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Author Topic: Federal Benefit Payment checks. A.K.A. Drawing your pennys.  (Read 3498 times)
kingbee
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« on: October 28, 2012, 02:52:50 AM »

The government is now referring to our Social Security checks as a “Federal Benefit Payment.” This isn’t a benefit – its earned income! Not only did you contribute to Social Security but so did your employers.

It totaled over 15% of your income BEFORE taxes and you paid income taxes on every penny.  If you averaged $30K per year over your working life, you’ve invested close to $180,000 in Social Security. If you calculate the future value of your monthly investment in social security ($375/month, including both your and your employer’s contributions) at a meager 1% interest rate compounded monthly, after 40 years of working you'd have saved more than $1,300,000 dollars! This 1.3 Million dollars is your personal investment.

Upon retirement, if you took out only 3% per year, you'd receive $39,318 per year, or $3,277 per month (Or $78,636.00 per year for a husband and wife). The $3,277 per month is almost three times more than today’s average Social Security benefit... excuse me, CHECK of $1,230 per month.  (According to the Social Security Administration)

Your retirement fund would last over 33 years (until age 98 if you retired at age 65)! I can only imagine how much more comfortable the middle class could live in retirement if our government had just invested your money in low-risk interest-earning accounts.

Instead, Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did. They spent YOUR money on gold plated toilet seats or else to buy votes to keep themselves in office.  If they knew it or if they ever cared, they “forgot” that it was YOUR money that they were taking.

Also they didn’t pay interest on the debt they assumed.  Now they tell us that your money is running out and now that you can’t work, your retirement fund won’t support you much longer.  Is it your fault they mismanaged, misused and misappropriated your retirement investment?

And now, to add insult to injury, they’ve started calling it a “benefit,” as if you never worked your whole life and earned every penny of it. Just because they “borrowed” your money without your permission, doesn't mean that your retirement investment is a donation to charity! Will you take a stand like a proud American, or are you going to take it laying down?  angry angry

« Last Edit: October 28, 2012, 12:33:50 PM by kingbee » Logged
asprince
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« Reply #1 on: October 28, 2012, 10:00:42 AM »

Well said!!


Steve
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Politics is supposed to be the second oldest profession. I have come to realize that it bears a very close resembalance to the first. - Ronald Reagan
BlueBee
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« Reply #2 on: October 28, 2012, 01:33:34 PM »

As usual, right wing math doesn’t add up….unfortunately.  If you contributed $375 a month to SS for 40 years at 1% APR, after 40 years the sum of that investment would be $221,000 NOT 1.3 million.  That 1.3 million calculation is another fantasy from bee keepers fantasy land.  I wish my bankers used bee keeper math on my account Smiley

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The $3,277 per month is almost three times more than today’s average Social Security benefit... excuse me, CHECK of $1,230 per month.
That’s because your math is off by more than 3x.

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I can only imagine how much more comfortable the middle class could live in retirement if our government had just invested your money in low-risk interest-earning accounts.
If you think you can invest $375 a month and end up being a millionaire, then why the HECK didn’t you do that with some of your other income?  I thought beeks were all about personal responsibility.  Why are you counting on the government when your math says it is so easy to make 1.3 million?

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Instead, Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did. They spent YOUR money on gold plated toilet seats or else to buy votes to keep themselves in office.
This I agree with!

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Now they tell us that your money is running out and now that you can’t work, your retirement fund won’t support you much longer.  Is it your fault they mismanaged, misused and misappropriated your retirement investment?
You are right here too.  However we’ve all known since the days of Reagan’s massive debt creation that the money was going to run out.  It would indeed be foolish to count on the government.  It would have been even more foolish to let Dubya “invest” what was left on Wall Street!

I agree with your last assertion too, but the best we can probably realistically hope for is that the program will eventually be axed.  Like with any business that goes bankrupt, when the day of reckoning for the US occurs (ie bankruptcy), the ax is pretty indiscriminate in lopping off debts that simply can’t be repaid.
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kathyp
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« Reply #3 on: October 28, 2012, 04:46:00 PM »

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If you contributed $375 a month to SS for 40 years at 1% APR,

you assume 1% because that's what our current idiots are holding us to.  over the last 40 years, i have gotten returns as high as 15% on safe investments.  granted, that didn't last to long, but off the top of my head, i'd guess that the average over the last 40 years has been closer to 5%...maybe better, and that's with no risk.  on my higher risk investments, i have made even more.
and i did invest outside SSI even when we were poor as dirt and it was only a couple of bucks a month.  anyone can if they put their mind to it, but how much easier would it be if the government were not taking and "investing" that for you?

the problem with SSI is less those who have paid into it, and more those who have not and still draw.  a man dies and his wife and 4 kids each draw a check.  a child is disabled, and regardless of parents income, the kid gets a check.  work a few years and throw your back out, you get a check.  go on meds for depression, anxiety, etc., get a check.  there is a whole segment of the legal industry  dedicated to getting people SSI payments. 
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
BlueBee
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« Reply #4 on: October 28, 2012, 11:36:50 PM »

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you assume 1% because that's what our current idiots are holding us to.
No, I didn’t pick the crazy number of 1%, the Kingbee did! 

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over the last 40 years, i have gotten returns as high as 15% on safe investments.
GM is still up 10% for the year.  Maybe we should have let Dubya “invest” all bee keeper money in GM stock?  grin

While right wing math doesn’t add up, I do agree with you that the program should be reformed and/or axed.  I don’t expect to see any of my money back.  Not happy about that, but it wouldn’t be the first time I had an “investment” go sour. 
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kathyp
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« Reply #5 on: October 29, 2012, 12:12:25 PM »

if i had been invested in GM i would have been screwed out of my investment by the governments illegal interference in the bankruptcy.  the stock may currently be up, but it is still a money loser for the tax payer. 

Quote
Not happy about that, but it wouldn’t be the first time I had an “investment” go sour. 

it's not an investment when you don't have a choice. 
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
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« Reply #6 on: October 29, 2012, 12:47:27 PM »

As much as y’all like to complain about SS, its Medicare and the baby boomers poor health habits that will really bankrupt the nation.  You know, the same demographic that tends to keep bees and preach personal responsibility.  Wink
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kathyp
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« Reply #7 on: October 29, 2012, 01:05:18 PM »

it's all of the above.  those same boomer bought the myth of the Population Bomb and now expect to be supported by the kids they did not have. 

it is interesting that you bring up poor health habits, although i would argue that they can't be too poor or these folks wouldn't be living so long....the interesting part is how you think that since you are paying for it, the boomers health habits are your business.  won't it be = interesting to see how that line of thinking plays out under obama care if it survives, and under the eventual single payer system that is desired by so many.
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
kingbee
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« Reply #8 on: October 29, 2012, 02:58:12 PM »

BB, I have whipped and thrashed the numbers every which way and I can't get them to come out much less than 2 million regardless of what data I use.  You are using 1% annual intrest compounded monthly, not 1% monthly intrest.  Now if I correct for inflation at a miserly 5% it goes through the roof, also be advised that just because you turn 65 and retire doesn't mean you withdraw you retirement fund and keep it at home in a fish bowl so you can watch it for the next 33 years.

That is the problem with the economy under Obama, he said himself that he is not good at math but he chides others for a poor knowledge of mathematics when it is obviously not the case, while all the while he is driving out economic SUV at top speed further and further into the ditch.

http://www.bsmotoring.com/storypage.php?autono=5905
Here is a little tidbit you good folks in Ohio and Michigan may need to know about before you vote.  Obama Motors (Chrysler-Jeep-Fait) are going to take their O'bailout dough, pull up stakes and move all Jeep manufacturing, lock, stock, barrel to China.  How's that Hopey Changy thingy working out for you?

http://economyincrisis.org/content/a-lost-decade-for-nearly-every-state
As Michigan has lost over 18% of their household income, Washington the Distric of Columbia has gained a like amount mostly on the strength of Federal Government hiring that averages $130,000 per job counting benefits.  Both states or either side of Washington the District of Columbia, Maryland and Virgina have also benefited from Obama's "SPREADING THE WEALTH AROUND... NOT!  The only other states that are doing better are Lousiana, Wyoming, Nebraska, West Virginia, Montana, and North and South Dakota.  These states are only doing better than the country as a whole because of Obama's contrived energy shortage that is forcing every man, woman, and child to pay more for energy just like Obama promised you he would do back  in 2007.  My estimated friend BlueBee has already admitted in a previous post that there are a lot of West Virginia folks cashing Mail Box Money Checks because of all the Natural Gas drilling and fracking going on their land now.  Just this week Obama stoped even more oil drilling in Alaska.

As the above link describes, Michigan lost $1,500 hundred dollars combined under Presidents Bush and Clinton (Between 2000 and 2007) but Michigan dropped a bruising $6,100 in take home pay during just the first three years of the current occupant's missrule, 2009, 2010, and 2011.  Say what you will this Depression is Obama's Depression as sure as the last Depression belonged to Herbert Hoover.  I think it was Albert Einstein who said something about the insane repeating failed actions?  Better look it up BB before its too late.

The workers in Michigan have lost almost 20% of their income and counting since 2000.  Still the Federal, State, and local governments keep loading down, larding up, and smearing down industry, especially the auto industry with more rules, more regulations, and more mandates. When will it end?  It will end when Detroit and all the rest of Michigan's Lower Peninsular is once again a long grass prairie or forrest like it was before the French first sat foot on it.  Michigan's only other chance for positive change is on November 6Th.

