Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Home RSS
 
 
 

We’ve earned Social Security

October 16, 2011
The Herald-Star

To the editor:

I am sending this to you because it touched a nerve with me. This is another example of treason in high places.

We have been robbed.

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 $30,000 per year for 49 years during your working life, that's close to $220,500.

If you calculate the future value of $4,500 per year (yours and your employer's contribution) at a simple 5 percent (less than what the government pays on the money that it borrows), after 49 years of working 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? I do not think so. I paid cash for my Social Security insurance, So did my employers. Just because our government borrowed the money doesn't make my benefits some kind of charity or handout.

The key point being, I paid into it. If you did not pay in, you should not be able to take out.

Congressional benefits - free health care, 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 or the homeless

In the last months we have provided aid to Haiti, Chile, Japan and Turkey, and now Pakistan, haven 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 other organizations pour hundreds of billions of dollars and tons of food to foreign countries.

They call Social Security and Medicare entitlements, even though most of us have been paying for it all our working lives. Now, when it's time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? Imagine if the government gave us the same support they give to other countries?

Sad isn't it?

James Willson

Toronto

 
 

EZToUse.com

I am looking for: