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KEEP PASSING THIS AROUND UNTIL EVERYONE HAS HAD THE OPPORTUNITY TO READ IT...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 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 ensure 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 another government spending, doesn't make my benefits some kind of charity or handout!!
Remember the benefits for members of Congress?
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free healthcare,
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outrageous retirement packages,
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67 paid holidays,
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three weeks paid vacation,
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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.
Government is nothing more than a mafia with a monopoly on violence. Civil service “justice system”, civil service law makers, civil service taxmen, civil service prosecutors, civil service police, civil service judges, civil service jailers.
They write a law justifying theft of your productivity and jail you if you don’t or can’t pay. Pay them your dues, or they will throw you in jail.
(1) You didn't "pay in" to Social Security, and you don't "get it back" when you retire. It is a WELFARE program, even though nobody likes that word.
When FDR created it in 1935, he was telling the public that it was a "retirement system." But his attorneys were telling the courts that it was a welfare system.
That is the only way they could try to justify it, since retirement plans by the federal government are not an enumerated power in the Constitution. Welfare isn't, either, but the word appears in the preamble, and that is how they con us out of our money.
(2) There is no "retirement fund." It is JUST a tax that goes into the revenue side of the ledger. The payouts come out of the expense side of the ledger. There is NO CONNECTION between who or how much pays in and who or how much is paid out. Those are variables that Congress changes, at its whim.
(3) People who die pay taxes. Then, they die. If they die before retirement age, then they don't get any checks at retirement. It has nothing to do with "paying in."
It's just another form of income tax, pretending to be something it isn't. Because deceiving you is their only game. How else could they con you out of your money, other than by deceiving you into doing it "voluntarily?"
(4) The government doesn't "pay in" because the government doesn't have any money. It TAKES what YOU made, and spends it on whatever TF it wants to. Again, there is NO retirement "fund."
(5) Annities are different than Social Security. That's because annuities are created by and operated by private insurance companies, and they are not allowed to STEAL your money and engage in FRAUD, like the government is.
The government has the guns. The insurance companies don't.
No, you did not pay cash for you social security insurance. There IS NO social security insurance.
You paid a TAX, and were tricked into believing it was something it never was.
This was all decided back in the 1930's. It has been operating exactly this way the whole time.
It's just that Al Gore lied to you about the "lock box," and you believed him.
"Fool me once, shame on you. Fool me twice, shame on me."
Welcome to the Great Awakening.
Wait. What!? Our government lied to us for almost 100 YEARS?!?!?!!! That’s just not poss….. FDR was a great man….. He saved us from the great depression….
I taught this to my Algebra II and Pre-Calculus students. I was just trying to teach them the value of starting an IRA or 401K early in their working years. BTW, I practice what I preach. After 41 years in public school teaching with 8 years of military before that, active and reserve, I retired in 2020 with over $1M in assets. Then the DNC stole a presidential election.
41 years. Should be 7-20 million depending on your nerves.
Now that I'm on SS, it's just another way to keep us poor. If I work a job and make over 22k in a year, they take back 1 for every 2 dollars I went over my SS; they limit what I can make. SS is a total scam in so many ways, but the other scam is 401K's. Don't fall for the company match; it's how they keep YOUR money in THEIR system. And taking any money from my IRA (transferred from 401K) at retirement is counted the same as working because it now gets taxed as INCOME. And I won't even mention the Obamacare scam....
Just getting out of that earnings trap since I reach FRA this year. There is some good news. The money they take back is not permanently lost. When you reach FRA you get an increase for each month of benefit they clawed back or suspended you for. I'll post how much of an increase I get once I receive the raise. I have heard .6% to .8% per months lost/paid back. In my case will be for 14 or 15 months.
You also may bump off low earnings years and get increases due to that. My first year I got a 1% increase, my next year 2%, last year I haven't received that increase but am anticipating 1%-2%. This bumping off of low earnings years is forever. However the indexing of old working years stops at age 60.
You are correct that whatever SS takes back is credited to your account. Just have to live long enough to get it.
I got $60/mo raise this year. Yippee! My lease just went up $60/mo. Wash.
My biggest complaint? Why is it so f'ing complicated? We're seniors! We paid are dues over 45-50 years. WTH? They keep track of every dollar to keep the machine turning. Why do I need a SS coach to help me choose a plan?
It's too complicated (by design). We need all these strings of BS cut.
Yeah much too complicated. I retired early living on Savings, then signed up for SS at 62 returned to work at 64. Went over the cap 8,000 The following fall they clawed back the 4,000. The next year 2023 I went way over the cap (Afraid of a collapse) and instead of taking it from my check they sent me a bill for 11,819 AND suspended my SS. This was last summer. I paid them and my check cleared in August, it was Due in Oct. They didn't credit that I'd paid until November at which time they reinstated my check for Dec. and sent me back 3900. So I lost 5 months checks due to suspension and the 7,900 I'd paid after the refund.
