To the editor:
Fellow retirees …
Take a look at your Social Security check, if it is not directly deposited, and you will see our Social Security check is referred to as a Federal Benefit Payment. Like H^%* it is! This isn’t a benefit; it is a fully vested retirement benefit. Not only did we contribute to Social Security, but our employer did also. It totaled 15 percent of our income, before taxes. If you averaged $30,000 per year over your working life, that’s close to $180,000 invested in Social Security.
If you calculated the future value of your monthly investment in Social Security ($375/month, including both your and your employer’s contribution) at a meager one percent interest rate compounded monthly, after 40 working years you’d have more than 1.3-plus million dollars.
Instead, the folks in Washington noticed there was a big pool of money there that they could get their greedy little hands on, and they did!! They took our money and used it elsewhere, forgetting it was our money they were taking. They didn’t ask us to lend them the money, nor have they paid any interest on the debt they assumed. Now they tell us that the money won’t support us for very much longer. Our legislators do not depend on Social Security for a retirement income. They have their own exorbitant nest egg.
Now to add insult to injury, they are telling us that what we are getting is a government benefit, as if we never worked to earn every penny of it. It is time to demand that our legislators bring some sense into government and admit that Social Security is, indeed, our Earned Retirement Income.