A friend sent me this. The Math stunned me, so Im sharing it...... And consider ALL those who die before the can collect a single cent and then continue the Math with THEIR contributions in mind....... What about all the people who died before they collected Social Security? 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, thats 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 employers contribution) at a simple 5% interest (less than what the Government pays on the money that it borrows), after 49 years of working youd have $892,919.98. If you took out only 3% per year, youd receive $26,787.60 per year and it would last better than 30 years (until youre 95 if you retire at age 65) and thats with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, youd 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 50s, (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 (and you) paid cash for my social security insurance! Just because they borrowed the money for other government spending, doesnt 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 thats 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 its 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. Sad isnt it.
Posted on: Sat, 01 Feb 2014 03:12:23 +0000