Let's assume today you are 22 and fresh out of college. You are making $100,000 per year right out of college and 12.4% of your income (between you and your employer) is paid in SS tax.
Assuming you get an average raise of 3% per year and the government safely invests your SS tax and gets a 6% return every year, your SS taxes will have grown to $2.4 million by the time you reach age 70 (when you can get the maximum SS payout).
So you're 70 and you get to retire with (according to ssa.gov's quick calculator) $18,345 per month or $220,140 per year in benefits. If you live to the ripe old age of 90, SS will pay you $4.4 million during your 20 year retirement -- FAR more than what you paid in.
Where does that additional $2 million come from? Other citizens' SS taxes.
It is not just YOUR money.
The fact that SS was poorly designed has no bearing on whether or not money I paid in to it is mine or yours.
Allow people (outside of special disability cases) to draw only what they put in and the problem is fixed.
