Some advice for the youngsters - be sure your retirement stool has 4 legs, possibly 5. Those would be SS, Job related, investment stocks as both Mutual Funds & individual stocks, quality Bonds & enough savings to live a minimum of 1 year through a catastrophe (meaning more cash related, savings, CD's that equal more than 1 years livng expenses). If you don't have that you can't afford to retire................
Compounding is a wonderful thing. Had the feds invested those monies paid in since I was a Paperboy at 12, in T-bonds at the current rate when the money was earned, bought a little disability coverage, there would be a nice pile to tide us over in our golden years.
But, you have to remember, SS was also an insurance plan which guaranteed an income, however meager to your survivors or to yourself in case of disability.
IMO, this is a 1st step toward private accounts which IMO would be the salvation of this program for the youngsters, which all of you who have posted are .