The idea is you pay into the Social Security fund until you retire then you get a check every month for the rest of your life. Your payment into the fund is shown on your paycheck. Your employer pays the same as you each month on your behalf. There is no sub-total showing how much you have paid. If you work from age 20 to age 65 you work 46 years. If you earn the maximum each year which is currently $137,799 and you pay SS on the maximum you pay $10,534 each year and your employer pays $10,534 each year so you pay $21,068 a year for 46 years. A total payment of $969,133. If the interest rate is 3% a year then $1,063,970 is the interest on your payments for a total to your account of $2,033,102. At age 65 you can get a SS check for $3,011 a month until your death.
Here’s the catch. Your account contains $2,033,102. The interest earned is $ 4,883.58 a month but your check is only $3,011 a month and the interest on the money in your account keeps growing.
Even during the first year you retire and collect, the value of your account will continue to increase because your check is less than the interest your account is earning. By the time you reach 80 years of age your account is worth $2,439,199, which is $406,096 more than when you retired and started to collect instead of paying.
Government doesn’t even pay you the interest on the money they took from your paychecks. They keep all of the money they collected and don’t even pay you the interest on the money they took for your security. The longer you live and collect the more money the government has in your account and when you die they keep it all starting with the two million they have from your working years which grows to more than $3.5 million if you live and collect until you are 100 .. Social Security is one of the biggest lies ever told and now you know it.
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