Pappy Gries WELCOME TO WAL-MART – That was Grandma, and that’s Grandpa who just carried out your groceries? This wasn’t their plan, but they’ve become victims of the very system that was supposed to keep this from happening; let me explain. Social Security retiree benefits are based on (a) your average wages over a period of time, and (b) how those average wages related to the annual Social Security wage cap. Therefore, the closer your average wages are to the SS wage cap, the higher your benefits at retirement time. So how does this play out in real life? In 1970 the Social Security wage cap was $7,800, and average wages were $9,350 annually. Wages exceeded the Social Security wage cap by 20%, meaning retirees who retired at this wage/wage cap relationship received the maximum Social Security retiree benefits at retirement time. By 1990 the average wage ($28,930) was only 56% of the Social Security wage cap ($51,300), meaning their benefits averaged only 56% of the maximum benefits available. By 2010 average wages ($39,960) were only 37% of the Social Security wage cap ($106,800), meaning SS retiree benefits had eroded even further. While average wages went up a little over 300%, the SS wage cap went up over 1,200%. Another political scheme, this one takes the shine off of the golden years for millions of retired seniors. Our United States Congress is treating working Americans like rented mules, and REAL JOE says it’s time for us rented mules to KICK BACK. Join the REAL JOE “kick back” army now; it’s time someone spoke up on behalf of the middle class America. realjoerealhope/#!donate/c22gd
Posted on: Thu, 25 Jul 2013 20:26:09 +0000