Social Security? Again?
Yes Biznitches! I was listening to the radio the other day and they were talking about some of the details of the Social Security plans for private accounts. One of the details that I dont think most people understand is how, if we had private Social Security accounts, you could take advantage of the power of compound interest.
For people my age, this could be a HUGE amount of money at retirement. Use this website and see how much it would mean for you - http://www.csgnetwork.com/compoundint2calc.html
I ran a couple of calculations based on myself. If I work until retirement, I have about 42 years to go. Wow... that sucks.... Anyways, if I am able to put 4% of what I make into a Social Security private account (which is what a lot of the plans are calling for) that would be about $2,000 if I make an average of $50,000 a year. 50,000 x 4%... c'mon, I cant do everything for you...
If I could make just 5% a year on that investment, I would have $283,986.68 from just that account when I retire.
If I could make roughly 9.45% on that return a year, I could retire a millionaire. Think about that! I WANT TO RETIRE A MILLIONAIRE!!!!!
The choice is simple. You can pay all this money in taxes and possibly end up with nothing, or if you are lucky, something significantly less than what you paid your whole life. Or you can take 4% of what you pay in Social Security taxes, and put it to work in a private account that you control. Even a very conservative account will bring in more than what you will get back from Social Security when you retire.
Furthermore, when you die, you basically get squat from Social Security. There is a one time death benefit of a couple hundred dollars, but thats it. With a private account that is yours, you can leave all that money to whomever you choose.
Its so simple, and yet 50% of the people in this country are too dumb and brain-washed to get it. 50% of the people would rather give their money to the government, than keep it in a private account of their own.
50% of the people in this country are just dumb. DUMB! STUPID! IDIOTS!
peace nick
For people my age, this could be a HUGE amount of money at retirement. Use this website and see how much it would mean for you - http://www.csgnetwork.com/compoundint2calc.html
I ran a couple of calculations based on myself. If I work until retirement, I have about 42 years to go. Wow... that sucks.... Anyways, if I am able to put 4% of what I make into a Social Security private account (which is what a lot of the plans are calling for) that would be about $2,000 if I make an average of $50,000 a year. 50,000 x 4%... c'mon, I cant do everything for you...
If I could make just 5% a year on that investment, I would have $283,986.68 from just that account when I retire.
If I could make roughly 9.45% on that return a year, I could retire a millionaire. Think about that! I WANT TO RETIRE A MILLIONAIRE!!!!!
The choice is simple. You can pay all this money in taxes and possibly end up with nothing, or if you are lucky, something significantly less than what you paid your whole life. Or you can take 4% of what you pay in Social Security taxes, and put it to work in a private account that you control. Even a very conservative account will bring in more than what you will get back from Social Security when you retire.
Furthermore, when you die, you basically get squat from Social Security. There is a one time death benefit of a couple hundred dollars, but thats it. With a private account that is yours, you can leave all that money to whomever you choose.
Its so simple, and yet 50% of the people in this country are too dumb and brain-washed to get it. 50% of the people would rather give their money to the government, than keep it in a private account of their own.
50% of the people in this country are just dumb. DUMB! STUPID! IDIOTS!
peace nick
posted by Nick at
12:01 PM
2 Comments:
Actually, the power of compound interest works against people under the new accounts: The government takes away 3% a year, plus inflation. Given the funds will be conservative, the odds are reasonably good that many people will LOSE money for most of 40+ years.
-Andrew Donaldson
Thats preposterous. That assumes that the administrative fee applies to what you own, as opposed to what you put in. They are not going to take 3% of all the money you have in your account.
If they were going to take 3% of what you have in your account, no politician would be against it because it would be a huge windfall for the government.
Further, as far as inflation goes, that also affects how much you get paid, and thus, how much you can put in.
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