2k@lemmy.world 2 days ago
False. The pension is fully vested by the workers receiving the pension, based on the taxes that they contributed. In fact, many elderly would be better off if the amount they contributed were invested in a hedge fund instead of Social Security.
toddestan@lemmy.world 2 days ago
That’s exactly how it works, well other than me having the dates off as the Boomers weren’t even born when Social Security was enacted by FDR. When Social Security was enacted, retirees started receiving benefits even if they never paid into the system, which was paid for by the current workers who were paying into the system. It’s been like that ever since. Social Security is also not a pension.
You are correct that for most people would be better off investing their Social Security taxes into a hedge fund but workers don’t really have a choice in the matter.
ronl2k@lemmy.world 1 day ago
The vast majority of current boomers have fully paid for their own Social Security pension.
That’s a distinction without a difference.
queermunist@lemmy.ml 1 day ago
The OP specifically depicts someone that’s 90 years old.
The amount they paid in to Social Security ran out years ago.