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Something I got in an email, I thought it was interesting and worth sharing.....



Perhaps we are asking the wrong questions during election years. Our Senators and Congressmen do not pay into Social Security. Many years ago they voted in their own benefit plan. In more recent years, no congress person has felt the need to change it. For all practical purposes their plan works like this:

When they retire, they continue to draw the same pay until they die, except it may increase from time to time for cost of living adjustments. For example, former Senator Byrd and congressman White and their wives may expect to draw $7,800,000 -- that's Seven Million, Eight Hundred Thousand), with their wives drawing $275,000.00 during the last years of their lives. This is calculated on an average life span for each. Their cost for this excellent plan is $00.00. This little perk they voted for themselves is free to them. You and I pick up the tab for this plan.

The funds for this fine retirement plan come directly from the General Fund--our tax dollars at work! From our own Social Security Plan, which you and I pay (or have paid) into -- every payday until we retire (which amount is matched by our employer) --we can expect to get an average $1,000 per month after retirement. Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one month to equal Senator Bill Bradley's benefits!

Social Security could be very good if only one small change were made. And that change would be to jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. Put them into the Social Security plan with the rest of us and then watch how fast they would fix it. If enough people receive this, maybe a seed of awareness will be planted and maybe good changes will evolve. WE, each one of us, can make a difference.
 

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That's one of just many laws Eric that Congress conveniently exempts themselves from. They are the biggest body of do as I say and not as I do hypocrits, and their hypocracy knows no party boundaries.

The only solution to social security (IMHO) is total and complete destruction. It's a pyramid scam, and pyramid scams ultimately can not survive. There's a tiny chance that someone my age my will see some Social Security (but I do NOT factor it into my retirement planning). Someone your age should just bank on the fact that the government is stealing 7.whatever percent of every paycheck, because you will never see a single dime of it.

Sorry for the rant. Social Security is one of my pet hates.
 

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We will never see that money. I do not trust the gubment as far as I can throw Eric (not too far :D ) My plan would be to abolish the social security tax AND give a tax break on all the money invested for our own retirement. The effect would be two-fold, 1) the massive amount of money distributed to the gubment now would be thrown into the private sector. Boosting the economy massively. 2) who would watch your retirement money more closely than yourself? That means with a more intelligent investor your gains will be so much more. As the money already missing in the social security fund......another stupid government waste...lets start putting some pressure on all the nations that owe us money. Bono can kiss my ass...they owe us money period. We get a few hundred "Guido's" from NYC and pay these countries a little visit :) Use that money to pay the rest of the people who need the social security. Then say "at this age X you will no longer receive benefits. Those older will continue to pay if they want...but if they contirbute they will not collect anymore than they contributed in total"
 

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Well....I'm going to start getting some of my money back this May. I have decided to start taking my SS early. I don't particularly need it (around $1200/M), and if I wait a few more years, I could get more (about $1600/M), but if I take the money now and invest it, I figure I may come out ahead of the game. Otherwise, if one just spends it, if you live past 76, you are better off to wait to begin taking SS.

So yes...it's been a poor investment for me. I believe I could have taken my contributions, plus my employers contribution, and have a lot more than I will be receiving. I paid in the maximum all my working life.

However, in it's favor, I must point out that SS helps more than just retired foks. Just think about all the young mothers with children that get help (legitimate need), and those workers on disability who can do no work at all. Even if cheating is at 5% (a number I've seen estimated), it serves a good. So...I have some mixed feelings.
 

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Thanks Ralph...I just noticed all the typos in my post. hehe..edited
 
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