Not only did you 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.
If you calculate the future value of $4,500 per year (yours & your employer ' s contribution) at a simple 5% (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.
The folks inWashington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Entitlement my foot, I paid cash for my social security insurance!!!! Just because they borrowed the money, doesn ' t make my benefits some kind of charity or handout!!
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 entitlements?
We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless
In the last 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 income, receive no aid nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$$$$ ' s 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? Imagine if the *GOVERNMENT* gave ' US ' the same support they give to other countries.
From Mike Badgley (retired)