Social Security is a government run ponzi scheme! If a self employed person making $50k per year on average over 40 years (age 25 to 65) and invested the 12.4% ss tax (~$520 per month) at a very conservative average of 8% return would have $1.8 million dollars at age 65 to retire on. At 10%, they would have ~$3.3 million dollars. A non self-employed person (taxed at 6.2% individually + 6.2% paid by their company) investing ~$260 per month that they would save without the ss tax would have ~$900k at 8% or $1.65 million at 10%. A person who on average makes $25k a year working for an employer over 40 years, if they invested the $130 each month that goes to ss would have $450k savings at 8% and $830k savings if they averaged 10%. When I talk about investing, Im talking about investing in conservative mutual funds who have averaged around 10-15% returns for at least the last 10 to 15 years(be sure to do your homework). Yet we ignorantly give money to the government who steal it to the tune of $2.6 trillion dollars owed to social security, who then hand it off to their special interests groups, and leaving just pennies on the dollars to us common folks at retirement! It is outrageous. But just like many other government acts, the name just doesnt live up to the billing. Article that sparked my rant. finance.yahoo/news/5-social-security-tax-truths-174730376.html How I calculated my compound interest. thecalculatorsite/finance/calculators/compoundinterestcalculator.php Everyone the government owes money to. npr.org/blogs/money/2013/10/10/230944425/everyone-the-u-s-government-owes-money-to-in-one-graph
Posted on: Sun, 01 Dec 2013 16:01:48 +0000
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