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Some Truths About Social Security


rtrusty
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I didn’t do the math on this ... but sounds reasonable!

Some Truths About Social Security

Remember, you and your employer contributed to your Social Security. 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.

Do you now see how 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 $$$$$$'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?

99% of people won't have the guts to forward this.

I'm one of the 1% -- I Just Did.

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Thanks for the very informative post RT.

As usual, you have given us something that we can all learn from.

Social Security, I see there is nothing secure about this total fiasco.

I want my money back !

Another great fraud perpertrated on us by our so called leaders.

This is a very important issue and must be bumped up..

BTW, I too have FW this to my mailing list.

Thanks again..

Best Regards

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Yeah I forwarded it to. It makes me sick. They act like their doing us a favour by giving us back our own money. Knowing we wont live long enough to collect it all. I paid in it`s MY money. I still cant figure out why my widow or kids dont recieve all my money when I croak. It`s the biggest scam in history

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Do you now see how 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!!

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?

I agree with you. Thanks for the post.

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This statement is untrue:

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?

http://usgovinfo.about.com/od/uscongress/a/congresspay.htm

Pls read the hotlink above for what Congress REALLY gets in pay and fringe benefits. They do NOT get free healthcare, they pay into health care like blue cross/blues shield, they get the same retirement package as the rest of the civil servants which is 1% for each year you put in to the system..so if they are in congress for say 6 years, they get 6% of their salary (that's not outrages). 67 paid holiday? Ah nope, they get 13 annual leave days for the first 3 years, 20 for years 3-15 and 21 days after 15 years. Plus 10 Federal holidays..so at most 25 days after 15 years. Unlimted sick leave...hardly....they earn 4 hrs of sick leave every 2 weeks for their entire time in Congress...after you burn up sick leave, you have to use annual leave and after that leave without pay.

Being in Congress is not a way to get rich...that is, the system it self won't make you rich. It's what they do when they get out that makes them rich...speaking arrangements and sitting on corp boards where they can use thier networking skills to get their clients "interest" on the different Congressional committees agenda.

I do however agree that our SS $ would be better used as a private annuity..but SS wasn't meant to be a retirement system...it was meant to take care of people that fell sick and couldn't work or to take care of children/spouses if the breadwinner died. Think of it more like an insurance premium. If you need it, it's there for you...if you don't...they you don't get anything (or only a small cash fee).

For what it's worth, I am currently a Civil Servant and I also served as a DOD liaison between the Pentagon and Congress for two summers.

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Thanks so much for your informative post and believe me, I concur, What exacerbates this problem is we have politicians, and it's not about Democrats versus Republicans, because they all do it, that borrow from the Social Security Trust, and have been for years, to pay for their pork barrel crap and one day we wake up to find our Social Security System is in dire straights; Go Figure and BS! Besides the government sending billions to Haiti, many of us PERSONALLY sent our hard earned money to help as well; the response? continued, miserable conditions for the Haitians, terrible living conditions, no housing coupled with the same contaminated water! Because of this, most Americans DIDN'T send money to Japan because we all knew that the money we sent to Haiti was not only NOT accounted for but ended up in the hands of corrupt politicians; sound familiar?

I have infused over $100,000 into Social Security in the last 10 years; I have been working for over 45 years and my "entitlement" is $1,500 a month. Add inflation, etc, I will starve to death after the first year of receiving my "entitlement"! the real sad part is the Federal Reserve, who spends OUR money, AS THEY PLEASE, without congressional approval, and has been sending Billions upon Billions to other countries, WITHOUT our approval charges us outrageous interest on the money they so kindly lend to us that they and our beloved congress spends. The money we pay for taxes to the IRS goes to pay the interest to the Federal Reserve. It does NOT pay for raods and all the things we think the taxes go for AND if you look at all the other taxes, e.g.; fuel etc., we are currently being taxed at about 50+ %. When are we ALL going to wake up and fire our congress and senate and get our country back. Thomas Jefferson warned us about this!

Now, you get in debt with credit cards so you ask for a credit limit increase BUT you don't have the money to pay down your debt so you keep on asking for an increase and low and behold, ONE DAY, you go bankrupt! The only logical thing to do is RV.

GO RV, I have to survive!

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A really good post... Yeah, it really ticks me off when they refer to SS as "an entitlement???" The reason SS is in trouble , is that they have used it as a slush fund for the last 30 or more years. How about paying this money back??? We all need this RV to survive the future.

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