Social security is basically poverty wages at this point. Back in the day it went further, and people didn't live as long. Nowadays a 65 year old might reasonably expect to live into their 80s if not 90s with advances in healthcare, that takes a lot of funding.
Plus some of us would like something to leave for our kids/grand-kids, although I get that's not a priority for everyone. Personally my family on both sides came up from hooverville levels of poverty in the depression to middle class post WWII, to my parents being the first in their families to get advanced degrees and making it into the upper middle class. I'm a recipient of inheritance from both of said generations which has seriously improved my quality of life, it's my duty to at least maintain that status for my immediate family, and given that the lower rungs of the socioeconomic ladder are fewer and further between than they used to be, that means leaving substantial amounts to my kids/grandkids. Maybe in another generation or two we'll have enough familial wealth to live off the interest if we want. Sooner if I'm lucky.
I can only speak for myself, but I have ~ 15 years working under my belt and my SS will be anywhere from 43-54k / yr depending on whether I wait till 70 to file. That's certainly not poverty wages, especially when you consider that most households have two earners.
Social security is meant to give you a baseline of living expenses. I'd argue it pays enough to live a dignified life in retirement, but maybe not a rich one. As I said, I know a lot of older folks living off social security in my home town, and it is doable, but it's not lavish.
I view it as a very good inflation indexed annuity to help insure against longevity risk, but I personally won't need it and won't really be that affected if it's cut by 30% as they're threatening.
Most people retiring today were born before 1960, and you can draw SS as early as 62. The math still works out anyway. A 67 year old living to 87 isn't as uncommon as it used to be.
You can retire earlier but if you want to retire earlier (and have no reason to believe you may not live long) you probably shouldn't start drawing social security until your full retirement age unless you need to.
Plus some of us would like something to leave for our kids/grand-kids, although I get that's not a priority for everyone. Personally my family on both sides came up from hooverville levels of poverty in the depression to middle class post WWII, to my parents being the first in their families to get advanced degrees and making it into the upper middle class. I'm a recipient of inheritance from both of said generations which has seriously improved my quality of life, it's my duty to at least maintain that status for my immediate family, and given that the lower rungs of the socioeconomic ladder are fewer and further between than they used to be, that means leaving substantial amounts to my kids/grandkids. Maybe in another generation or two we'll have enough familial wealth to live off the interest if we want. Sooner if I'm lucky.