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View Diary: New report: More seniors living in poverty, and they want to cut Social Security? (83 comments)

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    has taken out more than it put in.

    According to the institute’s data, a two-earner couple receiving an average wage — $44,600 per spouse in 2012 dollars — and turning 65 in 2010 would have paid $722,000 into Social Security and Medicare and can be expected to take out $966,000 in benefits. So, this couple will be paid about one-third more in benefits than they paid in taxes.

    If a similar couple had retired in 1980, they would have gotten back almost three times what they put in. And if they had retired in 1960, they would have gotten back more than eight times what they paid in. .

    I never heard Baby Boomers whining about our elders getting back more than they paid in - even though we had to support the generation that put NOTHING in but still got benefits. It's just the way it is. It's a paygo system. You're not accumulating your own nest egg, you're supporting your parents and grandparents.

    The Baby Boomer generation got screwed on our retirement in a number of ways, and large numbers of us are facing a grim old age. We're not taking anyone for any ride.

    We decided to move the center farther to the right by starting the whole debate from a far-right position to begin with. - Former House Majority Leader Tom DeLay

    by denise b on Wed May 22, 2013 at 06:49:41 PM PDT

    [ Parent ]

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