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Originally Posted by davem4616
"...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
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With all due respect you don’t understand how social security and Medicare work. Those small taxes you were paying were immediately being paid out to your parents and grandparents not an interest bearing account as you describe. It is called pay/go not a savings account with your name on it. Our grandchildren are paying our benefits. The term trust fund is a cruel hoax invented so politicians we elected and re-elected could spend the extra tax revenue that was collected. Like the cost of healthcare before we can fix it we need to have an honest discussion. See I’ve started by letting the secret out that Social Security trust fund is “Fake News” if you will.