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Started By
Message
Spinoff: SS vs welfare, do you know where your money goes?
Posted on 9/23/14 at 3:26 pm
Posted on 9/23/14 at 3:26 pm
First peice of business is for those that just want to adjitate .... cool, you are very welcome ... even the little whack-a-mole person, crickity rickets.
There were 2 separate issues in the other thread.
1. Some people don't know the difference between SS and welfare.
2. Some people aren't aware that the worker has an account in their name that has the FICA in it that is paid BY THE LABORER AND THE EMPLOYER ER.
Note: a complete explanation will be borderline political. A president started this and politicians have had a hand in it ever since. That's just part of it.
There were 2 separate issues in the other thread.
1. Some people don't know the difference between SS and welfare.
2. Some people aren't aware that the worker has an account in their name that has the FICA in it that is paid BY THE LABORER AND THE EMPLOYER ER.
Note: a complete explanation will be borderline political. A president started this and politicians have had a hand in it ever since. That's just part of it.
11
Posted on 9/23/14 at 3:27 pm to Redbone
quote:
SS vs welfare
SS would lose because he can barely spell welfare.
Posted on 9/23/14 at 3:56 pm to WoWyHi
Motherfrickin Ha
Posted on 9/23/14 at 4:33 pm to WoWyHi
quote:
SS would lose because he can barely spell welfare.
So I can count you as one of those that has not a clue as to what the subject is.
Posted on 9/23/14 at 4:46 pm to Redbone
The thing with that "account in the workers name"...it's on paper only. There is not a place that exists that is storing/investing those SS funds. That money is funding current retirees.
This post was edited on 9/23/14 at 4:47 pm
Posted on 9/23/14 at 5:24 pm to Ric Flair
You are partially correct. The same holds true for any money you may have in bank, stock market and most any where else ... but there is a paper/etrail with numbers in the name of the individual that has paid into the SS system. That money has been "borrowed by the U.S. gubmint.
That money is not funding current retirees. It is funding federal gov't that has borrowed the money retirees have put into it. As noted there is no actual dollars anywhere in there. Part of the federal budget is to pay back (fund the program in their words) some of the money they borrowed from us in order for the SS checks to keep going out. Your money is going right through the program to the gov't.
Notice that I didn't say anything about welfare checks going out.
quote:
That money is funding current retirees.
That money is not funding current retirees. It is funding federal gov't that has borrowed the money retirees have put into it. As noted there is no actual dollars anywhere in there. Part of the federal budget is to pay back (fund the program in their words) some of the money they borrowed from us in order for the SS checks to keep going out. Your money is going right through the program to the gov't.
Notice that I didn't say anything about welfare checks going out.
Posted on 9/23/14 at 5:35 pm to Redbone
quote:
Currently a worker pays 7.65% and the employer pays another 7.65%. If you could take that 15.30% and invest it in a 401(k) plan for the same period of time, it would generate an immense sum of money based on historical returns -- far more than a person would get from Social Security.
Stupid socialism.
Posted on 9/23/14 at 5:38 pm to Redbone
I don't mean to adjitate, but it is spelled "agitate"
Posted on 9/23/14 at 6:49 pm to Redbone
SS=welfare for elderly, no income limits
Welfare=free money for poors
There's no account. Congress has spent all the extra money for 40-50 years. The SS trust fund consist of a bunch of IOUs from one hand of the Gubmint to the other. We shall. All have to pay additional taxes to cover this in the near future.
Welfare=free money for poors
There's no account. Congress has spent all the extra money for 40-50 years. The SS trust fund consist of a bunch of IOUs from one hand of the Gubmint to the other. We shall. All have to pay additional taxes to cover this in the near future.
Posted on 9/23/14 at 6:58 pm to Redbone
Posted on 9/23/14 at 7:18 pm to Redbone
quote:
do you know where your money goes?
Chik-fil-a and energy drinks. Duh!
