In years, how long does it take the average USA retiree to collect all ot the their Social security payments over their lifetime?

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  • RICK
    Lv 7
    7 months ago

    My wife started drawing at 63, she had gotten back every thing she had paid in by 68, now almost 72 she has gotten back all her employers paid in. I'm younger then my wife but I also started at 63 and in about 3 more months (68 and 2 months I will have gotten all mine back and working on what my employers contribution)

    Older people will get their contributions back faster because in our younger days we paid in a lesser percentage. By the time Reagan raised SS to 6.2% I had already worked 20 years only paying 3.5%

    @ curtisports2 for most SS is a much better deal

  • 7 months ago

    The government does not waste taxpayer money averaging all the accounts. There would be no point in it and the cost would be astronomical.

    • Judith
      Lv 7
      7 months agoReport

      Actually social security does - it can be part of the interview when explaining to a beneficiary the advantages of taking an earlier and reduced benefit vs waiting to receive a higher one at a later date.

  • 7 months ago

    In each paycheck, a person pays in about 7% of their income. Each year in retirement, they get back about 1% of their lifetime earned income. So about 7 years.

    • RICK
      Lv 7
      7 months agoReport

      Depends on when they started paying
      I spent the first 20 years of work history only paying 3.5%

  • 7 months ago

    It depends on when you start but you can figure that you have recovered your contributions when you have used 15% of your life expectancy at the time you started collecting.becuse on average, 15% of your benefit is what you paid, 15% is the employer portion and 70% is interest on government bonds that Social Security invests in.

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  • 7 months ago

    It's a meaningless calculation. I have never bothered to calculate how long it would take to get back what someone paid in, because it's meaningless. The calculation doesn't take into account what that same money could have turned into over the years if it had been invested by the individual instead of confiscated by the government only to have something paid out on the government's schedule.

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