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!!! Foreign aid is a transfer
from the poor in rich countries to the rich in poor
countries.
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
dollars 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? Well we can
thank Lyndon Johnson and the democrats for making our
social security part of the general fund. Imagine if the
government gave us the same support they give to other
countries.
Sad isn't it?
God bless,
JohnnyD