This is another example of what Rick Perry called "TREASON in high places" !!!
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 ass, 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 to Haiti , 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.
Sad isn't it?
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 ass, 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 to Haiti , 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.
Sad isn't it?
18 comments:
Here's the problem with your set-up: it assumes that the corporation holding your money, supposedly to be paid with interest, will actually do just that.
Beth Steel workers paid into a retirement. How'd that work out for them?
Enron employees paid into a retirement. How'd that work for them?
Lots of securities firms - the very places you're suggesting we invest our money - have closed, leaving investors high and dry.
At least with Social Security, I'm gonna get SOME of my money back.
There's no guarantee that after 40 years investing with a Goldman Sachs or a Citibank that I'd see a dime of it back, and I'd have no legal recourse once they folded up shop, took my money, and opened under a new name. FDIC insurance doesn't come into play, because what you're suggesting is investments, not savings. No guarantees you ever see a dollar of your money again, let alone 30 years later when you need it.
No thanks. I have NO TRUST in corporations to do what they say they will do when I give them money.
Seniors receive "no aid"? What bull. The biggest items in the federal budget are Social Security and Medicare. Foreign aid makes up less than 1%. Whoever wrote this would benefit from getting a few facts straight before publishing it.
Let's get the facts right, you and your employer don't contribute 15% of your gross wages to Social Security. You contribute 6.2% and so does your employer for a total of 12.4%. Also you contribute 1.45% for Medicare which your employer matches. I agree with the point you are making but you need to use the correct facts.
Whatever----The Goverment will come out ahead-----not the average Joe!!
I for one believe chariety begins at home! I'm sick & tired of the U.S. sending billions in aid to other countrys when some poor pitiful old people here are barely surviving day by day. It is disgusting to think this is happening here in the U.S. Our senior population isn't offered what they should be & with all the money that's sent abroad------we should demand they stop & help here----taking care of our own first!!
Stop the war---send the boys home. Stop illegals from coming in, stop welfare after one child. Fix the Problems here first!!! It doesn't take a Rocket Scientist to figure things out for Gods sake!!
10:05
Lets all get the facts straight. Your employer doesn't contribute anything. They just give the corporation credit for it. You pay it all.
To 10:05
You are absolutely correct. The employer pays 6.2% and so does the employee. And the employer also pays 1.45% and so does the employee.
But what you are forgetting is that the employer is also required to pay for unemployment insurance - ranging from 3% to 7% - depending on the trade. Add to that - federal unemployment tax - about 2% - and you are starting to get a more accurate picture.
Then - the employer is also required to pay workman's compensation insurance - again ranging from 3%-25% - depending on the trade.
Let's look at this numerically:
Employer Liability
1. Social Security Withholding 6.2
2. Medicare - 1.45%
3. State unemployment - 3% - 7%
4. Workman's Comp. Ins. - 3% - 25%
5. Federal unemployment Ins. - 2%
Once an employer looks at this - it is a no-brainer - you don't want to do business in America as there is more incentive to go of business than to stay in business.
The government has no 'skin at stake' as it is on the receiving side and contributes nothing to these business.
BOTTOM LINE - THAT IS WHY BUSINESSES ARE NOT HIRING - PERIOD! AMERICA'S BUSINESSES HAVE NOW AWAKENED TO REALITY. UNTIL SUCH TIME AS THE GOVERNMENT PAYS FOR BUSINESSES TO DO BUSINESS - THEN IT IS A NO-BRAINER - YOU JUST DON'T DO BUSINESS IN AMERICA.
Now go spread the word to the other four corners of America.
Response to 12:51
You are full of crap. What planet are you from. I'm a bookkeeper and I've seen the FICA deposits for many businesses.
Joe should publish 1:43 comments - then maybe our US Congress will get the bigger picture as to why businesses are not hiring.
1:43 I don't agree with you when you say "Until such time as the Government pays for businesses to do business". The reality is we don't want the government involved nor subsidize businesses in any way. They (government) needs to get out of the way and let business do what they do. No more regulations, simpler tax code, no ObamaCare (let businesses cross state lines for health care like we can do for auto insurance) and the employment environment will improve dramatically.
1:45
The point is, the business owner has to factor in all of those costs when deciding how to compensate an employee. If he did not have to pay that associated cost, the employee's salary could be higher. Therefore, the employee is actually paying that tax.
When I was in business, I tried to pay my employees a decent wage. Then, in addition to what I paid them, I had to pay the government all of those other things. When competition from other people who didn't follow the rules kept revenues low, I ended up being the lowest paid person in the company and said heck with it. I closed up and went to work for someone else and got a raise.
3:34
I believe the message that 1:43 is trying to relay is that the government has been 'feeding off of businesses' to the detriment of average american working class citizens. As far as getting out of businesses way - I do not believe that this is going to happen because our government has become to reliant on its 'gangster' ways. Short of a revolution - or national bankruptcy - I don't foresee any substantive change in the near future.
The problem is now in trying to reverse some of the governmental regulations that have led up to the current business demise. Once our nation crossed-over into the Socialist realm - the word has finally gotton out among the business community that 'business in general' are now prime governmental targets.
To 3:34
Why do feel that the government shouldn't pay businesses for collecting all of this money for them. Shouldn't they be compensated?
As it stands right now - businesses do all of US government money collecting for absolutely nothing. I guess you feel it is okay for businesses to work for nothing. If that is the case then you should try working for nothing.
What a waste for US businesses to be governmentally required to devote such enormous resources - yet receive nothing in return. It is no wonder all of our businesses have fled our borders.
1:43 & 7:18, you may also want to add that now the Feds will be mandating that all employers become health insurance brokers on the side as well, also without any compensation. What used to be offered as a benefit in order to attract more responsible people as employees is now becoming a forced chore and cost for all through Obamacare.
Regardless of how we feel, people have been paying into SS & MC and those to old to have time to reinvest should receive it. The younger worker should be looking to invest in their future while they have time. Taking SS & MC away at this point in many American life would have a devasting affect. One answer is to stop paying for illegal's and just think what would happen to our country regardless of how we feel if we stopped welfare, unemployment and SS. We'd be worst then a 3rd world country. There are no easy answers other then be carful who you vote for in 2012. Good luck America we are enduring bad time and it's only going to get worse before it may get somewhat better. God Bless America.
To 7:56 & 8:25
You are right - it is only going to get worse with the new Obama nationalized health requirement.
Our nation is going down - and that is why China is emerging as the next superpower. Just think - it is only a matter of months now before we are overtaken by China. Then India will follow suit.
Yeap - the word is out about america's anti-business environment.
I work for K&L and for the past few months I have been training Puerto Ricans to take over my department here in the US. People often ask me how it feels to be training another culture to take over my job. Not Good!
On another note - K&L is training another group from Mexico to take over another operation here in Salisbury.
Now we know why Home Depot's founder and former CEO says that he could never achieve it again here in the US.
Our government;s SS & Medicare - the current way it runs - it is a ponzi scheme.
It makes Bernie Madoff look like an angle.
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