Social security

[Berean]

While having lunch with a group of men from my church the topic of Social Security came up for discussion. There were five of us so naturally we had six different opnions. The statement was made by one of the group that "He paid in much more in deductions then his benefit would ever amount to" I did not take issue with him but I did give a lot of thought to it and derived the following figures; If you started to work in 1950 at $10'000 annually and worked 40 years with you salary doubleing every ten (10) years retiring out at $80,000 using the current rate for the entire 40 years you would have paid in $112,500.
If you monthly benefit check is $1,200 and you receive 180 checks you will have received $216000 for the next 15 years ($288,000 for 20 years).
Based on this you will pay in a lot less then you receive if you live to the age of 80 or more.
I know if you were given the option of investing this ammount in private insurance or investments you may receive more but you would have to get a double digit return annually to do so.
So say you.

 

[SolaSaint]

Isn't one of the problems that our Government has borrowed from the SS fund to give to other entitlements and various Government projects and thus there isn't enough left to pay off those who have paid into the fund. But also don't forget there are many who pay in thousands who never get a dime because they die before being illegible. My Father-in-law received one retirement check and died, but my Father has been receiving a check for 28 years now. Plus you cannot tell me that our Government doesn't make a great return with our money in investing it like banks do?

 

[OldRegular]

There is no Social Security Trust Fund. There are apparently some government bonds but???Those receiving Social Security are being paid out of current receipts. Governor Perry of Texas was correct, Social Security is a Ponzi Scheme!

 

[LadyEagle]

Both of you are, SS and OR are correct.

 

[OldRegular]

There is no Social Security Trust Fund. There are apparently some government bonds but???Those receiving Social Security are being paid out of current receipts. Governor Perry of Texas was correct, Social Security is a Ponzi Scheme!

But I want to thank all you young people who are making my retirement very comfortable!

 

[SolaSaint]

Yes, I worry about where SS will be in 10-15 years. What will the conversation be with the enormous amount of baby boomers retired? It will have to be changed by then unless some catastrophic event between now and then.

 

[just-want-peace]

Yes, I worry about where SS will be in 10-15 years. What will the conversation be with the enormous amount of baby boomers retired? It will have to be changed by then unless some catastrophic event between now and then.

And just think how many more would be paying into SS had not so many been murdered via our wonderful Supreme Court decision some 50 years ago!?

 

[billwald]

SS payments have always been paid from current payroll taxes and the surplus replaced with Treasury bonds and the cash used to pay current budget needs because the SS legislation has always required it. The SS Administration should fill Fort Knox with thousand dollar bills and the Treasury should borrow an equivalent amount on the open market?

 

[billwald]

Why doesn't anyone worry about the Army going broke? The Army payroll and the SS payments come out of the same US Treasury.

 

[Salty]

Why doesn't anyone worry about the Army going broke? The Army payroll and the SS -apayments come out of the same US Treasury.

Becasue the Army has underwent numerous budget cuts over the years.

when will the "give-a-way" programs be cut?

 

[saturneptune]

Military pay, Social Security, and Veteran Benefits are not give away programs. Military retirement is not a giveaway program. Just because I did not retire from the military, it is a retirement just like any other job. Everyone chose their career, and everyone is aware of the retirement policies of the company they work for.

If you chose to work at Walmart, and they have a lousy retirement, you have no right to call military pay or retirement a give away program. You could have joined and retired.

 

[billwald]

Why do you think Social Security is a give away program? Workers are paying around 16% of their wage even in the employer deducts half from the pre-pay check and writes it off. The half the the employer pays is carried on the books as an employee cost.

 

[Salty]

Why do you think Social Security is a give away program? Workers are paying around 16% of their wage even in the employer deducts half from the pre-pay check and writes it off. The half the the employer pays is carried on the books as an employee cost.

I might have missed -but who on this board said SS is a give-a-way program ?

 

[billwald]

Good! I stand corrected.