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. 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 (ignored) 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.