How You Paid Cash For Your Social Security
The Government Did Not Chip In One Single Penny!
Remember, not only did you and I contribute to Social Security, but your employer did too and it totaled 15% of your income before taxes.
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If you averaged only $30K over your working life, that’s close to $220,500.
Read that again.
Did you see where the federal 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.
Is Your Social Security Check An Entitlement?
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 and 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
You and I paid cash for our social security insurance!
Just because they borrowed the money for other government spending, doesn’t make our benefits some kind of charity or handout!
Remember Congressional benefits?
They include 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 our 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.
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?
And, many who get Social Security have been brainwashed into calling it an entitlement, too.
Disclaimer: This is not legal or tax advice. This information is for entertainment only.