[MandoMan]

Originally Posted by Andyb

Your exactly right. Thanks for posting. It is very insulting to honest, tax paying citizens. Not to mention it’s taxed, so it’s double taxation. I’ll never receive what I and my employer has put in, back out. Our Government, especially with our current, “out of control spending” administration is a dangerous joke.

“ Social Security isn't a savings plan or an investment scheme; it's an Old-Age, Survivors, and Disability Insurance (OASDI) program intended to ensure that Americans are guaranteed a minimum monthly payment in their non-working years. As with all insurance programs, some people will eventually receive less than they paid in, and others will receive more.”

“ Likewise, the word "entitlement" has long been the standard terminology for payments made under government programs that guarantee and provide benefits to particular groups. Persons who have demonstrated their eligibility to claim such payments are entitled (i.e., "qualified for by right according to law") to receive them. The usage has nothing to do with pejorative connotations associated with the word (e.g., "a sense of entitlement") which are often applied to denote people expecting or demanding something they do not merit.”

As for “double taxation,” most states have state income tax as well as federal income tax, so it seems that “double taxation” is legal. Most also have sales taxes, even though you pay with doubly-taxed money. So I guess most people are triply-taxed. In Florida, we are only doubly-taxed. But your “Social Security Contribution” when you were working was taken out BEFORE taxes, so it has NOT been taxed. I would love a law that says Social Security income will not be taxed, but I still paid a third of mine in taxes last year. I had to borrow money from my retirement savings last year to pay that, and I had to pay an additional 20% on what I took out.
Social Security as 'Federal Benefit Payments' | Snopes.com

[crash]

Originally Posted by rustyp

Agreed. It is beyond bad math - it is a bad premise. In order to achieve the payment plan illustrated one needs to contribute 30 years before withdrawal starts. Social Security started paying out soon after becoming law thus the money coming in was immediately funneled back out without time (IE 30 years) to be accrued. Second point it also provides income for people who may have put no or little money in the pot such as disabled, widowed, etc. Finally like it or not it is just what the title proclaims - a SOCIAL program not an individual bank account.

Wow someone who actually speaks the truth about social security. So many here in the Villages think as we the op that they are just getting their money back.

[bp243]

Originally Posted by Keefelane66

Less than 40% of working individuals are invested in retirement plans like 401k’s or IRA’s. Only 21% of working people are covered by Company pension plans.
Gratification for most is purchasing the latest greatest tv than investing money or savings.

Unfortunately, this is true! For working folks, at least the government is looking out for you as you retire and regain some benefits even though they are yours to begin with. Money management should be a required high school course to help others understand the way to invest so that your social security payments are a perk rather than a necessity for your retirement survival. Thankfully this program is in place no matter what it’s called or we could have a mess of a society keeping the uninformed functioning without a form of forced savings such as social security.

[DDToto41]

Originally Posted by retiredguy123

OP, if the Government sent you a bill for $98,000 for every person in your family, to pay off the National debt, would you pay it?

If I had the resources to pay it, I would.

[Lisanp@aol.com]

Okay - I'll bite...the words "Federal Benefit" set you off, but the word "Social" as in Socialism resonates well with you? Just curious to get the thought process there...

[JMintzer]

Originally Posted by Lisanp@aol.com

Okay - I'll bite...the words "Federal Benefit" set you off, but the word "Social" as in Socialism resonates well with you? Just curious to get the thought process there...

So, any time you use the word "social", you're referring to "socialism"?

That's a pretty far stretch...

Ice Cream Social
Social Distancing
Social Etiquette
Social Gathering
Social Ladder
Social Anxiety
Social Event
Social Norms
Social Network
Social Visit
Social Ties
Social Group
Social Circles...

Are they all tied to "Socialism"?

[Haggar]

Originally Posted by chrissy2231

The Social Security check is now (or soon will be) referred to as a "Federal Benefit Payment?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it.
The government is now referring to our Social Security checks as a "Federal Benefit Payment." This isn't a benefit. It is our money paid out of our 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 you 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 – it’s 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 (oh yes, they 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. And 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!
Let's take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government.
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 is: Our Earned Retirement Income.
99% of people won't SHARE this. Will you?
This Blew My Mind

https://scontent-mia3-2.xx.fbcdn.net...5Q&oe=640331E0

Your math is way off - first the social security portion is 12.4%, the other 2.9% is medicare. Second the rates were much lower in prior years and the maximum social security wages limits were much lower. As an example in 1962 the wage limit was $4,800 and the social security rate was 2% (each) so total employer and employee contribution to the system was $192.00 You would be surprised how little you contributed for the benefits you receive if you live a reasonable time.

