I was with my father and noticed his "Social Security Check had a brand new name!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. 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!
I'm 50, I can ass-u-me that there will be nothing left for my family should I be lucky enough to live to 65. No wonder there is a mid-life crises, anyone else going through it? One "Kid" I met said he was, I told him at his age a "Midlife" crises is not having his friend sign his yearbook.
Since this actually makes a point, you can be sure Active Rain will not allow it to be a feature so I'll leave it up to all of you to reblog and pass this through your networks, GOD WILLING we will all be 65, now is the time to begin caring!
Ok I'm done ranting for this morning. Make it a great day, despite it all, from your friends and Family at Family Abstract. com. Please remember our Title Insurance is Organic and Gluten Free!
Glenn
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