Where did that $$ go?

rockin'robin

rockin'robin

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Who died before they collected Social Security?...where did the $$ 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 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.
 
My husband died before he collected SSI, though he did collect SSDI. That money is available to me and I actually collected it last year while I was unemployed. I've since suspended collecting it since I have a job now that pays well. If I should need it again (before I reach full retirement age), I can restart it. If his is more than mine at retirement, I can continue collecting his, but it looks like mine will surpass his a couple of months after I can start collecting it. Though, with this current job, mine may surpass his before then.
 
It's nuts. And the amount that retired folks get back as Social Security is ...well peanuts. I know what my parents get- Mom's is a little less because most of her 25-30 years working was actually part time (pay was good I think). They were smart though and know how to reinvest etc banking wise. There's other income but won't go into that here (yes it's legal lol).

It's terrible that you only get something like 1/3 whatever you made in your life time and how long you worked- worse if you've either never worked or have less than 10 years work (for SSDI at least- I still try to get my friend to apply as with her badly injured ankle she may be eligible...)
 
The big problem with SS or any govt. program for that matter is they put it into the general fund, so it's spent on other things and makes zero interest. Now if the govt. had to pay say that 5% interest on all the money everyone has paid into SS over the years, the well would never run dry. In CA they are raising the gas tax by 12 cents on gas and 20 cents on diesel come Nov 1st to "fix" the roads. If they had just spent the 7.5 billion a year that already comes in through the 18 cents we already pay into the state on gas taxes, we in CA would be driving on the best roads in the US. As I see it, the biggest problem is, the people we put in office don't think about the money coming in as OUR money but THEIRS to do what they want with it.
 
Yup, it was stolen a long time ago and using the word "entitlement" is one of those Big Lies that got accepted through endless repetition. In once sense it is correct- since the money disappeared decades ago it is now "an entitlement".

Let it go. Capitalism believes old people should die. Fight it or succumb, depending on your energy level. Now, if you have energy, dedicate yourself to helping form more beneficial and fiscally responsible government proposals. It is also very useful to participate in community programs that help support the elderly. Volunteerism and family dedication once cushioned the elderly.

With modern medicine keeping bodies alive long after we've become incontinent and immobile, the level of "dedication", meaning $ resources, has become one that neither families nor community nor government can support. To me, that is where change needs to occur. It is also the area most difficult to change. About the only workable tools are DNR and health directives as well as "right-to-die" initiatives.
 
Pretty much the only people who will live a good live in retirement are the people who work for the government: they have a nice pension and usually full healthcare for life. Congress even is allowed to enrich themselves from the knowledge they are privy too.
 
When my dad died me and my brother get money from my dad's for needs and my money get in deposit in my bank I have careful to spend money..
 
sara1981 said:
When my dad died me and my brother get money from my dad's for needs and my money get in deposit in my bank I have careful to spend money..
Click to expand...
I like your dog in your avatar. What is his/her name?
 
rockin'robin said:
Who died before they collected Social Security?...where did the $$ 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 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.
Click to expand...
The grubberment invests that money and makes billions from interests on it for their own use... More and more people are not paying into it and investing in their own IRA...
 
Hi, I have to speak out. I rather to work, or part-time than completely stuck with SSDI.

There is big issue - it is government's incentive to keep me out of work so I could receive a generous medical coverage that cover 100% so I have no copay nor coinsurance, so I paid nothing to be seen at doctor's office. If I decide to take part-time job so I will lose extra help from Medicare so it means I have to spill around $500 per month to get full coverage, including Medicare premium, Part D drug and Medigap. It is my responsibility to keep medical debt $0 as possible, also bankruptcy has consequence too - it will hurt your credit history. My current medical issues don't make SGA to keep in job without call in sick, so I could get fired easily, so I'm not sure about stability.

If you want to get a job so you have to prove that you are very demanding and reliable, so no employers want to hear if you call in sick.

I'm going complete the college degree as soon as possible but if my medical condition doesn't make SGA better so I have to work in home instead of commute.

I worked 7 years in my life, so that how I qualified for SSDI, but funny, SSDI rule and formula are very complicated.
 
sara1981 said:
When my dad died me and my brother get money from my dad's for needs and my money get in deposit in my bank I have careful to spend money..
Click to expand...

No one watch about your spending so don't worry.

but you have report to SSA if you collect $$$ from job.
 
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