SOCIAL SECURITY NOW CALLED 'FEDERAL BENEFIT PAYMENT/ENTITLEMENT!
Author unknown.
Have you noticed our Social Security check is now referred to as a "federal benefit payment"?
Remember, not only did we contribute to Social Security but our employer did too. It totaled 15% of our income before taxes. If we averaged only $30K over our working lives, that's close to $220,500.
If we calculate the future value of $4,500 per year (ours & our employer's contribution) at a simple 5% (less than what the government pays on the money that it borrows), after 49 years of working we'd have $892,919.98. If we took out only 3% per year, we'd receive $26,787.60 per year and it would last better than 30 years (until we're 95 if we retire at age 65) and that's with no interest paid on that final amount on deposit!
If we bought an annuity, and it paid 4% per year, we'd have a lifetime income of $2,976.40 per month. We paid cash or our 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 our social security retirement entitlements? We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless.
In recent years months we have provided aid to Haiti , Chile , and Turkey. And now Pakistan .......hideout 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?
PS by JC Sullivan. The youth of our nation should be paying attention to this, their financial future is at stake. We Seniors already know all this.
Author unknown.
Have you noticed our Social Security check is now referred to as a "federal benefit payment"?
Remember, not only did we contribute to Social Security but our employer did too. It totaled 15% of our income before taxes. If we averaged only $30K over our working lives, that's close to $220,500.
If we calculate the future value of $4,500 per year (ours & our employer's contribution) at a simple 5% (less than what the government pays on the money that it borrows), after 49 years of working we'd have $892,919.98. If we took out only 3% per year, we'd receive $26,787.60 per year and it would last better than 30 years (until we're 95 if we retire at age 65) and that's with no interest paid on that final amount on deposit!
If we bought an annuity, and it paid 4% per year, we'd have a lifetime income of $2,976.40 per month. We paid cash or our 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 our social security retirement entitlements? We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless.
In recent years months we have provided aid to Haiti , Chile , and Turkey. And now Pakistan .......hideout 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?
PS by JC Sullivan. The youth of our nation should be paying attention to this, their financial future is at stake. We Seniors already know all this.
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