Musicmystery
Posts: 30259
Joined: 3/14/2005 Status: offline
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I wonder how many of those screaming "bankruptcy" (and SS still has an almost 3 trillion dollar surplus--which the US borrowed from the SS funds via Treasury Bills) have ever read their SS benefits estimate? Given what I've paid and what my employers paid (which, after all, was paid on my behalf, and is part of my compensation package) combined, and given what I and they will still pay in, whether I retire at 67 or 70, it will still take about ten years just to collect that money back. Then it's a matter of how long and whether I live past 77/80. But wait--we haven't figured in any interest on all that money for decades! Even at modest rates, say, 5%, this would more than double that benefit pool. Now I'm at 87/90. But wait! We haven't accounted for inflation yet--I'm getting back 21st century dollars for more more expensive 20th century payments. A 1980 dollar, for example, is worth $2.57 in 2009 dollars--and I've still got a ways to go until retirement! This again more than doubles the pool. Now I'm funded through age 107/110 plus. And the same is true for you, as your benefits and payments are determined by the same percentages and formulas as mine. That SS is going to run itself bankrupt is just bull. It doesn't matter how many workers there are per retirees. Or what the retirement age is currently (and it's already changed, from 65 to just under 67). You paid for it. Collect it.
< Message edited by Musicmystery -- 8/9/2010 5:26:19 AM >
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