Social Security has been in the news lately with the election coming up. Congress calls it an entitlement but they steal money from it to fund other programs and have even taxed it. 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. Want to see your representative do the “Washington-two-step”. Ask this question: How many people have died before they collected Social Security? Where did that money go? This has been making the rounds:
Remember, not only did you and I contribute to Social Security but our employers did, too. It totaled 12.4% of your income before taxes. If you averaged only $30K over your working life, that’s close to $130,200. Read that again.
Did you see where the government paid in one single cent? We are talking about the money you and your employer put in a Government bank to insure you and me 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 $3,720 per year (you and your employers contribution) at a simple 5% interest (less than what the Government pays on the money it borrows) after 45 years of working you’d have $623,789. If you took out only 4% per year, you’d receive $24,951.55 per year with 3% cost of living adjustments and it would last better than 30 years (until you’re 95 if you retire at age 65) and that’s with the same interest paid on that leftover amount on deposit! But they don’t give you 3% COLA at all.
If you bought a Fixed Index Annuity and it pays 5.5% at age 65 per year of life, you’d have a lifetime income of $2,859.03 per month. The folks in Washington have pulled off a bigger ponzi scheme than Bernie Madoff ever did!
Entitlement my foot; I paid cash for my social security insurance! Just because they borrowed the money for other government spending doesn’t make my benefits some kind of charity or handout!! Remember the benefits for members of Congress; free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, and unlimited paid sick leave. Now that’s welfare, and they have the nerve to call my social security retirement payments entitlements? 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? It was suppose to be in a locked box, not part of the general fund. Sad isn’t it?
Keep your fork