Warning - this is a possibly boring and/or controversial diatribe - so do not read if you easily offended or if it makes you want to right rude or combative comments on my blog - come back next post after I write about our sweet Lake Powell trip :)
I don't think I look or act stupid most of the time. Ok except when the grocery clerk rings up my ice cream twice and I don't catch it until I get home - but that's probably more just not being vigilant right? (Grrrr happened last night). Or me eating my newly homemade granola until my tummy hurt - but that's more just making unwise eating choices right? Or me buying a gallon of milk grocery shopping each week and then throwing most or all of it away when it expires - I know I really should just buy a half gallon...
Anyway, this weekend we got Jeff's Social Security benefits statement saying what he will get when he retires at this point. On the front middle of the page highlighted reads "Will Social Security still be around when I retire?" and it goes on to say "YES". Most people probably stop reading there - content - and go on their merry way. But, if you read on further (because let's be honest - I was a little surprised) it says if there are not changes made, the Social Security Trust fund will be depleted in 2037. (For those of you who were not English majors, depleted = gone, bankrupt, sucked dry.)Now I must admit I was a finance major and do carry a financial calculator in my purse at all times, but anyone that can do simple math can figure out how old they will be in 2037. Jeff will be 54. The current retirement age is 65 and so far I have not heard of the retirement age getting younger- if anything they are pushing it back older and older. So it appears to met there was a BLATANT lie in the statement that there will still be Social Security Benefits when we retire.
Basically we put in 6.2% of our income each year to a huge ponzi scheme, but it is somehow ok because the government runs it. In my own little utopia - we would do away with any Social Security taxes, let the exisiting funds pay out those who are retired, and privatize retirement savings for everyone else (I know this is a crude outline so please do not debate me over any flaws and how this would be impossible). How nice would it be for ME to decide how I want to invest that 6.2% in whatever investments I please - it is my money afterall.
Anyway, long story short, I do not expect to see a penny of Social Security and we have/will happily plan for our retirement accordingly :)
P.S. Take that Uncle Sam - then we can retire whenever we want!
All I have to say is quit working, stop paying into the ponzi scheme, go on welfare, get free healthcare, get the earned income credit, get yourself a negative tax rate... Make your gov't work for you! Ha! You can show them! Who's stupider now?
ReplyDeleteHope that didn't seem combative or offensive...
ReplyDeleteKeep paying as I'm at the top of the ponzi scheme and will be able to collect your money and use it for my personal retirememt. Lake Powell here I come on Grace and Jeff's money. hahahahhahaha
ReplyDeleteNo darling, you dont LOOK stupid. But our darling Big Brother thinks you cant possibly understand the workings of government finances so instead of telling you the truth, he's gonna give you a gentle little lie so you dont have to be up all night worrying about it. How sweet :)
ReplyDeleteLove ya girlie, how the heck are ya anyhow?
My last form said social security would be bankrupt by 2020, I'm glad to see it's been extended a few more years! Maybe it's because more people are getting back to work and paying into it... let's hope! Regardless, no we will not benifit from this tax we've paid into our entire lives.
ReplyDeleteha ha all these comments are cracking me up. I'm with Wendy on this one. Mac works 12-hour days sometimes 7 days a week, and we were like "Okay, totally worth it for the paycheck." UNTIL we sat down and calculated that literally 48% of that lovely paycheck we never see. And now you have rocked me world even more with your little exposure of this Social Security scam. Thank you, Grace! Better off not working at all, let alone working hard! This system makes perfect sense. Obama is my hero.
ReplyDeleteHow ironic that they call it the "Social Security TRUST Fund!" I truly view it as a tax, money we will never see. Sad. But the government wants us dependent on them, so you show them by saving what money is left over instead of spending it! Love you!
ReplyDeleteFunny enough ty and I have been discussing our current and prospective 401K contributions and haven't even thought about social security benefits. Probably because we like determining where we spend and save our money instead of the government directing where it should go. They have only proven their ineptitude in "fixing" financial problems. Ps have u joined in any rallies yet?
ReplyDeleteAnd I was expecting pictures of your office furniture and chaise...
ReplyDeleteI think you bring up an interesting and very valid point. You know I have different views on a lot of different areas, but I think this is something all Americans should agree on. The issue is that Social Security has left the table as issues we want our representatives to address. Maybe we as citizens should be pushing harder to get this to the forefront politically. It hasn't really been there since the 2000 race, which never really resulted in anything though it was a key political issue that election. We may all disagree on how to fix it, but everyone can agree that it's screwed up and needs to be addressed.
ReplyDeleteHey, just got Jorden's SS Statement. It says by 2037 the "payroll taxes collected will be enough to pay only about 76% of scheduled benfits." Maybe the little blurb about it running out is specific only to you...
ReplyDelete