WHERE DID THAT MONEY GO?
Remember, not only did you and I 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.
Read that again.
Did you see where the Government paid in one single penny?
We are talking about the money you and your employer put in a Government bank to insure you and I 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 $4,500 per year (yours & your employer's contribution) at a simple 5% interest (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.
A quote from a retired woman: “Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their social security could be drawn.
I worked all my life and am drawing 100% on my own social security).
Their S.S. money will never have one cent drawn from what they paid into S.S. all their lives.”
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 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 payments entitlements?
We're "broke" and we can't help our own Seniors, Veterans, Orphans, or Homeless.
Yet in the last few months we have provided aid to Haiti , Chile and Turkey .
And now Pakistan ......home of bin Laden.
Literally, BILLIONS of DOLLARS!!!
And they can't help our own citizens in New York and New Jersey !
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 supposed to be in a locked box, not part of the general fund.
8 comments:
exactly. I've been saying this for years; yet many say this is an entitlement. many of them; probably young and uneducated, say we are not "entitled" to this money. well, do you get it yet? I sure hope so because it's MY money.
many of us wanted to invest our money in other forms of investment, but the government insisted they would do a better job. liars, all liars. NEVER trust the government. do your homework. think, research, look for the truth yourselves.
yet it is an entitlement. we definitely are entitled to it.
It's not the working stiffs that are the drain on the system....it's all those that get checks all their lives before ever contributing a dime. Some are deserving......but a HUGE % are just plain free loaders! No accountability, no checks and balances, it's a never ending black hole.
I started working at the age of 16 with a work permit and continued to work until I lost my job at 58 years old. I have no unemployment, social security or retirement. I am receiving EBT assistant. Thank goodness I have no kids or grand kids. The only thing I have that I am grateful for is shelter, some food and a peace of mind.
The point is, citizens work hard all their lives hoping that they will live long enough to receive their social security. But, our life long dedication to the work force result in us watching deadbeat dads, welfare queens, illegal immigrants with their anchor babies, some young folks who DO NOT want to work and the greedy government abuse, steal or downright waste monies we have invested in for our social security retirement. The government is trying to find a way to stop this program. If they do, I will not work another day for the rest of my life. I am an able body worker. But, I'll be damn if I work another job to pay taxes for other underserving person to enjoy the fruits of my LABOR while they sit back and get high, drink, watch television, eat, sleep, have a bowl movement and surf. I'll be damn. My social security better be ready at 62 years of age.
1:55 I agree totally. As a state employee at a time when I was not allowed to invest in any company plan it was my Social Security money that was considered my 401 so to speak. I counted on that and I earned it.
I am currently still investing - mandatory tax - in that fund and in a few years I will be eligible for it. I WILL WANT IT.
I also agree. I don't have any husbands that died before they could draw, but my father and my stepfather both died at 63 years of age. Both died right before they signed up to receive their social security retirement benefits. Both had worked all of their lives. What happened to their money?
I could go into a lot more, but I don't feel to good today. I'm going to go lay down because I certainly don't want to have to go to the doctor. I don't have any insurance. Haven't had any for two years. Could I sign up for the Obama plan. Sure I could. I'd rather go lay down.
Thanks but no thanks, Mr. Obama.
My Dad died unexpectedly at 54 in 2010. Mom stayed home with the kids all her life (she has a 10th grade education). All of the money Dad paid into this and Mom has to work 2 jobs to make ends meat. We kids are grown now and have to carry part of the financial burden as Dad's life insurance will not sustain Mom. She cannot collect anything because she is 56.
Obama & Co. don't want people to live longer. This is how they will save Social Security through Obamacare. You'll die younger and never collect.
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