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Only a fraction of that payout, however, was contributed to the pension fund in any one year by the recipients. The remainder came from employers and from workers who are not yet eligible for retirement.
According to the studies, a young man in Rappahannock County, entering the labor force this year at age 25 and paying the maximum tax for the next 40 years, will personally be paying about $17,000 toward Social Security.
With interest figured at 4 percent, this will accumulate to a fund of nearly $38,000, exclusive of contributions made for him by his employer.
What he and his wife will get back, assuming that they live 14 years after reaching 65, which is the normal expectancy at that age, will be approximately $55,000.
Taking Rappahannock County’s entire 25-year-old male population, now numbering close to 70, as an example, their tax payments and interest in the 40 years would amount to some $2,660,000, and their total returns, if married and living the full span, to $3,850,000.
In answer to contentions that a person could do better by buying insurance with the money, or keeping it in savings, the Social Security Administration points out that financial aid in cases of disabling illnesses, widowhood, needy children and other contingencies are also included for the worker and his family.
90.8%