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.
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.
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.
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.
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.
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.
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.
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.
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