If Rex had any guts he'd predict something useful; just saying it will go up in the next couple of years doesn't help anyone (for one thing, we'll have to wait two years to see if you are right.) And saying oil prices go up and down - phew; what are you going to tell us next - that the sun will rise in the East tomorrow, and then set in the West?
C'mon Rex, grow a pair and (try to) say something intelligent; will oil go up or down in the next month, and what is your reasoning?
Let me first say that I expect to get nothing from SS for several reasons. However, you have made several fundamental errors in your calculations. This makes me think that you should be doing more listening and less speaking:
1) Let's assume you make exactly 30k each year for 40 years for simplicity. The nominal SS taxes paid (including employer share) would be 0.124 x 30,000 x 40 = $148,800. I guess you include medicare (which gets you to $183k) because you don't know what you're talking about.
2) I'll even give you your total of $180k. Even if I were to apply 40 years of 1% interest, compounded on a monthly basis, to this full $180k (meaning I'll let it all go in on day 1 rather than over 40 years), then you'd have (1+(0.01/12))^480 * 180,000 = $268,484.
- It appears to me that you have made the error of using a 1% MONTHLY interest rate instead of a 1% interest rate. Good luck getting 1% monthly; if you can do that you won't have to worry about SS.
I know the above is a lot of complicated (for you) math, and it's much easier to just read something on some goofy website, but you really should try to understand it before opening your mouth.
Even if you understood the math of compound interest, you still can't make the retirement income comparison because you're comparing a particular case to an average. Dumb.
Finally, you're either ignoring the disability insurance part of SS, or you don't understand it. I'm guessing it's the latter.