The Social security check is now or soon will be referred to as a “Federal Benefit Payment” which isn’t a benefit; it is our money paid out of our earned income!
As of December 31, 2017, the Social Security Administration (SSA) has not confirmed or denied this alleged rumor.
Not only did we all contribute to Social Security, but our employers did too.
It totaled 15% of our income before taxes.
If you averaged $30K per year over your working life, that’s close to $180,000 invested in Social Security.
If you calculate the future value of your monthly investment in Social Security ($375/month), including both you and your employers contributions) at a meager 1% interest rate compounded monthly, after 40 years of working, you would have more than $1.3+ million dollars saved!
Upon retirement, if you took out only 3% per year, you would receive $39,318 per year or $3,277 per month.
That is almost three times more than today’s average Social Security benefit of $1,230 per month, according to SSA.
And, your retirement fund would last more than 33 years until you’re 98 if you retire at age 65.
I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts.
Or, perhaps they did and kept the dividends for themselves—hmm!
Instead, the folks in Washington, D.C. pulled off a bigger “Ponzi Scheme” than Bernie Madoff ever did.
The government took our money and used it elsewhere.
They know that it was OUR money they are taking.
They didn’t have a referendum to ask us if we wanted to lend the money to them.
And, they didn’t pay interest on the debt they assumed.
Recently, they have told us that the money won’t support us for very much longer.
Now, to add insult to injury, they are calling it a “benefit,” as if we never worked to earn every penny of it.
Just because they misappropriated the money, doesn’t mean that our investments were charity!
Let’s take a stand.
We have earned our right to Social Security and Medicare.
Demand that our legislation bring some sense into our government.
Find a way to keep Social Security and Medicare going for the 92% of our population who need it.
Then call it what it is: Our Earned Retirement Income.
About: I’m the author in residence of RuralMoney.com. Unfortunately, I am also a person with disabilities. I have severe Rheumatoid Arthritis. I love to share what I know and practice to help others survive and thrive in rural areas.
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