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. 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? Paid cash for my social security “insurance”. Insurance is what they called it, but, if any insurance company handled your money the way the US government did, the State regulators would shut it down and the executives would be charged with fraud.
Just because they “borrowed” the money, doesn’t make my benefits some kind of charity or handout. Congressional benefits, aka. free health care, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that’s charity.
They call Social Security an entitlement, even though most of us have been paying for it all our working lives. Now when its time for us to collect, the government is running out of money. Why did the government steal, I mean “borrow” from it in the first place?