That rant would be on the spot except for one small fact: SS recipients collect far more than they put in. SS is an entitlement program that needs to end.
I agree with you but as another Freeper said "When is the welfare money going to runout? You never hear talk about that."
On the whole that may be true, but I paid in maximum amount since the 60's and did a present value rate of return at ONLY 3% when I retired.
If SS paid me back in a lump sum, I would have collected $3.3 Million dollars, not the piddling couple of thousand I now grovel for from the feds.
I agree it needs to end but for some of us payers, IT IS NOT AN ENTITLEMENT PROGRAM, so get your facts straight; it is some SS recipients collect more than they pay in...
It will take approximately 30 years for me to receive as much SS as I paid in.
No they do not.
I know that you will say but they only put five in and took ten out but you forget the interest that was earned on that money.
A savings bond bought for $25.00 in 1980 is worth $165.74 today.
When you calculate it properly you discover that they have actually paid in far more then they ever could collect.
Get back to me when you get schooled on the concept of “compounded interest.” Until then, anything you say about payout not equaling payin is complete and utter ignorant crap.