The investors have been collecting interest on saving the money and they have been paying taxes on their retirement fund for 20 years. The Government and banks made their money off the retirement money already.
The average social security check is well below the poverty level. To pay taxes on what little people get from social security, it makes it even harder to live. The poverty level is about $2,000.00 a month. Most people that are retired get a lot less than $2,000.00 a month. The government made their money off of the retirement money already.
We need an age limit for full benefits to be dropped to the age of 62 which would help replenish the depleted funds. There are a lot of politicians that feel that if you are on Social Security, it is the same as being on welfare, which is totally wrong. The politicians that know this and state that fact should be impeached because they are twisting words around for their benefits and not the benefit of the SS recipients. The social security recipients have paid for social security all of their lives. Slowly but for sure believing that they would have some kind of income in their Golden Years.
Social Security is a good plan for the people because it gives them financial aid when their too old to work. It is dying out and our next generation will be very lucky to have social security when they get old. This is due to the money being put in to the national general fund and the elite politicians seeing it as welfare, which it is not.
I feel the solution to this is all jobs within the nation that are paying taxes should also pay into social security automatically. This way all of the people, who work so hard in their life will have some kind of income when they retire. And with all of the companies paying into social security, the funds will be refurbished.Reference: