Posted on 01/08/2015 8:42:01 AM PST by drypowder
And this is exactly what I will expect to happen before the bulk of the baby boomers get through the system. People working today need to plan for the very real possibility that all their social security payments will be useless to them when they need them.
Social security is bankrupt, and has been for a very long time.
“...The next year they quit sending out statements.”
One of the reasons they quit sending out the statements was cost. Bulk mail and paper - it costs a lot to send out all that information to the millions of SS numbers.
You can go to their on line site, sign it (create an account)
and view you information.
But, we were promised! Does not a GOVERNMENT PROMISE mean anything? ;-)
http://www.socialsecurity.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And HERE is where your money went! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
My dear mother, who raised 7 children as a stay-at-home Mom (at least we are all working, middle-class tax payers) went out to work for about 10 years after the last of us were old enough to get our own lunches, get ourselves to school, etc... I estimate she and her employer maybe paid $20,000 into the Soc. Security system back in the late 1970's and 1980's.
When she died last year at 91 years old, she was still getting her $1066/month. I estimate she took at least $170,000+ from the system.
That's not "earned income." That's a government operated ponzi scheme, for which she was on the receiving end. Demographics and US Debt will put most of us today on the opposite Bernie Madoff end of the scale.
It constantly amazes me that there are people in America who still haven't figured this out.
Several generations of American politicians lied to the people, stole their money, and then spent it all.
Now this crop of politicians preys on the ignorant, convincing them that they are ENTITLED to rob a whole new generation blind.
Then by all means, point me to a savings account that pays compound monthly interest.
They are correct. It’s an “entitlement”.
Ok, you are right - I stand corrected on self-employment SS.
I’m 43 and not holding my breath on it.
Yep. It’s why I bought, in 2008, and moved, in 2011 to my farm in central KY after 45 years in the Seattle area. I’m amazed how far the road they’ve been able to “kick the can”, though. But this too will end. Eventually there will be nothing they can do. It will hit critical mass. When that happens, God help us - and according to Revelation, Daniel, Matthew, Ezekiel, et-al, he will - eventually.
google search Harbinger and september 13, 2015. It’s something I was made aware of only in the last few months, but it is rather interesting.
Al Gore’s father and HIS cronies in the DEMOCRAT party, moved the taxes into the GENERAL FUND years ago .. so that is the reason it’s been LOOTED .. and now may soon deprive many seniors from living an independent lifestyle.
That is not the way it works. All revenue collected thru the payroll taxes are converted into T-bills upon receipt. The revenue is used to pay all benefits. The T-bills represent an obligation of the USG to pay both interest and to convert into dollars upon demand. It is why the SSTF and HI trust funds are included in the $18 trillion national debt under "Intergovernmental Holdings."
SS and Medicare are pay as you go programs. Today's workers pay for today's retirees. SS has been running in the red (revenue collected versus benefits paid out) since 2010 and Medicare since 2008. As a result, in order to pay full benefits, both SS and Medicare have been cashing in their T-bills to make up the shortfalls.
40% of Medicare is funded via the General Fund, by law. The premiums paid for Medicare Part B and D only cover 25% of the benefits. The remaining 75% come from the General Fund. As the number of retirees continue to increase, the amount coming from the General Fund will increase eventually consuming the entire federal budget if not reformed. The average retiree gets more than three times in benefits than they contributed to the program.
You are entitled to the money, therefore it is an entitlement. What’s the outrage?
your post makes no sense. How does the pharmacist know where the money comes from to pay for your prescription?
If a private pension trustee did this, he would spend the rest of his days breaking larger rocks into smaller rocks. Of course SS is an entitlement! The "trustee" spent your SS money (and more) before you (and your employer) even sent it in.
I got that email too and dumped it.
I get things from an acquaintance and 4 year x marine and at the end of all the garbage sent and there is a bunch, it says,”from a retired Marine Pal”.Is that supposed to give it credibility or do retired marines have nothing better to do than forward spam emails,Just curious??
Same boat..In fact, the way things are going I don't expect there to be a United States by the time I reach "retirement". All I can do is gear up for living surviving on my own.
One other thing people might not realize, is that if you die before the last day of the month, there will be no SS check for you the following month. The SS check I’ll get on January 14th is actually for December. So, if I had died on the 30th, there would be no check deposited in January. They used to pro-rate the money if you died before the end of the month, but they haven’t done that in a very long time. Also, unless there are living dependents of the deceased, there is no burial allowance. I found all this out in 2011 when my sister died, and I was the only one left to take care of her burial. My sister screwed the government one last time though, and died on her birthday, Sept. 2nd...so the August check came when it was supposed to in September.
yes it is an entitlment fund.
Entitlement is a fund that you earned.
The problem is that the term has been applieded to funds that people have not earned and causes a bad name to be applied to that term.
Food stamps, welfare are not earned and thefefore are not true entitlements.
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