The present value of social security can only be considered $0 as Social Security is under the considerable risk that Congress can defund it at any time it chooses.
Unless either you estimate the probability of Social Security being completely defunded by Congress before you get a single dollar out of it to be equal to exactly 100%, or you believe that with positive probability the Congress will start charging you for being alive past the retirement age, expected present value of Social Securtiy would have to be positive. So, which of the two above-mentioned options reflects your beliefs?
