BEAUTIFUL!
And they have the audacity to call today’s seniors “vultures” in an attempt to cover their ineptitude.
DISGRACEFUL!
The real reason for renaming our Social Security payments as Federal Benefit Payment is so the government can claim that all those social security recipients are receiving entitlements thus putting them in the same category as welfare, and food stamp recipients.
THIS IS WORTH THE FEW MINUTES IT TAKES TO READ AND DIGEST!
F.Y.I.
By changing the name of SS contributions, it gives them a means to refute this program in the future. It’s free money for the government to spend under this guise.
The Social Security check is now (or soon will be) referred to as a Federal Benefit Payment ?
I will 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 is NOT 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. (This should be enough for you to forward this message, if not read on.)
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 (or Lyndon Johnson).
They took our money and used it elsewhere. They “forgot”(oh yes, they knew) that it was OUR money they were taking.