Apparently they changed the rules in the start of 2024 and it applied to 2023... For 2024 I went over the cap by around 4K, but their preliminary I-99 shows I had negative SS earnings for the year (I don't have it available at work) So I have no idea that amount right now. The best I can figure is that they reclaimed, suspended, and I paid back around 15 months.
What a complicated mess, I'd not have gone over the cap if it weren't for the world mess we are in. Thank God no more cap, although I'm hoping not to work after this year or maybe 6 months a year after that. My SS isn't that much even though I paid in 45 years (This year will be 46)
Not to mention payouts for disability and now, illegal aliens. I believe there has recently been an effort to approve SS payments for Federal Gov employees that never paid into SS and have gov pension.
No elected congressman or senators should be paid by the federal government. Theybshould onky be paid by their respective states. Whatever that state executive pay is. No retirement and no bonuses. Same Healthcare program as any state employee.
Great idea, I totally agree!
One of the benefits of being self employed as I was for 36 years is I got to pay the full 30% SS tax. :-(
15.3% Is the total if you pay both halfs, slap your accountant.
Sorry, you are correct. 7.5% for me and for the company. I went out of business in 2021. I am old! Kek
I tried several businesses bur gave up too easy...
The most assured way to succeed is a franchise. You have backing that will help with advertising and other things but the only problem is they own you. You can make a lot of money as long as you do what they say. Otherwise you need to know the people you will be selling to to get an inside foothold. It is not easy. The first year I was in business I made about 4500 bucks. It took 5 years before I drew a decent salary. My business model was simple, 33% of profit went to salaries, 33% went back into the company for inventory and such and 33% went to expenses. It worked well for 36 years until the government shut me down over Covid!
I had my eyes opened regarding small business when I went abroad to get married. In the Philippines, there are many micro-businesses where people eke out a living with little government hinderance. In the USA 100 Employees is considered a small business, its not... As WEF is showing us, big corporations are evil.
I ended up having a few rental properties, but retired early and sold them to build a house in the Philippines and live... Then COVID came along and I'm back in the USA working. Nestegg is a lot smaller... I'm able to pay my share of our bills from my SS and my FT and PT jobs, with my entire work income going towards building up a safety net. I hope to retire again after this year but I may have to work on and off living abroad for winters. Depends on what happens with metals.
It is an entitlement. We are entitled to a retirement after paying into it. However, the system FDR started got changed by the SCOTUS when they said it was unconstitutional. So the AG said it was a tax, and that made it legal. But, it also opened the trap door to funnel money out of it to grift us all.
IIRC a few years back Whiplash347 was exposed running some sort of crypto scam on his followers with a network of scammers out of Thailand...and according to qr he's pushing your typical garbage hype on his TG channel https://qresear.ch/?q=whiplash347
TG expose https://t.me/Whiplash347QSIExposed/2271
be careful anons, don't get scammed (:
edit- found it https://www.logicallyfacts.com/en/analysis/qanon-crypto-trading-scheme-lost-investors-millions
I can agree with the sentiment of this post but the data is inaccurate. Currently the SS portion of FICA is 6.2% each Employer and Employee not 15% FICA tax totals 15.3% and includes Medicare.
On top of that FICA taxes started out at 2% (1% each) on 3,000 Income, no tax after that. So in 1937 You would have paid in 30 bucks and your employer matched it. Many people did not earn 3,000 a year in 1937 so therefore didn't even pay in 30.
In 1966 they added the medicare tax and the retirement portion gradually increased to 7.7% (half each) over the years and the Medicare tax was .7% (half each) and this was on 6,600 of income. So you would have paid in 277.20 and so would your employer. Again many people didn't earn 6,600 and didn't even pay in the 277.20.
1990 was the first year Fica taxes reached the current level 12.4% Retirement 2.9% Medicare. Again split between you and employer and that was on 51,300 income 7,848.90 Split between you and your employer. Yet again many people never reached 51,300 in income and didn't pay in their half.
Takeaways are that the people who first collected SS paid in a lot less and it was a much better deal.
For fuck sake….It is an entitlement! Look up the definition, why are you brainwashed in to thinking the word means something different?
entitlement noun en·ti·tle·ment in-ˈtī-tᵊl-mənt en- Synonyms of entitlement 1 a : the state or condition of being entitled : RIGHT b : a right to benefits specified especially by law or contract
It's called entitlements because we are entitled to it.
In honor of Whiplash347
https://www.youtube.com/watch?v=jWQx2f-CErU
Damn right!