- This is for what they’re doing to me, you see
by Kevin
I just got a nice letter from the Social Security Administration, and it turns out they’re not even planning on giving me what they said they would just a few years ago. At their very rosiest estimates, I’ll get 75 cents on the dollar – that’s if I can somehow retire in the year 2037 at age 57.
They even own up to the fact that they’re not socking away a single dime of what they take, but instead they’re immediately giving it to today’s recipients. I kind of wish they’d stop taking any money from me, since they’ve admitted I won’t get anything close to what I put in.
So, 75 cents on the dollar is their best estimate – but if you believe I’ll get anything close to that, you’re too stupid for this world.
What about the average scenario if I was allowed to save and invest myself for my own retirement?
A novel idea, I realize – that a person might expect to be responsible for their own welfare. It’s almost quaint.
But let’s say I’ve contributed an average of $1000 a year for the past 10 years. Let’s plug that into the old compound interest calculator at the average treasury bond yield for the same period, which is around 4.5%.
At the end of the ten year period, I’d have $12,841.18.
And then let’s assume that I never make another contribution, and I continue getting a modest 4.5% interest rate until I retire (somehow) at age 57.
I’d have $44,041.39 sitting in my bank account on the day I retired. Remember, that’s if I never make another contribution.
But if I continue making $1000 contributions until age 57, I’d have $95,138.20.
So, let’s just make it an even $100,000 that I’ll effectively have stolen from my retirement account. That’s assuming I keep it in low yield accounts that only compound once a year.
But realistically, the government will take much more than $1000 a year.
So, I’m going to opt-out of Social Security.
I’ll just send in a nice letter and see if they can’t stop taking my money, and I’ll let them keep the money they’ve already taken – no hard feelings!
If you’re really worried about the retired folks who depend on my monthly contribution, I think it’s a little disingenuous to ask me to sacrifice from my meager paycheck, when the government spends billions of dollars annually on the act of killing people around the globe. Bring our boys home! And cut military spending down to the bone. Cut all other budgetary considerations down to the bone if social security is so vital. But don’t ask me to give up a chunk of my paycheck every month while you tell me I won’t get the same compensation when I’m retired.
Let today’s retirees fend for themselves, because it’s exactly what I’m going to have to do. End social security – because it’s the only responsible thing to do.
