There was, in time gone by, a cap on the SS "Contribution" that the government extorted from employers and employees. No more. No longer is there any "cap" on the amount at now 16.5% (if it's not there it will be next year) that you must, by law, contribute to SS.
I earned in excess of $300k each year for the last twelve or fifteen years of my working life. And yes, I paid in at those rates much of that time. Eventually I incorporated my professional services and worked as an independent contractor, although I reserved the right to "buy in" to the company health plans, and other group coverages.
My overall contribution to Social Security (coupled with the employer's portion of course) totaled in excess of a million dollars. You tell me at the "family maximum" how much of that I'll ever see again? There has always been a "maximum" benefit payable to any individual or family that caps the payout on SS benefits to somewhere currently around $2200 per month. That's it. That's all you get no matter HOW much you may have paid in thru their legalized extortion.
Is it any wonder that high earning individuals and others (like members of congress) avoid paying into SS any way they can? Yet, the system only works when those high earning individuals do pay in.
An "Entitlement???" Quoting: Anonymous Coward 1488453
What am I missing here?
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% 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, you'd have $892,919.98. If you took out only 3% per year, you receive $26,787.60 per year and it would last better than 30 years, and that's with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% 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 Madoff ever had.
Entitlement my !!!!, 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, also known as free health care, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare - out of my pockets!
and they have the nerve to call my retirement entitlements !.....scroll down..............
Emergency Rooms for their general health care -At just one hospital the cost to tax payers totaled over 25 million a year!!!
Someone please tell me what is wrong with all the people that run this country!!
We're "broke" & 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!
They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives and now when its time for us to collect, the government is running out of money. Why did the government borrow from it in the first place?
We have hundreds of adoptable children who are shoved aside to make room for the adoption of foreign orphans.
AMERICA: a country where we have homeless without shelter, children going to bed hungry, elderly going without 'needed' meds, and mentally ill without treatment -etc,etc.
They have a 'Benefit' for the people of Haiti on 12 TV stations, ships and planes lining up with food, water, tents clothes, bedding, doctors and medical supplies.
Imagine if the *GOVERNMENT* gave 'US' the same support they give to other countries.
YEAH, OK, SO WHEN DO WE GET ANGRY ENOUGH to DO SOMETHING ABOUT IT?????
99% of people won't have the guts to copy and forward this