Just getting caught up on the messages.I'm 38
years old and I'm willing to put 1/6 of my contribution
into my own fund.At least this money is mine and no
In the mail today,I received my social
security yearly update.I paid in 39,000 and my employer
paid in 39,000.So if I die tomorrow,my dad gets the
usual burial money from social security.Some 300 bucks
for 78,000 paid in.People are forgetting that its
only 1/6.You will still receive a social security
check from the government.You also have a choice.You
don't have to invest your 1/6 in the private sector.As
for me I'm going for it.One more thing about social
security.Why should I be punished because I was born after
1960.I do not receive full pay unless I retire at
67.Sure I can still retire at 62,but with less
benifits.Lets say I'm lucky and I live to 75 years old.I get to
collect social security for eight years.At 1500 dollars a
month for eight years ,this comes out to 144,000
dollars.I already paid in 78,000 dollars and I still got 29
years to go.So far I have worked 21 years.So you are
looking at another 78,000 in 21 more years and I'm still
not at retirement age.I'll bet that in the next 21
years the number will be higher than 78,000.So that
leaves me with eight years to go.So no telling on what I
would eventually pay in.Probably over 200,000 dollars
by the time is all over with.Wow!!!!200,000 dollars
paid in,and all that time no interest was made on the
money.Why doesn't the government put the 1/6 from
individuals in money market CD's.Who's to say that I will
live to 75.I hope I live to 100 so I can collect all
of the money that I paid into social security.Then
when I die at 100 I can thumb my nose at F.D.R. for
not putting more restrictions on social security.
OU, minus 9 1/2 is going to be close to the early
line. Christmas coming early this year are what? If
they don't come out an play like the colts did today!!
They were down 27 too nothing an came back to score 24
late in the game. That really sucked...
Roj. When and if you get to 100, the money won't
be there. At least you'd have your 1/6 or 2%return.
Since it's a Ponzi scheme, any further draining up
front would only cause a quicker reduction of the
fund...I'm no actuary, but doesn't this make sense???? Also,
has anyone considered the administrative burden and
expenses of this 2% plan?? Would the monies be subject to
ERISA type laws??? i.e. restrictions on monies to
qualified accounts. Who would police these monies??? The
IRS...DOL??? Imagine the money just to create a new tax
form...lol. Would there be 404b type restrictions on
investments or could you daytrade this money???? What would
be the restrictions on comingling these monies in a
SEP or Qualified account??? Could I pass these monies
on to my heirs if I died before retirement age or
does the govt. get it back? If so, would it be exempt
from Estate taxes??? Could I borrow against this
money? If so, what would be the limits, etc. I mean why
not...are we calling this our money (my asset) or is it
just another govt. entitlement subject to all the b.s.
govt restrictions and laws?? Roj, you and I are the
same age...I am self employed so I pay all my ssi
taxes...which stops after 76,500 year 1999, I think...threshold
may be raised for Y2000. Bottom line, this is a
sinking ship...I just wish somebody could explain what
the heck this plan is all about before I get too
excited about it.
A very good of mine, who happens to be over 25
years my senior, told me in detail about his retirement
a few years ago.
Here are the facts:
friend worked at the same manufacturing job for 39
He remembers that social security was around 2 1/2
or 3% of his wages when started work for this
He signed up for a retirement plan that took 1% of
Through the years the deduction for his
private retirement plan rose to 3% of wages.
retired he was paying 7% of wages into social
Each of these percentages were matched by the company
that he worked for.
He told me his social security
pay was $1,189 per month.
His private pension
check is $1,007 a month.
Through thrift and other
investments, he now draws more being retired that he ever made
while working. His mortgage is payed, his children are
educated, and a he and his wife have a comfortable
If you do the math, he draws almost a much on his
private plan as he does his social security.
in less than half, over 39 years, to draw almost the
Social Security is a bad
investment when looked at from a return on investment basis.
As for the plan,the details are not there
yet.There was a few rough drafts,but Bush did say whatever
you paid into your account is yours and no one
elses.The point is only mute though,because this system
won't be enacted unless Bush is elected and the house
and senate stay republican.
I have a 401k.
Social security money is taken
out of my checks.So if I can improve my social
security when I retire by investing 1/6,then so be it.
To not worry about what the government takes is like
throwing money in the fireplace to keep warm this winter.
Elk, it going too be very interesting to see how
much of the TCF potential is still left in the
Watonga, Chichasha and Cement feilds. That is "the way" I
took it coming from Aubrey's statement in the CC. If
that is the case, I like your $20's prediction in the
next 12 to 18 months. My locations report, is showing
a new Amoco lease in Grady Co, that their moving
on, how can that be? Gothic was susposed to bought
ALL of Amoco working interest in this area?? I hope
they have as bad of luck as they did over the years in
that area an CHK is holding the sweet spots.
couple Gothic properties getting very close to finishing
up. Berry #2-23 - 16,350' - Springer/Morrow PUD, is
an offset to a Amoco well in Cement, the IDA MCEVOY
#5 Canadian Co. is going to 14,300' compared to an
avg deep of 11,300' in this area. Which could be very
interesting if they hit!! Amoco thought there was a big find
in this area that was never hit. They had some 3 to
10 Mmcf/d wells in this area.
holding up it side of the bargin. If some of the Gulf
Coast wells is working off 4 to 5 year depletion
curves, it's time to drill some more! We just had some
bad luck in Canada. I hope that production is going
too come at a better price? The $4.85 per mcf NOV &
DEC agreement Gothic is receving was a very nice
Bullish on CHK..
PS: I hope I
don't have to count on a monthly SS check. I have paid
in my fair share and then some and want what is
coming to me though.
My son died in 1995 at age 41, due to
complications of outpatient sugery. He had paid in to social
security for about 25 years. He never drew a penny. He had
no children and was divorced at his time of death,
so SS did not have to pay that lump sum death
benefit of $255.00. I buried him.