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- #21
Who said that about seniors? I would like my social security invested in the stock market, once Obama is gone. Why do democrats raid social security to give to the NEA?
you must be into gambling in vegas too...
do you know what would have happened to your accounts if they were privatized in october 2008?
of course you don't.
Are you certain that you do?
See below.....
"Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.
Though the private program has its critics and some say it does not provide all of the important benefits many destitute Americans claim through Social Security many in these counties consider their system superior.
In 1981, when Galveston County employees pulled out of the Social Security system, the program was projected to be insolvent by 2010, said Rick Gornto, the designer of the Alternate Plan and president of First Financial Benefits, the company that manages the retirement accounts. People in Texas are very independent minded, and they stepped out and challenged the system, he said.
In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.
In a hypothetical calculation, Mr. Gornto said, an employee who earned $25,000 annually for 40 years could retire with a 20-year payout of $2,297 a month under the Alternate Plan. Under the same circumstances, an employee making $125,000 annually could retire with a payout of $11,490 a month.
Social Security benefits change depending on the yearly adjustment for inflation, the year of retirement, and the age of the worker. But at a maximum, a worker who retires in 2011 at age 66 could receive $2,366 a month in Social Security benefits."
http://www.nytimes.com/2011/09/18/u...curity-works-in-galveston.html?pagewanted=all