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Chesapeake Energy Corporation Message Board

  • rojaire rojaire Nov 4, 2000 8:36 PM Flag

    Social Security

    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
    one elses.
    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.

    Go CHK!!!!!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I'll have to take some of that.

    • 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...

      GO
      SOONERS

    • 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.

      • 2 Replies to bgosh44
      • 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:
        My
        friend worked at the same manufacturing job for 39
        years.
        He remembers that social security was around 2 1/2
        or 3% of his wages when started work for this
        company.
        He signed up for a retirement plan that took 1% of
        his pay.
        Through the years the deduction for his
        private retirement plan rose to 3% of wages.
        Before he
        retired he was paying 7% of wages into social
        security.
        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
        life.
        If you do the math, he draws almost a much on his
        private plan as he does his social security.
        He payed
        in less than half, over 39 years, to draw almost the
        same retirement.
        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.

    • get you a IRA, IRA Roth or a 401k and dont worry about the 1/6. Invest these plans to the fullest any way you want. Have a good day.

      • 2 Replies to rds51
      • 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.
        A
        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.
        MID-CONTINENT, is
        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
        surprice.

        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.

    • rojaire,

      If you're 38 years old and in reasonably good health you're more likely to live to 95 than 75! Therein lies the problem SS faces in the future.

 
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