March, 2012
"Social Security" is Being Re-Named!
How many of you have taken NOTICE of the new terminology used throughout Senate and Congressional meetings lately?
Social Security payments are now referred to as "Federal Benefit Payments, or Entitlements".
The term "Federal Benefits" really sticks in my gullet, these days. Somehow, our government workers inside the White House and our Representatives in the Senate and Congress do not understand how Social Security monies are culled from each American Worker's and their respective Employer's pocketbooks. Nor do they understand the valuation and distribution of each American worker's set-aside, earned income to be re-distributed back to each workers upon reaching a specified retiement age.
For every government worker's benefit in the White House, I will re-explain how Americans become incensed over their own government's sense of entitlement to re-title and potentially misuse the percentage of our earned income that we provide to the Social Security Administration Agency during our employment lifetime, which is to be held under interest and bond, to be re-distributed back through a measured payment system to each worker upon his or her retirement age.
I am not going to start another civil discourse on what has been happening with the collected Social Security Wages of workers who have passed away before reaching their retirement age, as that could start a revolution!
For some of you, who do not think that your Social Security earned income held by our government amounts to the largess that you will receive after your retirement age, until your death; let me use a few simple calculations that should leave you re-thinking the value of your financial relationship with the Social Security Administration agency.
The first thing to take into account in calculating your earned dollars is that your employer also contributed earned revenue to your retirement coffers. Your percentage and your Employers' would total 15% of your annual income before TAXES, times all your employment periods throughout your working life.
Let's say you are relatively a low income earner, averaging only $30,000 a year for your employment lifetime. This amounts close to $220,500.00.
Nothing to sneeze at, is it? But remember, we have also been earning interest on this income all throughout our working life. If you calculate the future value of $4,500.00 per year (a low-ball estimation of you and your employer's contributions); at a simple 5% (which is less than what our government pays on the money it borrows), after 49 working years, you would have earned $892,919.98 dollars to be re-distributed back to you annually to provide for your retirement.
Still think this is not enough to care for you, till you die? Let's say you only take out 3% each year, so that your earned monies would last you till you were 95 years of age. That still equals approximately $2,900 per month.
Now, just because our government has borrowed or misused my hard-earned income, does NOT mean my Social Security is some kind of CHARITY or hand-out! I paid hard cash for my social security insurance and when it is time to pay up, it had better be there - and noone has the right to call it an Entitlement!!!
Have you figured out your congressman's benefit package?
They get free healthcare, outrageous retirement packages, (far better than what my hard-work has earned my REAL INCOME payments over the years), 67 paid holidays, three weeks paid vacation each year, unlimited sick days - NOW to me, that's CHARITY BENEFITS!!!!
Our government has misused and abused each and every American's money and now we are broke and can't help our own Seniors, Veterans, Orphans and Homeless persons; but we don't seem to have any problem providing billions of dollars in aid to Haiti, Chile, Turkey, etc.
I, personally do not want to hear one more mis-used term about my Social Security Savings, nor do I expect to have any problems securing my payments after I reach the age of retirement, and at some point, I am going to become very interested in determining what has happened to all the earned income of every American worker who passed away prior to retirement and whether or not that money reaches the hands of the worker's surviving family members!!!!!!
Diana Diehl
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