There are times I get emails from readers that cause me to pause for a moment – and the one I’m about to share did exactly that. Being over 40, I don’t count on Social Security as my retirement plan and I made that known to a few; I’m sure I also stated that Social Security is one entitlement I’d be fine letting go, since I could make a better return elsewhere. My question to you is, “In light of Congress talking about eliminating military pensions and others talking about eliminating Social Security, is this individual’s rant just that — a rant — or is he on to something?” You decide.
“Remember, not only did you contribute to Social Security but your employer did too. It totaled 15 percent of your income before taxes. If you averaged only $30K over your working life, that’s close to $220,500. If you calculate the future value of $4,500 per year (yours & your employer’s contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working (that was me) you’d have $892,919.98. If you took out only 3 percent per year, you’d receive $26,787.60 per year and it would last better than 30 years (until you’re 95 if you retire at age 65) and that’s with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4 percent per year, you’d have a lifetime income of $2,976.40 per month. The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
Entitlement my ass, I paid cash for my Social Security insurance!!!! Just because they borrowed the money, doesn’t make my benefits some kind of charity or handout!! Congressional benefits, aka. free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that’s welfare, and they have the nerve to call my social security retirement entitlements?
We’re “broke” and can’t help our own Seniors, Veterans, Orphans, Homeless etc.!
In the last months we have provided aid to Haiti, Chile, and Turkey. And now Pakistan……home of bin Laden. Literally, BILLIONS of DOLLARS!!!
Our retired seniors living on a ‘fixed income’ receive no aid nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$$$$’s and Tons of Food to Foreign Countries!”
So. This individual knows where he stands. Do you?
Michael Schindler, Navy veteran, and president of Edmonds-based Operation Military Family, is a guest writer for several national publications, author of the book “Operation Military Family” and “The Military Wire” blog. He is also a popular keynote and workshop speaker who reaches thousands of service members and their families every year through workshops and seminars that include “How to Battle-Ready Your Relationship” or “What Your Mother-in-Law Didn’t Tell You.” He received the 2010 Outstanding Patriotic Service Award from the Washington State Department of Veterans Affairs.