Posted on 03/01/2012 5:24:32 PM PST by Mier
Get angry and pass this on!
Remember, not only did you 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.
If you calculate the future value of $4,500 per year (yours & your employer's contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working you'd have $892,919.98.
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.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Entitlement my arse, I paid cash for my social security insurance!!!! Just because they borrowed the money, doesn't make my benefits some kind of charity or handout!!
Congressional benefits ---- free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare, and they have the nerve to call my social security retirement entitlements?
We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless
In the last months we have provided aid toHaiti, Chile , and Turkey . And now Pakistan ......home of bin Laden. Literally, BILLIONS of DOLLARS!!!
Our retired seniors living on a 'fixed income' receive no aid nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$$$$'s and Tons of Food to Foreign Countries!
They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives and now when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? Imagine if the *GOVERNMENT* gave 'US' the same support they give to other countries.
"I think Congressmen should wear uniforms like NASCAR drivers so we could identify their corporate sponsors."
A Veteran - whether Active Duty,Retired,National Guard or Reserve - Is Someone Who, at One Point of Their Life, Signed a Blank Check Made Payable To "The United States of America", For An Amount Of 'Up To and Including My Life'
The government doesn’t pay over 3% and nobody else is getting over 2% for their money. If the rates go up, it’s game over.
Not to dis your point though. If they ever let us out of SS, I’m the first one out the door.
I get mightily pissed when Social Security or Medicare is called an entitlement. BS!!!!
An entitlement is something like SSI disability or food stamps or section 8 housing or a free, government supplied cell phone. People receiving these benefits have absolutely NO skin in the game.
I paid for my Social Security and Medicare benefits every working day of my life. Entitlement my ass!
That said, this email ignores an important aspect of SS - disability payments. If a person becomes disabled, even early in their working life, SS will pay that person until death. A private savings/annuity plan would require extra insurance against long term disability.
No doubt SS still comes out lacking re. retirement & disability, but disability is a significant factor ignored in this email.
SS was supposed to be a safety net for the disabled & poor. Pols have turned it into America's retirement plan. We will all suffer greatly as a result.
Oh, we will get the money promised to us. It just will have a value slightly more than Monopoly money. That $2000/month in SS payments that you thought would let you live in relative comfort & safety? Well, it probably wont pay 1/2 your utilities when you retire. Better get used to dog food now!
bttt
You miss the reality of Social Security. You are paying a tax with your payroll taxes. You are not paying into a savings account.
The Supreme Court ruled that Social Security is constitutional because it is a tax and not welfare. The downside of that ruling is that as a tax the government is not obligated to return anything to you.
If you like dealing with figures try this for an eye-opener. How much has the maximum amount of employee and employer payroll taxes increased since 1950? Remember that both the rate and the limits changed over that period. Hint: It has increased over 20,000 percent. Another hint: That is not a typo.
Another interesting exercise after you have calculated the percentage increase since 1950 is to find other examples that have increased anywhere near that amount. Food, houses, cars, rent, a loaf of bread, a pound of bacon, a can of Lipton soup, wages, etc.
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