Anyone know actual numbers on SS contribution vs return at retirement?

[Hamlette]

I've heard people say you get more out than you put in and I surfed around a bit looking for the answer and could find it.

What does the "average" American put into SS?

What does the "average" American take out assuming retirement and "average" life span?

Anyone know?

[sinkingfeeling]

1. Don't know if there are 'averages'. But each tax payer gets a

record of what they and their employers have paid into SS every year. It also estimates how much said person will recieve in SS payments at age 62 (or 63), at 65 (or 66), and at age 70. I can tell you that most people about to retire now will draw more than they paid in. For example, lets say over a period of 45 years, you paid in $90,000 in withholdings, and therefore, your employer(s) had also paidin $90,000. That's a total of $180,000 dollars, not figuring the interest of 3% per year (I'll let someone else tackle that one). Now you're about to retire at age 65 and draw $1800/mo. or $21,600 a year. If you live til the age of 75 or 10 more years, you will have received $216,000 back. If you were to survive until 85, then you'll get back double that amount.

[Lindacooks]

3. I'll never forget an interview with an old man I saw about 15 years ago...

This old guy was like a broken record:

"It's my money and I paid it in and I want it..."

The interviewer then showed him a table showing how much he had paid in and how much he was getting, and pointed out the fact that the man had run through what he and his employers put in about 20 years ago, and he was now getting a handout.

What do you think the old guy said?

"It's my money and I paid it in and I want it..."

Logic and facts didn't even make a dent.

[JHB]

2. It also depends on WHEN you paid in & got out...

...I remember reading an article (I forget where) about a guy who did the math for himself, and since he'd retired in the early 90s, before most of the stock market run-up, he pretty much broke even.