I didn't check the math on this one, it came in an email today:
Quote:
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% of your income before taxes. If you averaged only 30K over your working life, that?s close to $220,500. If you calculate the future value of $4,500 per year (yours & your employer?s contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working (me) you?d have $892,919.98. If you took out only 3% per year, you receive $26,787.60 per year and it would last better than 30 years, and that?s with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you?d have a lifetime income of $2,976.40 per month. The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
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Of course if the SS trust fund is held in government bonds then we would be paying the interest on our own investment which is also Ponzi like.
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