“Most workers are counting on Social Security as a meaningful source of income in retirement, the system’s trust fund will deplete its reserves and will only pay part of its old age and disability fund obligations beginning in 20 years, according to recent Social Security figures.
Current funding shows that Social Security is fully funded until 2034, and after that it is about three-quarters financed,
for someone working 30 years the average Soc Security & medicare out of packet payroll deductions contributions are 152,000 USD and your employers paying about the same amount.
by 3034 no millennial will be able to collect.. that is pretty sad, as the government will appropriate those contributions.
Your gift to uncle Sam.