In Newsie's excellent diary yesterday two young people commented toward the end that they didn't understand why we were so exercised about saving Social Security since it was obviously such a bad deal. one commented:
If I had been given control of all the money I have paid in--which I believe I will never see--I would be in much better shape for retirement than the meager $300 a month I will see in 40 years.
Almost everything in this statement is incorrect, and is based on a series of misconceptions about Social Security. The reality is that if you live an average lifespan, you will get back far more than you paid in, and almost certainly more than you could build up on your own, unless you strike it rich. Here's why.