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Do Most Get Back in Benefits What They Paid in Taxes? Yes; Way More.
Vance Cariaga states what many Social Security and Medicare beneficiaries probably will refuse to accept– most people will take out a lot more than they ever paid in to the Social Security and Medicare programs. “An Urban Institute report issued in February found that for a single male worker who earned average wages every year of his career — and retired in 2020 at age 65 — the lifetime Social Security and Medicare benefits he gets would exceed the lifetime taxes he paid by $550,000. For a couple with one average earner and one low-wage earner, benefits would exceed taxes by twice as much: $1.1 million.” Cariaga concludes by noting both programs are ripe for adjustments given their looming insolvency, and reform should include higher payroll taxes. Full article here.