"Savings" at Social Security...

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"Savings" at Social Security...

Post  News Hawk on Wed Aug 07, 2013 3:19 am



SOCIAL SECURITY becomes FEDERAL BENEFIT CHECK


Have you noticed, the Social Security check is now referred to as a "Federal Benefit Payment"?

The government is now referring to our Social Security checks as a Federal Benefit Payment.

This isn't a benefit. It is earned income! 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 your and your employers contributions) at a meager 1% Interest rate compounded monthly, after 40 years of working you'd have
more than $1.3+ million dollars saved!

This is your personal investment.

Upon retirement, if you took out only 3% per year , you'd receive $39,318 per year, or $3,277 per month .

That's almost three times more than today's average Social Security benefit of $1,230 per month, according to the Social Security Administration

(Google it - its a fact).

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 .

Instead, the folks in Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did.

They took our money and used it elsewhere.

They forgot (Knew) that it was OUR money they were 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 .

And recently,they've told us that the money won't support us for very much longer .

But is it our fault they misused our investments?

And now, to add insult to injury, they're calling it a benefit , as if we never worked to earn every penny of it.

Just because they borrowed the money, doesn't mean that our investments were a charity !

Let's take a stand .

We have earned our right to Social Security and Medicare.

Demand that our legislators bring some sense into our government .

Find a way to keep Social Security and Medicare going,
for the sake of that 92% of our population who need it.
*Then call it what it is:

Our Earned Retirement Income.


Don't call them Democrats...

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Re: "Savings" at Social Security...

Post  WHL on Wed Aug 07, 2013 7:31 am

I have gotten that as an email. The gov. has no idea what budgeting is so of course they spent all the money individuals and companies put into Social Security. The gov. is like the worst person you can imagine as far as spending is concerned.
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Re: "Savings" at Social Security...

Post  News Hawk on Wed Aug 07, 2013 8:15 am

WHL wrote:I have gotten that as an email.  The gov. has no idea what budgeting is so of course they spent all the money individuals and companies put into Social Security.  The gov. is like the worst person you can imagine as far as spending is concerned.
Yup...it's an e-mail oldie, but sometimes needs to be repeated when a News Crow says, "Obama is Saving Social Security".

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Re: "Savings" at Social Security...

Post  Outerlimits on Wed Aug 07, 2013 9:05 am

Many on the left use the talking points of the great popularity of Social Security and how the “evil” republicans want to take it away.

If Social Security were optional, would it be popular?

Social Security screws people who remain gainfully employed throughout their lifetime and favors those who don’t. Once again, another government program that redistributes wealth from those who work to those who don’t.
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Re: "Savings" at Social Security...

Post  News Buzzard on Wed Aug 07, 2013 10:49 am

I'm willing to bet that a large number of Teabaggers are on Social Security, in one form or another, so you'll never find a congress that has the onions to repeal it!

Cha Ching! Oh, I think I just heard another payment hit the bank!!! cheers

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Re: "Savings" at Social Security...

Post  fshnski on Wed Aug 07, 2013 11:43 am

I think everybody should have to prove their worth before they get any free benefits. Why should valuable and limited resources go to those that give nothing or little in return?
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Re: "Savings" at Social Security...

Post  News Hawk on Wed Aug 07, 2013 12:17 pm

Outerlimits wrote:"...If Social Security were optional, would it be popular...?  
If I'd had a vote in it, I wouldn't have expected my Social Security earnings to be TAXED.

Mad 

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Re: "Savings" at Social Security...

Post  News Buzzard on Wed Aug 07, 2013 12:27 pm

fshnski wrote:I think everybody should have to prove their worth before they get any free benefits. Why should valuable and limited resources go to those that give nothing or little in return?

I can afford to have my increases according to the "Chained-CPI", and I would agree to means-testing of Social Security recipients. I paid into it for about 31 years, but there are millions of people out there who need it more than I.

News Hawk wrote:
Outerlimits wrote:"...If Social Security were optional, would it be popular...?  
If I'd had a vote in it, I wouldn't have expected my Social Security earnings to be TAXED.

Mad 

I pay on the full 85% of my Social Security income, and I think that money should go toward the Social Security and Medicare systems. I don't mind and I think it's only fair.

Outerlimits, I am almost certain of 2 things: 1-You will pay into Social Security and Medicare for the rest of your working life, and 2-You will grow to appreciate those programs when you're a senior citizen. Just be careful about when you take Social Security!
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Re: "Savings" at Social Security...

Post  WHL on Wed Aug 07, 2013 1:04 pm

So if it becomes mean tested then it becomes welfare. I don't get it yet but I will take it as soon as I can. I won't live long enough to get back what I pd in.
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Re: "Savings" at Social Security...

Post  Outerlimits on Wed Aug 07, 2013 1:16 pm

I continue to be astounded by the left. Almost all of those denigrating the TEA Party, and particularly calling them “teabaggers”, have no idea what the TEA Party stands for.

The Tea Party is an advocate for Essential Liberty, the restoration of constitutional limits on government and the judiciary, and the promotion of free enterprise, national defense, and traditional American values.

I am certain there are some on the left who understand exactly what the TEA Party is and are afraid of it.

There are republicans afraid of the Tea Party too. They are generally the Dem-Light version or life time bureaucrat.

Back to NB’s statement.

Sure there are many Tea party supporters on social security, and why shouldn’t they be on it? They paid into the system, why shouldn’t they get a percentage of their money back?

