Social security

Discussion in 'Politics' started by Berean, Nov 11, 2012.

  1. Berean

    Berean
    Expand Collapse
    Member

    Joined:
    Jan 18, 2006
    Messages:
    817
    Likes Received:
    1
    While having lunch with a group of men from my church the topic of Social Security came up for discussion. There were five of us so naturally we had six different opnions. The statement was made by one of the group that "He paid in much more in deductions then his benefit would ever amount to" I did not take issue with him but I did give a lot of thought to it and derived the following figures; If you started to work in 1950 at $10'000 annually and worked 40 years with you salary doubleing every ten (10) years retiring out at $80,000 using the current rate for the entire 40 years you would have paid in $112,500.
    If you monthly benefit check is $1,200 and you receive 180 checks you will have received $216000 for the next 15 years ($288,000 for 20 years).
    Based on this you will pay in a lot less then you receive if you live to the age of 80 or more.
    I know if you were given the option of investing this ammount in private insurance or investments you may receive more but you would have to get a double digit return annually to do so.
    So say you.
     
  2. SolaSaint

    SolaSaint
    Expand Collapse
    Well-Known Member

    Joined:
    Nov 27, 2009
    Messages:
    2,824
    Likes Received:
    25
    Isn't one of the problems that our Government has borrowed from the SS fund to give to other entitlements and various Government projects and thus there isn't enough left to pay off those who have paid into the fund. But also don't forget there are many who pay in thousands who never get a dime because they die before being illegible. My Father-in-law received one retirement check and died, but my Father has been receiving a check for 28 years now. Plus you cannot tell me that our Government doesn't make a great return with our money in investing it like banks do?
     
  3. OldRegular

    OldRegular
    Expand Collapse
    Well-Known Member

    Joined:
    Nov 21, 2004
    Messages:
    22,678
    Likes Received:
    53
    There is no Social Security Trust Fund. There are apparently some government bonds but???Those receiving Social Security are being paid out of current receipts. Governor Perry of Texas was correct, Social Security is a Ponzi Scheme!
     
  4. LadyEagle

    LadyEagle
    Expand Collapse
    <b>Moderator</b> <img src =/israel.gif>
    Moderator

    Joined:
    Feb 7, 2002
    Messages:
    22,028
    Likes Received:
    1
    Both of you are, SS and OR are correct.
     
  5. OldRegular

    OldRegular
    Expand Collapse
    Well-Known Member

    Joined:
    Nov 21, 2004
    Messages:
    22,678
    Likes Received:
    53
    But I want to thank all you young people who are making my retirement very comfortable!
     
  6. SolaSaint

    SolaSaint
    Expand Collapse
    Well-Known Member

    Joined:
    Nov 27, 2009
    Messages:
    2,824
    Likes Received:
    25
    Yes, I worry about where SS will be in 10-15 years. What will the conversation be with the enormous amount of baby boomers retired? It will have to be changed by then unless some catastrophic event between now and then.
     
  7. just-want-peace

    just-want-peace
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 3, 2002
    Messages:
    5,505
    Likes Received:
    40
    And just think how many more would be paying into SS had not so many been murdered via our wonderful Supreme Court decision some 50 years ago!?
     
  8. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    SS payments have always been paid from current payroll taxes and the surplus replaced with Treasury bonds and the cash used to pay current budget needs because the SS legislation has always required it. The SS Administration should fill Fort Knox with thousand dollar bills and the Treasury should borrow an equivalent amount on the open market?
     
  9. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    Why doesn't anyone worry about the Army going broke? The Army payroll and the SS payments come out of the same US Treasury.
     
  10. Salty

    Salty
    Expand Collapse
    20,000 Posts Club
    Moderator

    Joined:
    Apr 8, 2003
    Messages:
    22,130
    Likes Received:
    221
    Becasue the Army has underwent numerous budget cuts over the years.

    when will the "give-a-way" programs be cut?
     
  11. saturneptune

    saturneptune
    Expand Collapse
    Banned

    Joined:
    Jan 16, 2006
    Messages:
    13,977
    Likes Received:
    0
    Military pay, Social Security, and Veteran Benefits are not give away programs. Military retirement is not a giveaway program. Just because I did not retire from the military, it is a retirement just like any other job. Everyone chose their career, and everyone is aware of the retirement policies of the company they work for.

    If you chose to work at Walmart, and they have a lousy retirement, you have no right to call military pay or retirement a give away program. You could have joined and retired.
     
  12. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    Why do you think Social Security is a give away program? Workers are paying around 16% of their wage even in the employer deducts half from the pre-pay check and writes it off. The half the the employer pays is carried on the books as an employee cost.
     
  13. Salty

    Salty
    Expand Collapse
    20,000 Posts Club
    Moderator

    Joined:
    Apr 8, 2003
    Messages:
    22,130
    Likes Received:
    221
    I might have missed -but who on this board said SS is a give-a-way program ?
     
  14. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    Good! I stand corrected.
     

Share This Page

Loading...