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View Diary: Open thread for night owls: How blogger Duncan Black made expanding Social Security respectable (149 comments)

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  •  Bullshit. (0+ / 0-)
    I want it all back.  I'll never get it, though.  
    It takes less than three years to collect back all of the Social Security taxes that you've paid in.  If you include the share that your employer paid (or you paid if you're self-employed), it takes less than six years.  And that doesn't include the value of the disability protection that you have while you are working.  If you expect to live for at least six years in retirement, you have no cause to complain.  

    Don't believe me?  Call the Social Security Administration (1-800-772-1213) and ask for a benefit estimate statement.  It will show your past earnings history.  It will also include the amount of taxes you paid on those earnings.  Add them up and divide by what your benefit is predicted to be.  

    Now quit posting conservative lies.  

    "My country, right or wrong; if right, to be kept right; and if wrong, to be set right." -- Sen Carl Schurz 1872

    by Calamity Jean on Fri Nov 01, 2013 at 01:08:29 PM PDT

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    •  The only way to claim "I'll never get it back" (1+ / 0-)
      Recommended by:
      Calamity Jean

      is to assume that historical rates of returns on equities never vary over the life of any particular worker (so that you don't retire during a market downturn), that you can discount all the survivors and disability components of Social Security to zero when calculating ROI, and that it is only important to calculate PV of the principal at time of retirement as compared to initial benefit and not to give any numeric value to the inflation protection afforded by annual COLA's.

      Not only do almost all workers who survive to retirement get all of their money back, they also get it at a cheaper cost than it would require to provide the same inflation protected annuity cum survivors/disability insurance. True enough this calculation becomes a close thing for people who earn near the cap during the last years of their working life, which is why I almost alone among my progressive fellow Social Security Defenders am leery of raising the cap. Because currently only a tiny, tiny fraction of people actually come out behind on a PREDICTABLE at point of entry into the system basis between Social Security and private account alternatives.

      But the same people who were born on third base, ended up crossing the plate without injury and so insist they were invincible all along and never needed government income or health insurance because 'Look At ME!' will never accept this argument. Because as we all know rich kids never ski into trees and become permanently paralyzed. And would eschew any posssible government help if offered. You know 'Freedom!!.

      SocSec dot.Defender at - founder DK Social Security Defenders Group

      by Bruce Webb on Fri Nov 01, 2013 at 01:27:28 PM PDT

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