The government is now referring to our Social Security checks as a Federal Benefit Payment . This isnt a benefit it. It is earned income! Not only did we all contribute to Social Security but our employers did too. It totaled 15% of our income before taxes . If you averaged $30K per year over your working life, thats close to $180,000 Invested in Social Security . If you calculate the future value of your monthly investment in social security( $375/month, including both your and your employers contributions) at a meager 1% Interest rate compounded monthly, after 40 years of working youd have more than $1.3+ million dollars saved! This is your personal investment . Upon retirement, if you took out only 3% per year , youd receive $39,318 per year, or $3,277 per month . Thats almost three times more than todays average Social Security benefit of $1,230 per month ,according to the Social Security Administration And your retirement fund would last more than 33 years (until youre 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts . Instead, the folks in Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did. They took our money and used it elsewhere. They forgot (Knew) that it was OUR money they were taking. They didnt have a referendum to ask us if we wanted to lend the money to them . And they didnt pay interest on the debt they assumed .. And they double tax the money they already taxed earlier in life. And recently, theyve told us that the money wont support us for very much longer . But is it our fault they misused our investments? And now, to add insult to injury, theyre calling it a benefit , as if we never worked to earn every penny of it. Just because they borrowed the money, doesnt mean that our investments were a charity !
Posted on: Mon, 19 May 2014 04:17:04 +0000
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