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, thats close to $220,500. 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 Me 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 employers contribution) at a simple 5% interest (less than what the Government pays on the money that it borrows). After 49 years of working youd have $892,919.98. If you took out only 3% per year, youd receive $26,787.60 per year and it would last better than 30 years (until youre 95 if you retire at age 65) and thats with no interest paid on that final amount on deposit!
Posted on: Thu, 06 Mar 2014 13:16:12 +0000
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