KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO R EAD IT...
THIS IS SURE SOMETHING TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE SOCIAL SECURITY IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to Social Security but your employer did, too.
It totaled 15% of your income before taxes.
If you averaged only $30K over your working life, that's close to $220,500.
Read that again.
Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement check from the money we put in, not the Government.
Now they are calling the money we put in an entitlement when we reach the age to take it back.
If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (less than what the Government pays on the money that it borrows), after 49 years of working you'd
If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit!
If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month.
Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their social security could be drawn.
I worked all my life and am drawing 100% on my own social security).
Their S.S. money will never have one cent drawn from what they paid into S.S. all their lives.
THE FOLKS IN WASHINGTON HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE
MADOFF EVER DID.
Entitlement my foot, I
Arrs, ponzi scheme is correct. Actuaries were wrong, govt projections were wrong, people who draw moneys out without paying moneys in is immoral.
Medicare in worse shape. $100-200 trillion in arrears. If changes are not made, implosion sure to happen.
Arrs, the fact that some people don't collect as much as they contribute is valid if you think about social security as an insurance system - or like a national annuity program. We all pay into it (or at least most do). Some win and collect too much. Others lose and don't live long enough to collect their fair share. That's how annuities work.
GT2U Arrs. ay you live long enough to collect every penny that you put in.
if you figure interest compounded on the funds you can never live long enough to collect what you paid in. If you could who would pay all the workers in the SS administration and other politicians.
for many of the reasons you stated SS is an entitlement program as it was set up that way. Most people including you think of it as a retirement or annuity plan. Well those do not have colas or pay to disabled or to minors or other payouts. The system pays out to help those that never saved and it will get more so as they begin to do more to determine who needs it. I have paid in over 500k and I know that someday they will remove me from receiving it because of income from what I have saved. They already tax a large portion of it away. What makes it an entitlement is that they take from you to pay others and they rely on people in the future to pay yours, they also give more to those that paid in less on a percentage basis than those that paid more. They cap you on the top end no matter how much you pay in. The same with medicare. I pay in and get ins in the future maybe, but I am paying for someone else today not for my future needs, those husbands that died already paid for someone else and now someone doesn't have to pay for them. entitlement spelled all over it. There is no guarantee of future payments in the enactment at all. They even use some of it to pay their other bills.