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 (that was me) 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.
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, aka. 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 etc.!
In the last months we have provided aid to Haiti , Chile , and Turkey . And now Pakistan ……the last home of bin Laden. And Obama gave Brazil two billion dollars to help them drill for oil!
Literally, BILLIONS and TRILLIONS 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 its time for us to collect, the government is running out of money. Why did the government borrow from the Social Security “trust fund” in the first place?
Imagine if the *GOVERNMENT* gave ‘US’ the same support they give to other countries.
Sad isn’t it?