An interesting question…

Posted on by March 6, 2013
This one came in from the mil-email network, and it IS an interesting question that the lady poses…

One thing wrong with the Government’s calculation of available social security is they forgot to figure in the people who died before they ever collected a social security check!!!

WHERE DID THAT MONEY GO???

Remember, not only did you and I 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.

Read that again.

Did you see where the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement check from the money we put in, not the Government.

Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer’s contribution) at a simple 5% interest (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.
Another thing with me…. I have two deceased husbands who died in their 50’s, (one was 51 and the other one was 59 before one percent of their social security could be drawn. I worked all my life and am drawing 100% on my own social security). Their S.S. money will never have one cent drawn from what they paid into S.S all their lives.
THE FOLKS IN WASHINGTON HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my social security insurance! Just because they borrowed the money for other government spending, doesn’t make my benefits some kind of charity or
handout!!
Remember 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 payments entitlements?
We’re “broke” and we can’t help our own Seniors, Veterans, Orphans, or Homeless. Yet in the last few 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 S.S. income’ receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of
billions of $$$ 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? It was supposed to be in a locked box, not part of the general fund.
Sad isn’t it? And where DID the money go???

Edit- “Supposedly” those dead who never drew anything are taken into account actuarially… And we are suffering from the ‘bow-wave’ who never put a penny in but started drawing immediately when the program was started… Supposedly…

Comments

An interesting question… — 18 Comments

  2. Problem is that Social Security is a tax, so the government doesn’t have to give you anything if they don’t want to.

    Like Obamacare, they call it whatever they like but in the end it’s just another way for the government to have control

  4. The government spent the money. It’s not a RETIREMENT PROGRAM. It’s a tax that’s loosely attached to an entitlement.

  6. +1 to Instinct

    It has always been a tax were, if Uncle decides he is in the mood, he give a portion back.

    FDR started the scam that it was a retirement plan and every other president has kept it going.

    Gerry

  8. We would have been alright if the government hadn’t realized all the cash was just sitting there and started attaching their greedy hands to it.

  10. Yep – we all pretty well know that ‘social security’ is yet another tax imposed on us by force. It would be very interesting to find out how many never got anything out of it.

    And here’s another ‘interesting’ thing – the person who originally had the Connecticut SSN that ‘dear leader’ uses never got a dime from his ‘contributions’ – or at least that is what the ‘crazy birthers’ say.

  11. Simple answer: The greedy sleazy porkers in washington took (stole) the money & spent it to buy votes to keep themselves in office.

    Q: Why is it that 90% of the American people support and want term limits & it never happens?

  13. +1 to LL, with a catch – like it or not, the US of A elected every one of those politicians with a mandate to SPEND that money on everything from hamster research to funding public parks and fact-finding tours. The joy of living in a democracy is that the politicians ARE accountable, we the people just keep promoting them for irresponsible behavior. You didn’t pay cash for SS, you paid cash for Trident missiles, Clinton’s Inauguration and the EPA. Calling your credit card bill a “retirement fund” doesn’t make it so….

  14. Carteach/Rev- I’m beginning to think so…

    Instinct/Gerry- Good point!

    LL- I know, but how is it an entitlement when WE paid into it our entire lives???

    Rick- Yep… slush fund for the general fund…

    drjim- Same here!

    CP- Concur!

    WSF- You may be right, I’m not sure…

    Anon- Another good point!

    Roger- Simple, we can never get it on the ballot…

    Murph- Getting closer and closer…

    Anon- Good point also, and that is true! Sigh…

  18. When Social Security was enacted, the average life span was 63. That’s right, the government knew that a good number of people wouldn’t ever get to receive benefits.

    Knew it? The planned on it.