On the other hand, I doubt there are many Tea Party supporters on food stamps, WIC, or other means tested touchy feely programs.

Most of these federal government run programs are illegal according to the US Constitution, but heck most on the left pick and choose which laws they enforce and which ones the ignore.

Means testing Social Security would absolutely make it in violation of the Constitution, but then again...it already is.
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Re: "Savings" at Social Security...

Post  News Buzzard on Wed Aug 07, 2013 1:23 pm

WHL wrote:So if it becomes mean tested then it becomes welfare.  I don't get it yet but I will take it as soon as I can. I won't live long enough to get back what I pd in.

Perhaps I didn't use the term "means-testing" correctly. I can see higher income retirees having their Social Security payments adjusted by the "Chained-CPI" method, (lower raises) and poorer retires receiving their cost of living adjustments as they are now. (higher raises) Our life expectancy these days is much longer than it was when Social Security was created, so if you live to a normal age under today's life expectancy you will pull out much more than you paid into the system. If you retire at age 62 and pull $20 thousand out annually, then you will have received $360 thousand by age 80, not counting cost of living adjustments. That's why I think it's fair to tax Social Security payments, because we're living much longer these days. I hope this leads to them not raising the retirement age.

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Re: "Savings" at Social Security...

Post  Outerlimits on Wed Aug 07, 2013 1:25 pm

News Buzzard wrote: Outerlimits, I am almost certain of 2 things: 1-You will pay into Social Security and Medicare for the rest of your working life, and 2-You will grow to appreciate those programs when you're a senior citizen. Just be careful about when you take Social Security!


I doubt it. Every check would be a reminder of the money the feds stole from me since I was old enough to work.

I will not get back all the money I paid into the system unless I live to be 192. If I had been allowed to invest the money instead of paying into Social Security, I would have retired on a tropical beach years ago.
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Re: "Savings" at Social Security...

Post  Donzel on Wed Aug 07, 2013 1:31 pm

"The word "benefits" has been applied to Social Security retirement payments since the Social Security program was enacted in the 1930s.  The terminology is also not unique to Social Security, as the phrase "federal benefit payments" applies to a broad class
of payments made to (or on behalf of) individuals under federal government programs  everything from Social Security Disability Insurance to Medicare to farm subsidies are considered "federal benefit payments."  The fact that workers themselves contribute much of the money that goes into the Social Security retirement fund doesn't affect its classification as a benefit.  
Likewise, the word "entitlement" has long been the standard terminology for payments made under government programs that guarantee and provide benefits to particular groups.  Persons who have demonstrated their eligibility to claim such payments are entitled (i.e., "qualified for by right according to law") to receive them.  The usage has nothing to do with pejorative connotations associated with the word (e.g., "a sense of entitlement") which are often applied to denote people expecting or demanding something they do not merit.
"


Read the rest of the article here: Snopes
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.
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Re: "Savings" at Social Security...

Post  News Buzzard on Wed Aug 07, 2013 1:52 pm

Thank you, Donzel, and many people forget about the disability and survivors end of Social Security. I have come across many young widows who would not have survived without the Social Security payments for their children, and many older widows who needed that survivor's check. The same goes for Medicare. We all have family or friends who would not survive without it!

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Re: "Savings" at Social Security...

Post  Outerlimits on Wed Aug 07, 2013 3:10 pm

That’s all well and good, but by what authority does the Federal Government have to collect taxes and then act as a charity?
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Re: "Savings" at Social Security...

Post  News Buzzard on Wed Aug 07, 2013 3:44 pm

I have frequently wondered that as we send $50 billion annually to countries all over the world in military and cash assistance. Is that authorized by the US Constitution? I'm not going to get into what's constitutional and what's not, but the small government train you yearn for left the station decades ago, and it's not returning anytime soon.

See you in about a month or so! Wait a minute, I think I hear my next Social Security check approaching town on the gravy train! cheers

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Re: "Savings" at Social Security...

Post  News Hawk on Sat Aug 10, 2013 12:54 pm

News Buzzard wrote:Wait a minute, I think I hear my next Social Security check approaching town on the gravy train! cheers

Now tell us that there's no Social Security fraud.

No


News Buzzard wrote:"...I'm not going to get into what's constitutional and what's not, but the small government train you yearn for left the station decades ago, and it's not returning anytime soon.
So describe the difference between the Obama Administration and the old USSR.

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Re: "Savings" at Social Security...

Post  Anti Federalist on Sat Aug 10, 2013 12:59 pm

News Hawk wrote:So describe the difference between the Obama Administration and the old USSR
Very little.

Just waiting to see what the end game will be.

Collapse and war or just collapse.
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Re: "Savings" at Social Security...

Post  News Hawk on Sat Aug 17, 2013 1:30 am

News Buzzard wrote:"...the small government train you yearn for left the station decades ago, and it's not returning anytime soon..."
cheers
"...Moreover, a federal bailout of Detroit or any state or local government would impose the costs of one city’s fiscal recklessness on the taxpayers of other, more responsible states and localities.

Perhaps most important, though, the federal government is in no fiscal position to be providing bailouts.

As significant as Detroit’s debt is, the federal government is in far worse shape
. In fact, as the chart above shows, the federal government’s debt and unfunded obligations are more than eight times that of bankrupt Detroit.

Detroit’s spiraling decline is a tragedy. Lawmakers in Washington should learn from Detroit’s mistakes and rein in big government now before it’s too late."
http://blog.heritage.org/2013/08/05/morning-bell-learning-from-detroits-mistakes/

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