I didn't check the math on this one, it came in an email today:
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% of your income before taxes. If you averaged only 30K over your working life, that?s close to $220,500. If you calculate the future value of $4,500 per year (yours & your employer?s contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working (me) you?d have $892,919.98. If you took out only 3% per year, you receive $26,787.60 per year and it would last better than 30 years, and that?s with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you?d have a lifetime income of $2,976.40 per month. The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Of course if the SS trust fund is held in government bonds then we would be paying the interest on our own investment which is also Ponzi like.