SOCIAL SECURITY-NOW CALLED-FEDERAL BENEFIT PAYMENT ENTITLEMENT!
The government is now referring to our Social Security checks as a “Federal Benefit Payment.” This isn’t a benefit – its earned income!
Not only did we all contribute to Social Security but our employers did too.
It totaled 15% of our income before taxes. If you averaged $30K per year over your working life, that's close to $180,000 invested in Social Security.
If you calculate the future value of your monthly investment in social security ($375/month, including both your and your employer’s contributions) at a meager 1%interest rate compounded monthly, after 40 years of working you’d have more than $1.3+ million dollars saved! This is your personal investment.
Upon retirement, if you took out only 3% per year, you’d receive $39,318 per year, or $3,277 per month. That’s almost three times more than today’s average Social Security benefit of $1,230 per month, according to the Social Security Administration (Google it – it’s a fact). And your retirement fund would last more than 33 years (until you’re 98 if you retire at age 65)!
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