Although the bleakest data was for impoverished white women, whose life expectancy has fallen by 5 years since 1990. Wealthier Americans and the struggling middle class have seen their life expectancy increase. However, since the 2008 U.S. depression started, this same group of people is delaying and putting off retirement.
Nearly 2/3rds of American men with a professional degree are still working between the ages of 62-74.
That means they are still paying taxes and putting funds into underfunded pension programs, both private and public.
In short, the poor are dying off without collecting on social security, and the current middle class now plan to work to the grave.
For now, at least for social security, the Ponzi scheme can continue…
According to a report from the Urban Institute, a person who turned 65 years old in 1980 paid $96,000 into the Social Security system and received $203,000 back!
For those of you in your 50s today, by the time you turn 65, you’ll have paid $398,000 into the system, and you can only expect to receive $336,000.
Some may say social security isn’t a Ponzi scheme, but look at the raw data of deposits and withdrawals. Start with the first recipient, Ida Fuller, who paid $24.75 in taxes over 3 years to the Social Security Administration and received $22.54 for her first check, with a total of $22,888.92 during her “retirement.”
Considering how good Ida had it, compared to new recipients who won’t even break even, I would say that this Ponzi is getting old in the tooth, and even though the Great Recession may have bought it another decade or two, it’s only a matter of time before it either implodes or sees a massive “crisis” level overhaul.