Wednesday, September 26, 2012

Benefits?


I have been taking a break from blogging....A well deserved break if I may say so myself... (Don't count Escapades...Those posts are written and scheduled weeks in advance!) but I have been taking a break from this and my other blog, "Good Foodie", but don't worry...I'll be back on the grind soon...

I would be remiss if I didn't speak on this little tidbit I just happened to be privy to yesterday while nearly falling asleep and slobbering on myself while watching the news...Actually the news was about to watch me...and then I heard this....(Now I see how so much gets by so many.)

Have you noticed, your 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 – its 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 employer’s 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 - it’s a fact). And your retirement fund would last more than 33 years (until you're 98 if you retire at age 65)!

 One can only imagine how much better most average-income people could live in retirement if the government had just invested your money in low-risk interest-earning accounts.

Instead, the folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madoff ever did. They took your money and mine and used it elsewhere. They “forgot” 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 of course now is it our fault they misused our investments? And also, to add insult to injury, they’re calling it a “benefit,” 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 donation!

You should be outraged...I am. Take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government – (now there’s a real challenge).

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 really is: Our Earned Retirement Income.

Just a rant and public service announcemant from the Maverick of All Bloggers!

4 comments:

James Perkins said...

BRAVO!!!

Samuel Bastion said...

You're not getting a social security check yet are you brother?

Keith said...

No Not yet...I have a few more years before that~!LOL!

Arlene said...

Yes it is an amount that we worked to receive in our old age! And I do mean OLD! My notice from Social Security says that I must wait to age 67 to retire with full benefit. I'm tired now but I can't stop working without a source of income and healthcare. Medicare starts at 65 but SS money starts at 67!! What a deal.




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