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Originally Posted by PurpleRain_1
Why would I? I didn't write the article. I can tell you that I have been working and paying into SS for 38 years.  |
The Opie said the article didn't say that but here it is:
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Social Security is the nation’s largest welfare program, although many Whites prefer to call it a retirement plan. The government writes retirement and disability benefit checks to 35.4 million recipients of whom 88.7 percent are White and 9.6 percent are Black.
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I am going to be collecting very soon so let's see how badly I am going to end up ripping off the system, shall we?
I received my first pay subject to social security taxes 49 years ago and I thought some of you might be interested in what I found.
Over 49 years I had total earnings subject to SS tax in the amount of $1,589,929.00 but that isn't a true number because for about 7 of those years I met the top of earnings subject to SS tax and stopped paying. The $1,589,929.00 is only what was subject to SS and medicare taxes.
I should add that $1,589,929.00 does not factor inflation and I can assure you $15,000 in 1970 was a whole lot more than $15,000 today.
For 49 years my average income subject to SS Tax was $32,447.53. For my first ten years of work I earned a total of $30,976.00 or $3,097.60 per year.
For example in 1967 I earned $2,716.00 which would be equivalent to $18,817.41 today. Not all that bad for a very recent high school graduate facing the draft.
In 1967 I lived on my own in my own studio apartment (hey, I was 18) in Mountain View,CA here second floor on end by the stairwell. I seem to remember I paid $90/month which was a lot of money back then but I wonder what it rents for now? Hey, it had a pool and chicks lived there!
I didn't have a car, couldn't afford one with CA insurance the way it was even back then, so I had a Honda 90.
But I was curious, seems to be a lot of class warfare breaking out between the boomer and GenY generations regarding social security taxes we paid vs the amount we are expected to get. Is it fair, is it true the boomers are robbing GenY of their future?
So I decided to find out. I spent the morning with a spread sheet using
Interest Rates on Savings Accounts from 1960 and
Historical SS tax rates you can find here.
What I found was if I had simply invested my SS and Medicare taxes into a simple bank pass book account my account would have $642,601.28 today.
Now SS estimates my monthly benefit to be $2,131 so I would have to collect for 301 months (just over 25 years) so not counting interest I would earn on the dwindling account I would have to live to see 91 years old.
That
$642,601.28 is just simple interest from the simplest bank passbook savings account, nothing special not even a CD.
I wonder what I would have had if I had invested the money in an average performing mutual fund instead of giving it to government parasites somewhere? I betcha it would easily exceed a million dollars by now but that is money I lost because there are plenty of non-working parasites to feed out there.
Speaking of parasites it isn't the white people. That original site is just utter garbage
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See what I mean . . . . next loser who assumes all black people voted for Obama. . ..
