- A person making $40,000 a year pays $3000/year (7.5%) into Social Security
- A worker who AVERAGES $40,000/year for a 40-year working career, contributing 7.5% into S.S. will collect a maximum of $24,000/year for 15 years
- The Stock Market has an historic AVERAGE growth of 9%/year
- If that same employee invested that same 7.5% in the stock market for 40 years, he would accrue $1,880,000 in his ‘retirement’ account…. Or said another way $126,000/year annual retirement income
- ‘Means testing’ Social Security – a suggestion from Obama’s Debt Reduction Committee, means the government will determine who is ‘too rich’ to draw S.S. EVEN THO YOU MAY HAVE CONTRIBUTED TO THE SYSTEM YOUR ENTIRE WORKING LIFE AND EVEN IF YOU PLANNED ON THAT MONEY AS A RETIREMENT SUPPLEMENT! I sincerely hope the American people will find this unacceptable. If you paid in – you should draw out – PERIOD!
- If there are those, with great wealth, that choose to opt out of receiving S.S., they should be given a tax credit for all or part of the money they have contributed. This might encourage more of the truly rich to forgo S.S.
- • And there has to be a mechanism to permit young people entering the work force to fund a MANDATORY PRIVATE RETIREMENT THAT THEY – NOT UNCLE SAM - CONTROL. This would allow the current S.S. system to eventually go ‘out of business’ by attrition.
- And do NOT say: What if they refuse to fund a retirement plan? WE HAVE THAT NOW! It’s called ‘people riding in the wagon rather than PULLING it!’ And they not only aren’t funding a retirement, they aren’t even WORKING! The difference would be – you don’t save – you don’t EAT. It is obscene that able-bodied Americans are not MADE to work for their handout! If they are receiving government money, they can dig holes and fill ‘em up to ‘earn’ their subsidy.
It is time for the government (i.e. the taxpayers) to stop enabling…. Those that CAN, DO…. Or do without! Those that CAN’T…. that’s why we have private charities, and that worked for years until LBJ destroyed the American family.
If you want to read something really funny, check out this link:
It is the GOVERNMENT’S story of how S.S. began and how wonderful it is to this day.