The smart money always says that the rich get rich and the poor get poorer.  I therefore find it telling that it is mostly the super rich who are funding Obama's campaign.  But since Obama has been on the job (January 2009 till now) the Middle Class is down 4% on the old paycheck stub while the poorest Americans have lost a STAGGERING 7% of their income and as inflation begins to pick up more steam, everyone will quickly become poorer and poorer and poorer every week if not literally poorer every hour.

http://www.thetruthseeker.co.uk/?p=57655
  
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carlfaba10t
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« Reply #9 on: November 04, 2012, 09:35:45 PM »

Kingbee: Just need to correct you on one little thingy, Chrysler Corp. Will be building Jeeps in China next year,"BUT" They will not be shutting down their plant here! Just expanding their over seas operation.Where it will go from there i can only hope. grin
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Carl-I have done so much with so little for so long i can now do something with nothing!
Jim 134
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« Reply #10 on: November 04, 2012, 10:19:29 PM »

kingbee...........

 How many people get SS and did NOT PAY IN TO at it all to Social Security  huh


     BEE HAPPY Jim 134 Smiley
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luvin honey
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« Reply #11 on: November 15, 2012, 12:28:20 PM »

As much as y’all like to complain about SS, its Medicare and the baby boomers poor health habits that will really bankrupt the nation.  You know, the same demographic that tends to keep bees and preach personal responsibility.  Wink
Exactly. Plus, SS constantly getting robbed for other programs. It's self sufficient so far, if it weren't for that.

I think there shouldn't be a break from paying into SS once you hit a certain income level. Doesn't make sense to me. Let the extremely wealthy pay on ALL their income.
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kathyp
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« Reply #12 on: November 15, 2012, 02:10:33 PM »

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Doesn't make sense to me. Let the extremely wealthy pay on ALL their income.

why do you think that makes sense?
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
luvin honey
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« Reply #13 on: November 15, 2012, 02:55:36 PM »

If I earn $30,000 and pay SS on all of it, why would I magically become exempt after $110,000? I don't know how to answer your question. I'll ask instead, how DOESN'T it make sense to you?
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The pedigree of honey
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Is aristocracy.
---Emily Dickinson
Vance G
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« Reply #14 on: November 15, 2012, 02:57:12 PM »

What we have here is a failure to communicate.  An education system contructed and manipulated to maintain a steady flow of union dues to a politcal party can hardly be expected to; or desire, to give students any grounding in logic.  It has been going on for fifty years I know of and we see the results.  In the sixties Look who were described as the villians?  Roosevelts malfeasance and inability managed to turn a sharp crash into a ten year depression.  Hoover and Coolidge were; and are still being scapegoated.  Now Bush who was a good liberal social spender will be scapegoated for Bathhouse Barry's incompetence and hard ideology.   Roosevelt was touted for his pragmatism which translated to none of it working.  I guess we get to relive it all.  I see the bargain is still getting better in the market!
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kathyp
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« Reply #15 on: November 15, 2012, 03:25:43 PM »

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I'll ask instead, how DOESN'T it make sense to you?

because the person with the higher income paying more into the program will never get what they paid in, out.  what you are advocating is more welfare...although that's pretty much what SSI has already become for many.

you want to people who make more, to pay for those who don't.  just say what you mean. 
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
luvin honey
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« Reply #16 on: November 15, 2012, 03:33:25 PM »

It does strike me as something a civilized society does. Better yet, those making over $100,000 don't get anything at all. SS was set up to keep poor seniors from starving/freezing to death. Why on earth would it need to fund the retirement of the wealthy also?

I'm far from wealthy. I am not counting on SS to get me through retirement. DH and I have been setting money aside since the year we were married for that reason.
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The pedigree of honey
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kathyp
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« Reply #17 on: November 15, 2012, 03:46:55 PM »

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SS was set up to keep poor seniors from starving/freezing to death.

and i don't want poor seniors to start or freeze.  however, that's not what SSI does now, is it?

just off the top of my head, here's what i am seeing among people i know.

-throw out your back? draw SSI disability for life. 
-one parent dies in a home with an income over 200,000 a year + insurance from death, home, etc.?  kids draw SSI until age of 21 and surviving spouse draws survivors benefits.
-want a new and expensive horse trailer?  cash in insurance policies that were for retirement and buy the trailer.  you have calculated that the SSI the two of you will draw, will be quite nice.
-have a child with a disability?  never mind that you work for the state and have great medical benifits and a really good income.  the child will draw SSI for life.

this in my small circle of acquaintances in my small town. 
before you take more money from people, maybe reforms are in order?
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
luvin honey
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« Reply #18 on: November 15, 2012, 03:51:52 PM »

So, let's revamp the system rather than throw it out entirely or underfund it. Same with other welfare. I'm just saying that historically SS was to prevent actual death or impoverishment. Not subsidize a nice retirement for people fully able to do so themselves.

Same with crop subsidies. The current system is NOT reflecting the original intent. Exactly opposite, actually.

So, yes, reform is definitely in order.
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The pedigree of honey
Does not concern the bee;
A clover, any time, to him
Is aristocracy.
---Emily Dickinson
kathyp
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« Reply #19 on: November 15, 2012, 03:56:17 PM »

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So, yes, reform is definitely in order.

but you want higher taxes first so that it's all "fair". 

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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
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