I’m sick and tired of the Social Security recipients saying ‘they paid into it, so they are entitled to receive it.’
I hate to break this news to you, but you are not entitled to one cent. You did not pay into anything. You merely paid a tax. Yes, it can be broken out on your pay stub separately but that does not mean doodle squat.
That amount itemized on your pay stub is not placed into an account with your name on it. Therefore it is a tax – plain and simple. That is the amount you are taxed to give freebees to senior citizens. That amount is not figured based on what it will cost to put food on your table when you turn 62. It is the amount needed to provide money to TODAY’S seniors.
That amount is deducted from your check because our politicians have promised to give every single person 62-years-old or older approximately $1,200 per month for the rest of their natural lives. In other words, that is the tax you have to pay for the politicians to keep getting the seasoned citizen vote (vote buying).
The first year that Social Security was established, benefits were paid for an average of five years. Today, the average payout is 20 years. Where in the U.S. Constitution does it say that workers should pay for any individual’s retirement lifestyle for any length of time?
Of course when Social Security was established by the Social-ist, Franklin D. Roosevelt, working people probably only had to pay a dollar a month TAX to pay for those current retired persons that were only going to live five more years.
Social Security was supposed to be a safety net, not a retirement plan. Since it was established, forward-looking, hard-working Americans have discovered this thing called the 401K, which is a retirement plan. That is supposed to pay for food on your table, your RV, your other travel plans, etc. So, why are we paying those seasoned citizens that did plan for retirement a Social Security check?
In the not too distant future we won’t. In fact I hear political pundits bring it up frequently.
This is known as means-testing and this is the future of the Social Security program. The first thing a retired person will start squealing like a stuck pig is ‘I paid into the system, so I am entitled to get a check’. Relax! This won’t go into effect for anyone on social security or anyone 40 or older.
As I stated earlier, you paid a tax and that tax should not and will not (when they eventually start means-testing) benefit those of us that chose to establish a retirement plan that does not rely on a $1,200 check each month, courtesy of current workers. In other words, you will not be able to opt-out of Social Security and provide for your own retirement. We will all have to pay the TAX but if you have a well-funded retirement plan, then you don’t get a Social Security check.
You see, they say we will have an effective tax rate of over 90% in about 20 years in order to pay social security and Medicare benefits to every retired person at the same rate we pay today. That is not going to happen.
Either we slash everybody’s social security benefits DRAMATICALLY or we only hand it out to those that really need a safety net. If benefits are slashed enough to keep everybody on the dole, then the people that truly need a safety net will not receive enough to keep them from eating dog food.