Saving Social Security
I’m
not so sure what is so hard about fixing social security. If we could
only get the greedy self serving politicians out of the way, the answer
would be easy.To find a solution,all one needs to do is find a compound
interest app on line and do the numbers.
Social Security was designed during the depression by Franklin Roosevelt so no one would ever collect anything. The retirement age was set at 65 when the normal life expectancy was only 64,thus it was only created as another revenue source for the government. The money only collected 2 percent interest and the program still didn’t do too bad until the mid sixties when Lyndon Johnson and congress decided to raid the fund and start paying the government’s bills with our retirement money.
Discover what a retirement package could do for us,do the math, find a compound interest site and figure for yourself how much money should be there for each of us if it had been invested at a conservative rate and left there to multiply over the years.
I used a conservative figure of investing $20 a week from the time I was 20 years old until I was 65, with a conservative interest rate of 7 %, I would have had enough money in the account to pay me more than I now receive from social security, and the principle would never be touched! The principle would be there until I passed on , it could then go to my heirs or where ever I wanted it to go.
I know I probably couldn‘t have invested $20 a week when I was 20, that was half of my paycheck back then. Adjustments could have been made later in life to make up for the difference.
As it was , when I retired in 1994 and for several years before that , the combined contributions made by myself and my employer totaled almost $200 a week. Just think what a portion of that would have done for me if it had been invested privately. I would have had a lot larger retirement income and there would have been enough money to pay for my health care on top of it.
George W. Bush wanted to do something like this , but the left was too concerned about trying to convince people he was stupid and wouldn’t listen. The people in congress who keep trying to convince you they are looking out for you, only have their own self interests in mind and have no desire to fix the problem.
If you are older than 50, you are stuck with the present system, however for the sake of the younger generations, let’s fix this thing before it’s too late, for the good of all generations that follow.
You can now follow me on Kindle.
Social Security was designed during the depression by Franklin Roosevelt so no one would ever collect anything. The retirement age was set at 65 when the normal life expectancy was only 64,thus it was only created as another revenue source for the government. The money only collected 2 percent interest and the program still didn’t do too bad until the mid sixties when Lyndon Johnson and congress decided to raid the fund and start paying the government’s bills with our retirement money.
Discover what a retirement package could do for us,do the math, find a compound interest site and figure for yourself how much money should be there for each of us if it had been invested at a conservative rate and left there to multiply over the years.
I used a conservative figure of investing $20 a week from the time I was 20 years old until I was 65, with a conservative interest rate of 7 %, I would have had enough money in the account to pay me more than I now receive from social security, and the principle would never be touched! The principle would be there until I passed on , it could then go to my heirs or where ever I wanted it to go.
I know I probably couldn‘t have invested $20 a week when I was 20, that was half of my paycheck back then. Adjustments could have been made later in life to make up for the difference.
As it was , when I retired in 1994 and for several years before that , the combined contributions made by myself and my employer totaled almost $200 a week. Just think what a portion of that would have done for me if it had been invested privately. I would have had a lot larger retirement income and there would have been enough money to pay for my health care on top of it.
George W. Bush wanted to do something like this , but the left was too concerned about trying to convince people he was stupid and wouldn’t listen. The people in congress who keep trying to convince you they are looking out for you, only have their own self interests in mind and have no desire to fix the problem.
If you are older than 50, you are stuck with the present system, however for the sake of the younger generations, let’s fix this thing before it’s too late, for the good of all generations that follow.
You can now follow me on Kindle.
Posted by The Florida Hoosier at 5/24/2011 9:46 PM 
Categories: Health Care
Tags: Barney Frank common sense social security wisdom
Categories: Health Care
Tags: Barney Frank common sense social security wisdom
Youre the one with the brains here. Im wtaicnhg for your posts.
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