$84,000
January 12th 12:17:26 PM
NEWS FLASH: On average, today's 20-year-old workers will pay about $84,000 more in taxes over the course of their life than they will ever collect in benefits.
We all can acknowledge -- that sucks!! And this is why one of our organization's favorite phrases is "DON'T GET SCREWED!!"
I don't know about you, but 84k to ME is a SIGNIFICANT amount of money. I mean, seriously, think about it. A vacation to the Maldives like the infamous TomKat honeymoon. Or an ultra luxurious car or better yet, two years of our highly expensive college education!
Eighty-four thousand dollars is A LOT of money, no matter what you envision buying with it. The fact remains, it is unfair that our generation is forced to give that much of our tax dollars to a government program that is failing. What is even MORE unfair is that, as of yet, Congress as a whole refuses to address the problems facing Social Security! Just last month, Senator Smith (R-Oregon) sent a letter to the editor to an Oregon-based monthly magazine stating, "There is no doubt about it, Social Security needs improvement." But obviously, the urgency in the issue is not felt by the Senator because not only did he have no suggestions for fixing it (other than saying personal accounts were NOT the right way) but he implied it will take years of debate and deliberation to come to a solution.
This is unacceptable. Every year that goes by without reform is costing us billions - adding to that 84k each of us will pay into the system, yet never get back. The fact that our very own senators think it's ok to put off addressing the problem is, quite frankly, appalling. And that's why we need students everywhere to tell their elected officials WHAT’S UP. The NEWS FLASH should be: Senators -- get your act together and start looking out for the interests of our generation!!
Written by Evan Dent
Posted by Ryan Lynch
Comments Where did this number come from, just curious?
Posted by Will Franklin on January 12th 02:14:49 PM
I think the right number is actually a bit lower. Looking at the chart on page 4 of this Social Security Administration policy brief --http://www.ssa.gov/policy/docs/policybriefs/pb2005-01.pdf -- it seems that the correct figure is $60,747, or $61k.
The median for anyone who does not collect benefits past age 67 is $84k, but the 2042 median for all people ages 64-78 will be about $61k more in contributions than benefits if there is no reform. This smaller number is in the first row of the chart. Note that even people ages 75-78 will have a median difference of about $30k.
Posted by Ryan Lynch on January 12th 03:57:59 PM
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