Quote:
Originally Posted by LoisR
Your Social Security is a hand out after about five years. That's when you received back all the money you paid in. Who do you think is now paying for it? I guess it's ok to take from people but not give to people. Sad. But true. Conservatively speaking of course.
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"...after about 5 years" is not true...first that calculation doesn't factor in the impact of compounding interest on the monies that you actually paid in over a 40 - 50 year period of of continuous contributions...which is what most of us in TV have done
secondly, receiving more than what you paid in is no more of a handout than a monthly Annuity payment is once you've received more in payments than you paid in to fund it... lifetime payments was the contractual deal that was promised and agreed to.
at least with an annuity we had a choice to buy in...there was no choice with Society Security