It's like the rest of your taxes, you are paying for our loving, caring government. But you aren't saving anything, they are spending it *** and more *** as it comes in.Okay..so for the 10+ years I've been collecting paychecks and getting taxed for Medicare and Social Security...that's all going to be for nothing?
Will I be getting my return check for that (quite large) investment? It's not just people retired "right now" it's a constantly running program, people are still paying money into it and still joining in on getting benefits.
Yes, but what they are doing is ratcheting up "benefits." FDR started it as a supplement to income at an age that people had a short life expectancy. People live longer and longer and people are expecting it to be an actual retirement income, not it's original intent. And there are fewer and fewer workers per retiree.
Given that neither your parents nor you actually saved a dime of what you paid, it's unsustainable. I always consider it just another tax, which is what it is.