By Lamont Neal on Tuesday, November 1st, 2011 |
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 absolutely not ,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 Chile , 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 $$$$$$'s 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?
Concerned Senior Citizen
sheldon posted on November 7th, 2011 @ 19:05:27
you hit the nail on the head! I worked 30+ years and paid in to S.S. all my working days.
Republicans would have young people think they just give money away to senior citizens. when in all reality the government has been giving money from our S.S. for years to cover all the other "worldly" generous things to other countries in the name of Democracy. I say screw the other countries with their Anti-American sentiments. And pay the money back to S.S.
Kris posted on November 10th, 2011 @ 06:41:43
Agreed with both the article and the comment....only thing I would add is it's time for Congress and former Presidents to live by the same rules they expect us to live by regarding insurance, retirement, salaries, benefits, etc. Their job is no more important than others, i.e. teachers, social workers, nurses, doctors, etc.
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