[Hugh R]

I got my SS statement a few months ago in the mail. It details mine, and my employers (make no mistake they are both my contributions) since 1970, collectively $181,xxx have been paid in. I did an excel spread sheet for each year assuming 3% (passbook) interest rate. Today, I would have, compounded annually only, not daily, $238,xxx. Oh, and if you did 10% return, it jumps to over $560K.

If I retire at age 66, they Feds will pay me $2,210/month. Lets see, $238,xxx/$2,210= about 108 months, or about 9 years to just get back my monies with a lousey 3% yield. Not including the interest I would have been earning during those additional nine years. What's the chance of my living to 66 plus nine years=75; according to the gubmit, for the year I was born less than 50%. And this is Today! When you consider I've got another 10 years to work at least you can double the amount and roughly double the number of years for a bull***** return on investment to about 18 years, at which point I should, statistically speaking, be dead.

Such a sweet deal, for the gubmit. Tax me, call it a retirement plan, pay me nothing in interest and bet 50:50 that I'll never see it all, and don't leave a dime to my heirs.

Oh, and if I retire at age 62 they'll give me $1607, at 66 $2,210 and at 70 $2964/month. If you guess you'll live to be 80, you actually make out better retiring at 66 than 70 in terms of uninflation adjusted dollars.