Social Security aka Federal Benefit C...

Social Security aka Federal Benefit Check

Posted in the Cheektowaga Forum

Since: May 12

Location hidden

#1 Sep 26, 2013
Why is the Social Security check referred to as a "Federal Benefit Payment"?

This isn't a benefit, it is earned income!
Not only did we all contribute to Social Security but our employers did too.

It totaled 15% of our income before taxes .

If you averaged $30K per year over your working life, that's close to $180,000 Invested in Social Security .

If you calculate the future value of your monthly investment in social security($375/month, including both your and your employers contributions) at a meager 1% interest rate
Compounded monthly, after 40 years of working you'd have More than $1.3+ million dollars saved!

This 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.

That's almost three times more than today's average Social Security benefit of $1,230 per month, according to the Social Security Administration.

And your retirement fund would last more than 33 years (until you're 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts.

Instead, the folks in Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did.

They took our money and used it elsewhere.

They forgot (Knew) that it was OUR money they were taking.

They didn't have a referendum to ask us if we wanted to lend the money to them .

And they didn't pay interest on the debt they assumed .

And recently, they’ve told us that the money won't support us for very much longer.

But is it our fault they misused our investments?

And now, to add insult to injury, they're calling it a benefit, as if we never worked to earn every penny of it.

Just because they borrowed the money,
Doesn't mean that our investments were a charity !

We have earned our right to Social Security and Medicare.

Demand that our legislators bring some sense into our government. Find a way to keep Social Security and Medicare going for the sake of that 92% of our population who need it.

Then call it what it is: Our Earned Retirement Income.

Since: Aug 10

Buffalo, NY

#2 Sep 26, 2013
Which blog is this from?

Since: May 12

Location hidden

#3 Sep 26, 2013
FFS- wrote:
Which blog is this from?
I don't know. A friend emailed it to me. If you want to continue to be ignorant and uninformed than don't bother reading my posts. I'm only trying to educate the people who are not the blind sheep who believe everything the lame liberal mainstream media feeds them.

If you dispute the facts as I have stated than provide your rebuttal and I'll take it into consideration.

Since: May 12

Location hidden

#5 Sep 27, 2013
Voice of Genius wrote:
<quoted text>
Are you forgetting that your pension is also referred to as a benefit? If you were tier 1 then you never contributed to it so.....
If tier 2,3, or 4 then you paid something and therefore earned it. The fact that you receive a guaranteed benefit, regardless of what you paid or did not pay, it is still a benefit.
So what's your point? My pension was a defined benefit of my Public Employment contract package. Same as health care and paid vacation.

And for your info I was a Tier 2 and didn't have to contribute a dime towards my pension.
Voice of family

Hamburg, NY

#6 Sep 27, 2013
BFLO NEOCON wrote:
<quoted text>
So what's your point? My pension was a defined benefit of my Public Employment contract package. Same as health care and paid vacation.
And for your info I was a Tier 2 and didn't have to contribute a dime towards my pension.
I guess we need to have language elements defined. The mechanism is the same for SS. When the government doles out money t is called a benefit.

Since: Feb 10

Location hidden

#7 Sep 27, 2013
Voice of family wrote:
<quoted text>
I guess we need to have language elements defined. The mechanism is the same for SS. When the government doles out money t is called a benefit.
Why isn't it called an annuity payment?
Most of us paid into the system and we were told that it was going to be there when we retired and The Gov. should never have had taken any surplus and put into the general fund .
It was to be invested and accrue interest to be paid back to the system and keep it running for years.
Over the years the S.S. system has " lent" the U.S. gov. money to pay for wars and up till the early 1960s it has always been paid back.
Johnson took steps to have all the surplus money that was not paid out to the people that were on S.S. to be put into the general fund and paid in bonds.
So now the U.S. Gov. owes the SS system about 3 Trillion dollars and seeing they cut the percent that people and co. pay in to the system there isn't enough money to pay everybody that is getting S.S. and they have to sell more bonds to beable to pay what they owe.
Have a nice night

Since: Feb 10

Location hidden

#8 Sep 27, 2013
Voice of family wrote:
<quoted text>
I guess we need to have language elements defined. The mechanism is the same for SS. When the government doles out money t is called a benefit.
P.S.
The rate was 7.5% both for the worker and the Co,
now it is somewhere around 4.5% I am not sure.
But if they had never messed with it and we still paid what we had been paying in for years and years and years it would still have a surplus.
Now if the Gov. would pay back what they ( we} owe the system and invested it is some interest bearing bonds that had a very good backing so the system wouldn't lose any money it would be nice
Have a nice night

Since: May 12

Location hidden

#9 Sep 27, 2013
Voice of family wrote:
<quoted text>
I guess we need to have language elements defined. The mechanism is the same for SS. When the government doles out money t is called a benefit.
When the government pays their employees for work it is called a salary. Some benefits are included in the salaries and are earned.
Dole outs are charitable dispensation aka entitlements!

