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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.
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)