Over 20% of every tax dollar paid by every American goes to paying out Social Security benefits to existing retirees. Twenty percent to existing retirees, not retirees that are going to retire in the future, just the ones collecting checks right now. Did you know that 6.2% of your salary goes towards Social Security and another 6.2% is paid by your employer? That’s only 12.4%, which means it looks like we have a shortfall of 6.6% each and every dollar for Social Security. Ouch.
I’m not complaining about what I have to pay or whatever, I’m just saying that the math doesn’t lie… Social Security is in trouble, right?
Source: Yahoo Finance