As it turns out, the typical U.S. family spending spends nearly the same share of its money — 10.8% — on insurance and pensions, including mandatory insurance programs like Social Security.
Sad: Unlike Social Security, at least with the lottery there’s a chance it’ll pay off.
From Why Do We Stick With Broken Social Security Model? on investors.com.
Workers can expect a legally mandated 22% cut in Social Security benefits when they retire. So, after forking over 12.4% of their earnings — both directly and through their employers — for 35 or 40 years, they can look forward to receiving a less-than-zero-percent return while continuing to spend their working lives paying 100% of the promised benefits to current retirees.