Social Security is self funded - meaning, we, the employees and they, the employers, have paid into the Social Security program all through the years. Never, has the Social Security fund ever used funds from somewhere else to pay benefits that are due. FACT: Congress and administrations have raided the SS fund over the years, leaving behind IOUs - to the tune of at least 3 TRILLION dollars - that's right, Trillion.
I found a couple of answers to explain this in detail.....but these TRILLIONS of dollars are owed to the SS fund just as much as any debt owed to China or anyone else holding our national debt and in fact, the SS fund should be reimbursed FIRST!!
Here are a couple of great explanations:
Source:
http://answers.yahoo.com/question/index?qid=20110725091724AAL3nE6
Now, here are also some facts: Congress has already raised the retirement age for full benefits and my age group has to wait until age 66 to collect. Full benefits average about $1200./month. If you retire early (age 62 up to age 66) your benefits are reduced.
The average SS recipient today gets around $1000/month. Some get a little more, some get less. I know people who collect $700/month. Out of that, $350/month goes for supplemental insurance premiums (Medicare pays very little on medical expenses, so you MUST have supplemental insurance). These people live with relatives because they would not be able to be self-sustaining on this income.
Here's another fact: You can retire at age 62 at reduced benefits and you can still work but the cap is around $13k or $14k per year and for every $2 earned over the cap, you must pay back $1. Right now, at age 66, we can work and earn as much as we want.
Here are some more facts: A lot of people cannot work until they are age 80, due to declining health, worn out joints, etc. As someone pointed out, who wants an 80-year-old pilot in the cockpit? Millions of people work standing on their feet all day (hairdressers), or climb telephone poles, creep under cars, do roofing and dig ditches, how many 80-year-olds do you know who can do those physical labor tasks? Not everyone has a cushy desk job like the politicians and lawyers who think the rest of us should just keep on going like Ever Ready bunnies!!
It is a crime, a CRIME!! what politicians from both parties have done to us. They keep us divided, Republicans blaming Democrats and Democrats threatening that Republicans want to throw granny over the cliff, when in all reality, they ALL have defrauded the working men and women of this country and thrown us ALL over the cliff by robbing us. It is crime what they have done and they need to pay us back!!! With interest!!!
