By Kris L. Maser
We as voters, baby boomers, elders and tax payers need to get a handle on not just what our benefits will be as we retire but also what effect the benefits are for the looming baby boomers going into retirement. When the social security system was originally established there were 40 workers for every retiree. Now there are 2 workers for every retired person.
No one was expected to live much beyond age 65 when social security was originally started. But our society is aging and living longer. Consider these statistics:
• If your monthly benefit is $2,000 today and you retire and live 10 more years you will receive a total of $304,236 in lifetime benefits.
• If you live 20 more years your total lifetime benefits paid will be $673,622.
• If you live 30 more years your total lifetime benefits will be $1,160,479.
Do you think you paid that much into the system while you were working?