Get angry and pass this on!
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!!!
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?
Imagine if the *GOVERNMENT* gave 'US' the same support they give to other countries.
Sad isn't it?
Kitten here: (I received the above in email) Governor Perry said what I've been thinking and saying for years: Social Security is a Ponzi scheme. Presidential candidates, Congress critters, newspapers, the right, the left and anyone can cry and scream all they want that it's not. They are either promoting their own agenda, have their heads in the sand, live in another dimension, or just not willing to admit the truth.
The definition of a Ponzi scheme is using new "investors" to pay off old investors. What else is it when new wage earners are paying money into SS that then pays that money to current and new retirees?
I have only one disagreement with the above essay: use of the term "fixed incomes" when referring to retired senior citizens. I don't know about you, but I haven't had a pay raise in three years and will not be getting one again this year. That puts me on a fixed income. One good thing about it is that I'm now in training to receive SS.
Speaking of being in training for SS, I'll be eligible for SS in just five years, so this is an important subject for me. I don't agree with Ron Paul and his isolationist agenda, but we do need to take care of "our own" before being the world's checkbook.
Maybe we need to look at where the money we're sending to other countries as "aid" (money and goods) and see if it's really necessary, and if it's actually getting to the people who need the aid - it doesn't always. When aid is sent because of a natural disaster, I'm all for it. But it should end at some point. We've been sending aid to some countries for generations. Usually because of that natural disaster, but also because we've been blackmailed (North Korea ring a bell?) When does it end?
Millionaires don't need SS. Our own middle class and poor do - sometimes desperately. Bill Gates may have paid into SS, but I think he and Warren Buffet can get along without it. Not to mention most of our Congressional "employees". Run a Google check on Congressional millionaires. I think you'll be surprised.
And what 67 paid holidays do they get? I get 12 and I work an awful lot of those.
We really need to get behind the FairTax. It would broaden the tax base and take the pressure off revenues to SS and the true entitlement programs: Medicaid and Medicare.
Kitten here: (I received the above in email) Governor Perry said what I've been thinking and saying for years: Social Security is a Ponzi scheme. Presidential candidates, Congress critters, newspapers, the right, the left and anyone can cry and scream all they want that it's not. They are either promoting their own agenda, have their heads in the sand, live in another dimension, or just not willing to admit the truth.
The definition of a Ponzi scheme is using new "investors" to pay off old investors. What else is it when new wage earners are paying money into SS that then pays that money to current and new retirees?
I have only one disagreement with the above essay: use of the term "fixed incomes" when referring to retired senior citizens. I don't know about you, but I haven't had a pay raise in three years and will not be getting one again this year. That puts me on a fixed income. One good thing about it is that I'm now in training to receive SS.
Speaking of being in training for SS, I'll be eligible for SS in just five years, so this is an important subject for me. I don't agree with Ron Paul and his isolationist agenda, but we do need to take care of "our own" before being the world's checkbook.
Maybe we need to look at where the money we're sending to other countries as "aid" (money and goods) and see if it's really necessary, and if it's actually getting to the people who need the aid - it doesn't always. When aid is sent because of a natural disaster, I'm all for it. But it should end at some point. We've been sending aid to some countries for generations. Usually because of that natural disaster, but also because we've been blackmailed (North Korea ring a bell?) When does it end?
Millionaires don't need SS. Our own middle class and poor do - sometimes desperately. Bill Gates may have paid into SS, but I think he and Warren Buffet can get along without it. Not to mention most of our Congressional "employees". Run a Google check on Congressional millionaires. I think you'll be surprised.
And what 67 paid holidays do they get? I get 12 and I work an awful lot of those.
We really need to get behind the FairTax. It would broaden the tax base and take the pressure off revenues to SS and the true entitlement programs: Medicaid and Medicare.
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