Originally Posted by farnik78
If people were allowed to invest all that money taken from them over 40+ years of working they wouldn’t have to live off peanuts. Your employer has to match your SS contributions, so the fact that you and your employer contribute all that money just to get peanuts in retirement is pathetic. If all that money went into an investment account similar to a 401k many retirees would have a comfortable income instead of living on the verge of poverty.
Sounds good in theory, but the facts and data are against that. If people were just given the amount that's withheld and allowed to invest it on their own, they would just spend it each week on crap.
Having 6.2% of your pay withheld is peanuts in the big picture. If people really wanted to save, they would. The data in my post above proves they don't.
Considering almost 70% of the population live paycheck to paycheck, and the median retirement savings for Boomers is like $126K (of the people who HAVE saved anything), shows the true data. If you factor in ALL Boomers (including the ones who haven't saved), the median amount saved drops to $17K..
Sorry, government ISN'T to blame here...