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greater irony is that part of our OA SS benefit can be taxed as " income" . The OA benefit calculation is the most heavily 'progressive" rate there is! The proportion of FICA payment goes from 90% to 15% and many yeaqrs are not even adding ANY benefit for most working lives, while shorter term workers get to incude all theirs .
In Response to Re: A federal balanced budget:
I am a conservative. There are none of us in the Republican Party. If there were, they would say what I just said.-----------------But what the liberals won`t say is how the Social Security has been robbed and plundered------ SOCIAL SECURITY becomes FEDERAL BENEFIT CHECK
/> /> Have you noticed, the Social Security check is now referred to as
/> /> "Federal Benefit Payment--
/> /> The government is now referring to our Social Security checks as a “Federal
/> /> This isn't a benefit it. It is 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 your 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 - its 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 (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
/> /> 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
/> /> 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.
/> /> Offered by John C.
/> /> Just because they borrowed the money,
/> /> doesn't mean that our investments were a charity !
/> /> 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. *
Posted by easyed598