Social Security Scam By Congress
Feb 19, 2013 15:16:56 #
Something to think about...
WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURE SOMETHING TO THINK ABOUT!!!!
THE ONLY 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.... many woman have had previous marriages and their husbands died before one percent of their social security could be drawn. If these woman worked all their lives and are drawing 100% on their own social security, the S.S. money from these presvious husbands 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?
99% of people won't have the guts to forward this. I'm in the 1% -- I just did.
Many of us UHH members are either close to or already in retirement so this might be of interest to you. Just thought you should be informed of this horrific scam.
WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
KEEP PASSING THIS AROUND UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT... THIS IS SURE SOMETHING TO THINK ABOUT!!!!
THE ONLY 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.... many woman have had previous marriages and their husbands died before one percent of their social security could be drawn. If these woman worked all their lives and are drawing 100% on their own social security, the S.S. money from these presvious husbands 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?
99% of people won't have the guts to forward this. I'm in the 1% -- I just did.
Many of us UHH members are either close to or already in retirement so this might be of interest to you. Just thought you should be informed of this horrific scam.
Feb 19, 2013 16:34:20 #
GrandmaJoy
Loc: North Carolina
Whow! You did your homework there. Good job. Pretty depressing. Thanks for posting.
Feb 19, 2013 17:50:00 #
been going on for years and it hasn't changed nor will it change....I say we begin by removing all the senators and congressmen/woman followed by the president
Feb 19, 2013 18:03:51 #
FredB
Loc: A little below the Mason-Dixon line.
That's the way the SS system has always been designed. If I die before retirement, my widow gets a $250 death benefit, but none of the money that I paid into the system over a 43 year working life.
By the same token, my elderly mother got back every cent she ever put in to the system after about 6 years of retirement, and has been receiving SS and Medicare for 27 years, and a huge portion of all recent and near-future retirees will do so as well. Actuarial tables will bear me out. If you are in your late 50's and paid the MAXIMUM amount into the FICA and OASDI systems all your working life, and then retire at 65 or 67, based on current benefit levels, you will get back EVERY CENT within a decade of retirement.
Remember, when SS started in the 30s, people usually DIED before they hit 65. No one ever guessed that we'd conquer TB and polio and smallpox and all that shit, and that the Dust Bowl emphysema epidemic would fade away. Now, we're all quitting smoking and eating our veggies and living until we're 85. Screwed up the entire scheme, it did.
Your kids and grandkids are the ones getting the shaft. THEY'RE the ones who are really going to suffer in thirty years or so, with 50% FICA tax rates instead of 7%, unless we somehow manage to double our workforce population to pay for all of us old farts on social security.
Maybe legalizing all those Mexicans and putting them in the system might help....nah, the same people grousing about SS are also pissed at cheap foreign labor.
By the same token, my elderly mother got back every cent she ever put in to the system after about 6 years of retirement, and has been receiving SS and Medicare for 27 years, and a huge portion of all recent and near-future retirees will do so as well. Actuarial tables will bear me out. If you are in your late 50's and paid the MAXIMUM amount into the FICA and OASDI systems all your working life, and then retire at 65 or 67, based on current benefit levels, you will get back EVERY CENT within a decade of retirement.
Remember, when SS started in the 30s, people usually DIED before they hit 65. No one ever guessed that we'd conquer TB and polio and smallpox and all that shit, and that the Dust Bowl emphysema epidemic would fade away. Now, we're all quitting smoking and eating our veggies and living until we're 85. Screwed up the entire scheme, it did.
Your kids and grandkids are the ones getting the shaft. THEY'RE the ones who are really going to suffer in thirty years or so, with 50% FICA tax rates instead of 7%, unless we somehow manage to double our workforce population to pay for all of us old farts on social security.
Maybe legalizing all those Mexicans and putting them in the system might help....nah, the same people grousing about SS are also pissed at cheap foreign labor.
Feb 20, 2013 06:52:55 #
When you finally start to collect your SS benefit the gov't then taxes you again on it as an income! A scam is correct, that's why congress exempted themselves from having to participate.
Feb 20, 2013 07:33:46 #
singleviking wrote:
Remember, not only did you and I contribute to Social Security but your employer did, too.
The real scam is that your employer doesn't actually pay "his half", you ultimately pay the whole thing. The employer factors "his half" in to your compensation, ie. he pays you that much less in your salary.
Feb 20, 2013 07:42:36 #
FredB
Loc: A little below the Mason-Dixon line.
Quote:
Check your facts. Congress, the Executive Branch, and the Judicial Branch (judges, etc) have been covered under, and paying into the system since 1984. Yeah, a late start, I'll admit, but they're in the boat just like us.When you finally start to collect your SS benefit the gov't then taxes you again on it as an income! A scam is correct, that's why congress exempted themselves from having to participate.
Feb 20, 2013 08:07:59 #
I presume you have factored inflation into your calculation?...Our dollars don't buy anywhere near as much as they did in the early years of our working lives. So we may be getting back the monetary value, but are we getting back the inflation added value?...SS also is in a trust fund that I assume generates interest. How is that figured in?
FredB wrote:
That's the way the SS system has always been desig... (show quote)
Feb 20, 2013 08:23:27 #
FredB wrote:
Quote:
Check your facts. Congress, the Executive Branch, and the Judicial Branch (judges, etc) have been covered under, and paying into the system since 1984. Yeah, a late start, I'll admit, but they're in the boat just like us.When you finally start to collect your SS benefit the gov't then taxes you again on it as an income! A scam is correct, that's why congress exempted themselves from having to participate.
Yeah, they found out they could double dip.
Feb 20, 2013 08:43:21 #
No interest, since the SS System was supposed to be a "lock-box" system and not an interest bearing system. That would mean the fund could have been completely drained though bad investment in some banking fraud like the housing substandard mortgage scandal.
Congress has raided the fund to cover added moneys needed for Medicare and Medicaid though.
Congress has raided the fund to cover added moneys needed for Medicare and Medicaid though.
Screamin Scott wrote:
I presume you have factored inflation into your ca... (show quote)
Feb 20, 2013 08:49:25 #
Feb 20, 2013 08:50:31 #
tlbuljac wrote:
been going on for years and it hasn't changed nor will it change....I say we begin by removing all the senators and congressmen/woman followed by the president
:thumbup: :thumbup: :thumbup:
Part of the problem is the people getting SSI NOT to work will keep voting them in. I know people who had a job but got SSI because they got ahold of a lawyer and there is nothing that makes them unable to work.
Feb 20, 2013 08:56:33 #
I started my SS benefits @ 62...Company I worked for was getting a bit crazy as to what was expected from the employees & I got out while the getting out was good. I feel for the younger folks who couldn't leave like I did...Physically, I couldn't do what was expected. They had upped the expectations too high. Even the younger guys had trouble meeting them...Got a call the other week from the foreman. He thinks the company is trying to force all of the long term full time employees to quit & replace them with temps....This is a very "progressive" company I might add...
Feb 20, 2013 08:57:02 #
I wish they would let us opt-out of SSI and invest our own money. I know that some would not invest and then have nothing at retirement. Who's fault would that be?
Feb 20, 2013 08:59:00 #
The thing that stands out to me in the article is the fact that we as a nation call it an entitlement...As the article says, it is not an entitlement. It is our money that we have been putting into it for years.
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