Comment on We can play that game too
ronl2k@lemmy.world 23 hours agoThe money the Boomers paid into the system went to paying benefits for the previous generations.
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 20 hours 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 4 hours 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 4 hours ago
The OP specifically depicts someone that’s 90 years old.
The amount they paid in to Social Security ran out years ago.
ronl2k@lemmy.world 4 hours ago
Social Security was designed to have winners and losers in the contributions game. My mom died at 64, and my dad died at 59. They both contributed to Social Security during their entire working lives without collecting a cent from it. That’s the way it goes.