Posted on 9/23/14 at 7:21 pm to Redbone
There is no account with your name on it. They tracked your and your employer's contributions by your SS #, but the funds were pooled with everyone else's. Based on the amount paid in and timeframe, you get a set payout. This is what's known as a defined benefit plan in non-government terms.
It's not your money, because if it were, your children would be able to draw it out at your death.
It's not your money, because if it were, your children would be able to draw it out at your death.
Posted on 9/23/14 at 7:31 pm to Redbone
SS is not mine and it adds nothing to my net worth
Its a ponzi scheme the government uses as leverage for control
Its a ponzi scheme the government uses as leverage for control
Posted on 9/23/14 at 7:52 pm to Redbone
"Leave me alone, I'm on a fixed income."
Posted on 9/23/14 at 8:14 pm to Thib-a-doe Tiger
quote:
It's not your money, because if it were, your children would be able to draw it out at your death.
Argue this into the ground if you must but anyway you cut this money from me and my employer went into the forced retirement program. It is mine but under strict controls of the government. Just because the government takes it at my death doesn't support your point. See death tax and such other stuff they get their hands into. My kids may not get it but I'm glad you bring this up. My wife does draw off of it and will continue drawing off of my account after my death.
quote:
but the funds were pooled with everyone else's.
Kinda like a bank does with your savings???
quote:
Based on the amount paid in and timeframe, you get a set payout.
Mine is based on the amount I put into the program. The guy behind the desk said I had reached the amount necessary to draw the maximum a month. He worked for the gov't.
quote:
This is what's known as a defined benefit plan in non-government terms.
Start in gov't terms because that is who is frickin you and me on this deal.
Posted on 9/23/14 at 8:16 pm to Redbone
The difference is that at the bank I have an account with a stated balance that is mine. I can go and get the lump sum of that any time I want
Posted on 9/23/14 at 8:26 pm to Redbone
Are you a retired teacher?
Posted on 9/23/14 at 9:07 pm to Ric Flair
quote:
...it's on paper only.
Just how much of your money is in a pile somewhere? As I have already said check your savings account down at the credit union, s&l, etc. Your money is there on paper only ... and I ain't talking about that paper they use to print money on. In fact most of our money is just on computer.
quote:
There is not a place that exists that is storing/investing those SS funds.
Argue with these guys. Note what I underlined.
quote:
The United States Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits. This is done by way of "Trust Funds". There are two trust funds which the Social Security Administration controls: Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI). When the program runs a surplus, there will be excess funding available for the Social Security Administration that year. The excess funds are diverted to one of the trust funds. The money in the trust fund is used by the treasury in the form of treasury bonds. The treasury bonds provide interest on the money in the trust funds, and if the program sees a deficit, the excess funds from previous years plus any interest earned is used to pay beneficiaries. At the end of 2011, the Trust Fund contained (or alternatively, was owed) $2.7 trillion, up $69 billion from 2010.[1] The fund is required by law to be invested in non-marketable securities issued and guaranteed by the "full faith and credit" of the federal government.
quote:
That money is funding current retirees.
Each from an account in their name and SSN or that of their spouses. I believe there is a death benefit for the underage children of a deceased person. It does not come from a common pot. It comes from an identified account.
Posted on 9/23/14 at 9:26 pm to Redbone
Nowhere in there does it say you have your own account. I don't know if you remember, but a few years ago they were discussing doing it on an account by account basis, and decided against it. Meaning we don't currently have our own accounts.
Posted on 9/23/14 at 9:26 pm to Thib-a-doe Tiger
quote:
The difference is that at the bank I have an account with a stated balance that is mine.
Just because the the feds have dictated different rules for this program doesn't change the fact that I have my very own account with funds dedicated toward it. If you want proof go here
You gonna like this line from the front page. "Get your free personal online my Social Security account today!"
quote:
I can go and get the lump sum of that any time I want
Bank rules vs fed. gov't rules?? It matters not if the money comes to you in a lump sum or a dollar at a time, it has to be collected from some place other than a pile just sitting around for you.
You are an accountant? You are better than this.
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