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 (me) you'd have $892,919.98. If you took out only 3% per year, you receive $26,787.60 per year and it would last b et ter 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 lif et ime income of $2,976.40 per month. The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
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