The problem is people are living longer. - a problem for SS funding. Originally five people contributed to 1 retiree. Now the ratio of people working to retirees is much much lower.

I read about five years that the effective growth rate on social security was about 1.75% per year - a poor investment but in some cases forcing people to make any investment for retirement is a godsend considering left to them they would have had no "benefits:

[Deden]

Vote them out!

[srswans]

Things went bad a long time ago the government moved our SSA funds to the general pool. That was the beginning of the end.

Originally Posted by chrissy2231

The Social Security check is now (or soon will be) referred to as a "Federal Benefit Payment?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it.
The government is now referring to our Social Security checks as a "Federal Benefit Payment." This isn't a benefit. It is our money paid out of our 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 you 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 – it’s 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 (oh yes, they 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. And 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!
Let's take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government.
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 is: Our Earned Retirement Income.
99% of people won't SHARE this. Will you?
This Blew My Mind

https://scontent-mia3-2.xx.fbcdn.net...5Q&oe=640331E0

[Lisanp@aol.com]

No, the Ice Cream Social at your next club meeting is not Socialism, however Social Security is. Social Security is a government-run pension system that cuts out private money managers (aka the capitalist market). Medicare — a single-payer, government-run health insurance program is as well. Minimum wage, maximum hours and child labor laws are also "socialist" programs as again, by definition, they are government intervention in the capitalist market to require employers to meet minimum standards that might not be met in a pure, unregulated “free” market economy. You can not like the word, but the structure of these programs is Socialism and the word "Social" in Social Security is that definition not Ice Cream Social which is the shortening of the word Sociable.

[The Chipster]

Originally Posted by chrissy2231

The Social Security check is now (or soon will be) referred to as a "Federal Benefit Payment?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it.
The government is now referring to our Social Security checks as a "Federal Benefit Payment." This isn't a benefit. It is our money paid out of our 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 you 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 – it’s 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 (oh yes, they 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. And 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!
Let's take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government.
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 is: Our Earned Retirement Income.
99% of people won't SHARE this. Will you?
This Blew My Mind

https://scontent-mia3-2.xx.fbcdn.net...5Q&oe=640331E0

Get your facts straight, Dude: PolitiFact | Social Security payments have always been called “benefits”

[The Chipster]

Here are the facts:

https://www.politifact.com/factchecks/2020/feb/28/facebook-posts/social-security-payments-have-always-been-called-b/

[Jokomo]

Originally Posted by Andyb

Your exactly right. Thanks for posting. It is very insulting to honest, tax paying citizens. Not to mention it’s taxed, so it’s double taxation. I’ll never receive what I and my employer has put in, back out. Our Government, especially with our current, “out of control spending” administration is a dangerous joke.

I believe it was Ronald Reagan who signed the legislation taxing social security benefits. Prior to that, it was not subject to taxation. You may have a point about “out of control spending” but that doesn’t have anything to do with Social Security. You can blame politicians of both parties for the mess we’re in.

[Proveone]

Originally Posted by chrissy2231

The Social Security check is now (or soon will be) referred to as a "Federal Benefit Payment?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it.
The government is now referring to our Social Security checks as a "Federal Benefit Payment." This isn't a benefit. It is our money paid out of our 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 you 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 – it’s 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 (oh yes, they 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. And 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!
Let's take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government.
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 is: Our Earned Retirement Income.
99% of people won't SHARE this. Will you?
This Blew My Mind

https://scontent-mia3-2.xx.fbcdn.net...5Q&oe=640331E0

Stop getting your "information" from Facebook! Do some legitimate fact checking. Most of what you stated is incorrect. Pathetic post!!!

[jimjamuser]

Originally Posted by retiredguy123

If you do the same calculation using the lowest income level, you will find that the Social Security benefits would greatly exceed the investment potential for the individual. That is because the Social Security system is a wealth transfer system, and it was never designed to benefit all participants equally.

CHARITY is a "wealth transfer system". So, you could look at SS as the government ensuring that the wealthy become more CHARITABLE than they otherwise might be on their own. Someone might call the progressive tax system (where the rich pay a greater % than the poor) .......might call that a "wealth transfer system". I call it a way to create a BETTER, more stable COUNTRY with a HEART and a Soul. A soul-less country would always say, "let them eat cake".
.......Also, after about 1980 the US tax system has become less progressive and more like a FLAT tax, which benefits the HAVES v the have-NOTS. New Federal programs like the IRAs and the Affordable Care Act (which is #1 in Fl) HAD to be created to avoid masses of people starving and wandering around the streets. These were attempts at the US having......"a heart and soul".
.......And watch what happens if the prediction of a deep recession materializes. Guess who buys up the IN-default homes?