[tpop1]

We hear lately the refrain from those in Government about the Social Security "Entitlement."

After working over 42 years at a salary which for the most part exceeded the maximum SSI wage base, I did some calculations of the amounts contributed to SSI by me and my employers.

Using a modest 5% growth rate over those 42 years(and 5% was modest in those years) and using a 5% yield into the future, calculates a yield of enough interest to pay my yearly SSI payments with enough left over to pay the government’s portion of my Medicare.

Taking this thinking a step further, I looked at a person retiring after working 45 years earning at least the maximum SSI wage base. These calculations yield enough interest to pay their monthly SSI plus mine???

SSI is definitely Not an Entitlement!!! It is an earned pension.

If any U.S. Company treated its pension plan like they have treated SSI, the company would have been hauled to court.

Sorry about the rant, but I have reached my tipping point!!!
As someone else said, this is not political as all in office are to blame!

[jblum315]

Interesting that you did the numbers. I never thought of it that way, but you're right. Corporate employees pensions are protected by law. Why should government "pension" be any different?

[tainsley]

Originally Posted by tpop1

We hear lately the refrain from those in Government about the Social Security "Entitlement."

After working over 42 years at a salary which for the most part exceeded the maximum SSI wage base, I did some calculations of the amounts contributed to SSI by me and my employers.

Using a modest 5% growth rate over those 42 years(and 5% was modest in those years) and using a 5% yield into the future, calculates a yield of enough interest to pay my yearly SSI payments with enough left over to pay the government’s portion of my Medicare.

Taking this thinking a step further, I looked at a person retiring after working 45 years earning at least the maximum SSI wage base. These calculations yield enough interest to pay their monthly SSI plus mine???


SSI is definitely Not an Entitlement!!! It is an earned pension.

If any U.S. Company treated its pension plan like they have treated SSI, the company would have been hauled to court.

Sorry about the rant, but I have reached my tipping point!!!
As someone else said, this is not political as all in office are to blame!

I so agree...it burns me up after working 40 years and paying into SS to hear a politician (or anyone for that matter) refer to SS as a government entitlement program.

[l2ridehd]

Exactly. I have worked almost 50 years. I have exceeded the maximum contribution every year. And now it's a government gift? Entitlement program? Such BS by our elected representatives. They have used it as a slush fund to give everyone else something in exchange for votes.

[Posh 08]

They want me to be ashamed. Shame on them for brain washing the younger folks that SS is a handout. Let them have worked a mile in my shoes.

[graciegirl]

Originally Posted by Posh 08

They want me to be ashamed. Shame on them for brain washing the younger folks that SS is a handout. Let them have worked a mile in my shoes.

I agree with all of you. Violently agree.

Angrily agree.

Agree. Agree.

Agree!

[Bill-n-Brillo]

Gracie, could you loosen up just a bit and share your true feelings on the topic with us all, please?

Bill

[2 Oldcrabs]

Agree 100% but we need to write or E-mail all the POLITICIANS & NEWS MEDIA and inform them we invested in SS for 30-50 years. The politicians pension is ENTITLEMENT ! !


OTE=tpop1;405047]We hear lately the refrain from those in Government about the Social Security "Entitlement."

After working over 42 years at a salary which for the most part exceeded the maximum SSI wage base, I did some calculations of the amounts contributed to SSI by me and my employers.

Using a modest 5% growth rate over those 42 years(and 5% was modest in those years) and using a 5% yield into the future, calculates a yield of enough interest to pay my yearly SSI payments with enough left over to pay the government’s portion of my Medicare.

Taking this thinking a step further, I looked at a person retiring after working 45 years earning at least the maximum SSI wage base. These calculations yield enough interest to pay their monthly SSI plus mine???

SSI is definitely Not an Entitlement!!! It is an earned pension.

If any U.S. Company treated its pension plan like they have treated SSI, the company would have been hauled to court.

Sorry about the rant, but I have reached my tipping point!!!
As someone else said, this is not political as all in office are to blame![/QUOTE]

[2BNTV]

Tpop1: Good post.

Bill - You are a hoot.

Love ya Gracie.

[skyguy79]

I also agree with what others are saying about Social Security. However, the term SSI has been used a number of times in this discussion and we're not talking about SSI. The following excerpt from the Social Security website will explain:

"SSI stands for Supplemental Security Income. The Social Security Administration (SSA) administers this program. SSA pays monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Blind or disabled children, as well as adults, can get SSI benefits."

You will find this quote and more about SSI including an explaination on how SSI is different from Social Security at http://www.socialsecurity.gov/ssi/text-over-ussi.htm.

[texasfal]

I agree with you all, but as someone who is still working full-time and is 7 years away for SSI, I don't think it will be there for me. So even though I've earned it (I've been working and paying in for 39 years and still have a ways to go), I can't expect SSI to be there for me. What do you say about that?

[bimmertl]

Here's some data offering some insight into the benefits of SS. The majority of Americans do not have incomes exceeding the maximum SS wage base, which is currently $106,800.00.


http://money.usnews.com/money/blogs/...security-share

[buggyone]

Just a question here - not an arguement.

Let's say you worked for 40 years at a job and paid your 5% salary deduction into Social Security for all the years. You retire and start drawing your monthly Social Security benefit at age 65. You (let's assume) live to be 90 years old. In those 35 years between age 65 and 90, will you have taken out more or less than what you put into Social Security over the 40 years of working?

If the answer is more, then Social Security is an entitlement? Also what if your spouse has never worked, don't they get part of the Social Security benefit also?

[villagegolfer]

There is no way you could ever get back what you put into it because if it was a real fund it would still be accumulating interest while you are taking it out. Don't forget you were paying about 15% of your wages all those years.

[blueash]

Social Security is not a company pension (and by the way lots of companies have reneged on their pension obligations). The money you and I have paid in all these years is not ours and was used to pay those who preceded us. Some of them paid in over 40 years as we did, and many did not. It also paid for widows, disabled citizens and children. Social Security has enough reserves and enough anticipated future income to continue to pay full benefits for another 25 plus years. It does not contribute to the deficit as it is actually right now operating at a profit when you combine the contributions and the income generated by the invested assets. The well runs dry in about 2036. There is not any crisis in Social Security. With no adjustments it can pay 75% of its promised benefits after 2036 until 2085. With minor tweaks it can pay 100% forever.
The crisis is in Medicare which none of us paid enough into to make the claim we are owed it because of our investment. A recent analysis finds that the average person retiring in 2011 has paid only 1/3 of the cost of their medical care. The number is less for those who retired earlier as they had fewer years of paying into medicare. http://www.cleveland.com/nation/inde...rees_paid.html
Social Security is safe and should be left alone. We need to be realistic about Medicare being an unsustainable program in its current configuration. Either the benefits need to be cut or the payments into the system increased. Sorry for the long post.