Did you know this? I certainly did not, as I am one of those whose Social Security funds are direct deposited to my bank, thus, I never see the checks.
Once again, our beloved congressmen are playing fast and loose with vernacular. What motive did they have for changing the name of our Social Security? I’m sure they have a plan, and it won’t be to our betterment.
SOCIAL SECURITY becomes FEDERAL BENEFIT CHECK?
Have you noticed, the Social Security check is now referred to as a "Federal Benefit Payment"? I'll be part of the one percent to forward this. I am forwarding it because it Touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it. The government is now referring to our Social Security checks as a “ Federal Benefit Payment ” . This isn't a benefit it. 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 (Google it - its a fact). 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. Offered by John C. Just because they borrowed the money, doesn't mean that our investments were a charity.
Let's take a stand . 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. * 99% of people won't forward this. Will you? *You can bet I WILL !!!*
joeweiss58The law has not changed, it is called FICA for a reason. You and your employer still pay into it. Only thing is the Republucans are using it to coerce the President to change how COLA is defined. Dont be fooled by what you hear. 2 years ago
joeweiss58Not that either. The Republicans claim that Social Security, Medicare and Medicaid are the reasons for the Deficits. Since 1935, that has never been the case. Social Security has been set up as a trust fund seperate from the budget and currently has a surplus. It is expenditures such as Defense, Subsidies and other items that are the current reasons for the Deficit. The Republicans love to mix apples and oranges.2 years ago
siteadminDon't believe everything you read, snopes included! Although some of this article can be discounted the fact is that they are trying to call it a benefit to add to the stigma that it's a handout.2 years ago
joeweiss58Most information I get about this is from Roll Call which is owned by Congressional Quarterly plus Huffington Post and other resources. As I said the law itself has NOT changed, this is mostly political BS.2 years ago