Since: May 12

Location hidden

#12 Sep 27, 2013
Lacrosse Coachhh wrote:
<quoted text>
VOG has a point and your argument does not hold water
The City of Buffalo did not have to give you health care and paid vacation, but they could not opt out of the NYS retirement system.
If you were a principled conservative, you would stop collecting your pension
Not true. The NYPD is not in the NYS retirement system.

Health care and vacation are negotiated items in the CBA signed off by the City. The city could have negotiated a pension contribution provision if they choose to. If the City was conservative they would have. The City is democratic and pawn to the Unions. I may be conservative but I'm not stupid!

Since: Feb 10

Location hidden

#14 Sep 27, 2013
Lacrosse Coachhh wrote:
<quoted text>
OK. I stand corrected, but the fact remains that you are still on the government teat
And this comes from someone that has been on the gov. teat all their life.
You have no room to talk.

Since: Feb 10

Location hidden

#16 Sep 27, 2013
Lacrosse Coachh wrote:
<quoted text>
Yep
I was on social security when my elderly farther was forced into retirement
And almost all of my college tuition was paid by NYS TAP grants
That is called "teaching a man how to fish"
And you bit-- about somebody who couldn't go to work getting $42 and YOU take thousands of dollars.
Nice life Nice
have a nice night MR Protestant loving mc Irish liar.

Since: Aug 10

Buffalo, NY

#18 Sep 28, 2013
BFLO NEOCON wrote:
Why is the Social Security check referred to as a "Federal Benefit Payment"?
This isn't a benefit, it is earned income!
Not only did we all contribute to Social Security but our employers did too.
It totaled 15% of our income before taxes .
If you averaged $30K per year over your working life, that's close to $180,000 Invested in Social Security .
If you calculate the future value of your monthly investment in social security($375/month, including both your and your employers contributions) at a meager 1% interest rate
Compounded monthly, after 40 years of working you'd have More than $1.3+ million dollars saved!
This 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.
That's almost three times more than today's average Social Security benefit of $1,230 per month, according to the Social Security Administration.
And your retirement fund would last more than 33 years (until you're 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts.
Instead, the folks in Washington pulled off a bigger Ponzi scheme than Bernie Madoff ever did.
They took our money and used it elsewhere.
They forgot (Knew) that it was OUR money they were taking.
They didn't have a referendum to ask us if we wanted to lend the money to them .
And they didn't pay interest on the debt they assumed .
And recently, they’ve told us that the money won't support us for very much longer.
But is it our fault they misused our investments?
And now, to add insult to injury, they're calling it a benefit, as if we never worked to earn every penny of it.
Just because they borrowed the money,
Doesn't mean that our investments were a charity !
We have earned our right to Social Security and Medicare.
Demand that our legislators bring some sense into our government. Find a way to keep Social Security and Medicare going for the sake of that 92% of our population who need it.
Then call it what it is: Our Earned Retirement Income.
Ignorance is believing that could be true without actually bothering to find out if its true

What you pasted is written by LIBERAL rep. Debbie Wasserman Shultz, and some liar conservative changed a few words to make it sound how they wanted

SO pathetic

Since: May 12

Location hidden

#19 Sep 28, 2013
FFS- wrote:
<quoted text>Ignorance is believing that could be true without actually bothering to find out if its true
What you pasted is written by LIBERAL rep. Debbie Wasserman Shultz, and some liar conservative changed a few words to make it sound how they wanted
SO pathetic
Debbie Wasserman Shultz is a professional liar. If you don't believe it then Google it!

I'm sure if a conservative changed it it was to make the statement more accurate and factual.
whocares

Buffalo, NY

#20 Sep 28, 2013
BFLO NEOCON wrote:
<quoted text>
Debbie Wasserman Shultz is a professional liar. If you don't believe it then Google it!
I'm sure if a conservative changed it it was to make the statement more accurate and factual.
republicans and conservatives want to fleece you until you die.

they consider public servants as leeches at the public teet...

face it "neocon"... your conservative "friends" reject and hate

you....

Since: May 12

Location hidden

#21 Sep 29, 2013
whocares wrote:
<quoted text>
republicans and conservatives want to fleece you until you die.
they consider public servants as leeches at the public teet...
face it "neocon"... your conservative "friends" reject and hate
you....
As I said before...I'm conservative in name only. I will milk the system just like anybody else. It's the American way!
ic11s

Daly City, CA

#22 Nov 12, 2013
Snopes - Federal Benefit check - go ahead, google it.

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