Who died before they collected Social Security?
KEEP PASSING THIS AROUND UNTIL
EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT…
THIS IS SURE SOMETHING TO THINK ABOUT!!!
THE ONLY THING WRONG WITH THE
GOVERNMENT’S CALCULATION OF AVAILABLE SOCIAL SECURITY IS THEY FORGOT
TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
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 me 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.
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 the benefits for members of Congress?
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?
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.
Sad isn’t it?
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Yipes :ahhh:
Social Security a Ponzi Scheme - yea like global trade agreements? Like our entire greed is good economic system?
Sorry, but that thing seems to be a gross oversimplification of the Social Security system.
Also a bit over the top on the drama, or would hysteria be a better word.
What about all the people who lived way the hell longer than anyone figured they would?
It was supposed to be in a locked box, not part of the general fund.
Isn't that a general misconception, seems to me I've heard that argument and reason for why it isn't like most assume decades ago?
http://www.pewresearch.org/fact-tank/2015/08/18/5-facts-about-social-security/
2 Social Security is, and always has been, an inter-generational transfer of wealth. The taxes paid by today’s workers and their employers don’t go into dedicated individual accounts (although 32% of Americans think they do, according to the 2014 Pew Research survey). Nor do Social Security checks represent a return on invested capital, though you might be forgiven for thinking so since the “personalized Social Security statements" that used to be mailed out once a year and now are available online detail your payment history and projected monthly benefits. Rather, the benefits received by today’s retirees are funded by the taxes paid by today’s workers; when those workers retire, their benefits will be paid for by the next generation of workers’ taxes (caveat: see Point 3). Your benefit amount is based on your earnings history and age at retirement, not on how much you and your employer paid in Social Security taxes (although for most people, taxes paid are closely tied to their earnings).
Good point cc. I get a little uncomfortable defending a faceless bureaucracy taking my money, but I understand that the government is not a household. You can’t really compare receiving interest on the money you pay into Social Security, because it is that very government that is managing Social Security that is also creating the systems that provide us with interest from banks in the first place. The gov’t creates money and loans it to businesses to get the whole process started, so if they started using taxes to invest back into that, that would be the actual ponzi scheme.
The idea of asking about people who didn’t live long enough to get their money back is a fallacy right off the bat. SSI has to actuarial calculations to determine just how much to take and how much to give out, just like any other insurance business. The difference is, an insurance company puts it money in a bank, which also doesn’t actually have that money lying around in cash. The bank is backed by the full faith and credit of the government. So, when it’s the government, it is backed by the full faith and credit of itself. That’s the scary part.