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Many of the comments here reflect a great deal of ignorance about Social Security--too bad. A few minor changes will assure that it provides a sound base for many well past the 2033 date when pay-ins will not match pay-outs. If we allowed the illegal immigrants to get to citizenship somehow, they would be paying into...more
Jamie did the math correctly. Compounding interest makes all the difference. Don't touch that money. Put it in an IRA (preferably ROTH, but a regular IRA is OK, just not tax-free when you retire). I put $2000/year in a regular IRA when they were initiated back in the 1980's. I only put $1000 in the IRA a couple of ...more