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 approx 15% of your income before taxes.
If you averaged only $30K over your working life, that's 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 employer's contribution) at a simple 5% interest (less than what the Government 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 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 the benefits for members of Congress?
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?
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.
Seems like the fair thing to do would be to return the money to their heirs, if they die before collecting the money the were forced to contribute to SS. Even if it was in payments, paid out when the person would have qualified and over the length of an average lifespan. Seems unfair to fatten the government coffers just because someone died before being able to get their money back.
Well, you should have received 2 X $250 for final expenses...
You did not deserve their hard-earned $$$ - they earned it...?
Didn't receive any final expense checks. Why wouldn't I deserve their hard earned money when I'm the heir to all of their assets. IMO, I view Social Security as no different than any other asset. At least a lump sum.
It was designed ONLY as a supplement to someones retirement savings.
Well depending on ones lot in life, it could be all they have.
That is the point - without SS many without the means, or even without the foresight or desire to provide for their retirement would have been a cost to society. That may be right or wrong - but no matter, it just is.
What SS does is, is a mandatory insurance policy we all pay to cover that societal cost.