Thursday, October 24, 2013

Have you noticed, your Social Security check is now referred to as a "federal benefit payment"? 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 and your employer's contribution) at a simple 5% (less than what the government 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. And we haven't even mentioned the people that die before collecting all of their money. That amount remains in the fund.

Entitlement my foot, I paid cash for my Social Security insurance!!! Just because the congress borrowed the money to run the government, 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?

Now when it's time to collect, the government is running out of money. Why did the government borrow from our savings in the first place? And heck yes both parties are responsible even if you are naïve enough to still believe we have two political parties.



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