Perhaps we are asking the wrong questions during election years. Our Senators and Congress men & women do not pay into Social Security and, of course, they do not collect from it.
You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their own benefit plan.
In more recent years, no congressperson has felt the need to change it. After all, it is a great plan..
For all practical purposes their plan works like this:
When they retire, they continue to draw the same pay until they die, except it may increase from time to time for cost of living adjustments.
For example, former Senator Byrd and Congressman White and their wives may expect to draw $7,800,000.00 (that's Seven Million, Eight Hundred Thousand Dollars), with their wives drawing $275,000.00 during the last years of their lives. This is calculated on an average life span for each.
Their cost for this excellent plan is $00.00. Nada. Zilch.
This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds-our tax dollars at work!
From our own Social Security Plan, which you and I pay (or have paid) into every payday until we retire (which amount is matched by our employer) --we can expect to get an average $1,000 per month after retirement. Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one (1) month to equal Senator Bill Bradley's benefits!
Social Security could be very good if only one small change were made.
That change would be to jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. Put them into the Social Security plan with the rest of us ... then sit back and watch how fast they would fix it.
Social Security
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southerngale
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Social Security
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Stephanie
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Southerngale - I couldn't agree more!!! I did see this article before.
Those Senators need $7,800,000 a year to live on in their retirement years??? Sure they do!!!
As we are currently looking for ways to cut spending by "Big Government" this is one piece of pork that doesn't need to be served!
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That is the ultimate pork barrel and should be eliminated. However a few thousand porkers hardly makes a dent in the big picture.
I work, therefore I eat. I figure that I'll be working till I'm 99. Can't depend on the gov't to support us. By then, SS may be broke. The demographics are unstoppable. We can't have 1 or 2 or even 5 working people supporting each retiree. They should raise the retirement age to about 75 and eliminate early retirement. What was the life ecpectancy when SS was instituted?
I work, therefore I eat. I figure that I'll be working till I'm 99. Can't depend on the gov't to support us. By then, SS may be broke. The demographics are unstoppable. We can't have 1 or 2 or even 5 working people supporting each retiree. They should raise the retirement age to about 75 and eliminate early retirement. What was the life ecpectancy when SS was instituted?
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This space for rent.
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weatherlover427
I found all this out when my dad passed away. I typed it all by hand so excuse any typos.
Survivor Benefits
If an insured worker should die, one or more types of benefits may be payable to survivors, again subject to a maximum family benefit of 1/2 of the worker's PIA, when he reaches 65.
1. If claiming benefits at age 65, the surviving spouse will receive a benefit equal to 100% of the deceased worker's PIA. Benefits claimed before FRA are reduced for age with a maximum reduction of 28.5% at age 60. However, for those whose spouses claimed their benefits before age 65, these are limited to the reduced amount that the worker would be getting if alive, but not less than 82% of the worker's PIA. Remarriage after the worker's death ends the spouse's benefit rights. However, if the widow (er) marries and the marriage is ended, she regains benefit rights.
2. There is a benefit for each child until the child reaches age 18. The monthly benefit for each child of a deceased worker is 3/4 of the amount the worker would have received if he had lived and had drawn full retirement benefits. A child with a disability that began before age 22 may also receive benefits. Also, a child may receive benefits until age 19 if he or she is in full-time attendance at elementary or secondary school.
3. There is a mother's or father's benefit for the widow (er) if children under the age of 16 are in his care. The benefit is 75% of the PIA, and it continues until the youngest child reaches age 16; at which time payments stop even if the child's benefit continues. However, if the widow(er) has a disabled child beneficiary age 16 or over in care, benefits may continue.
4. Dependent parents may be eligible for benefits if they have been receiving at least 1/2 their support from the worker before his death, have reached age 62, and (except in certain circumstances) have not remarried since the worker's death. Each parent gets 75% of the worker's PIA; if only one parent survives, the benefit is 82%.
5. A lump sum cash payment of $255 is made when there is a spouse who was living with the worker or a spouse or a child who is eligible for immediate monthly survivor benefits.
Survivor Benefits
If an insured worker should die, one or more types of benefits may be payable to survivors, again subject to a maximum family benefit of 1/2 of the worker's PIA, when he reaches 65.
1. If claiming benefits at age 65, the surviving spouse will receive a benefit equal to 100% of the deceased worker's PIA. Benefits claimed before FRA are reduced for age with a maximum reduction of 28.5% at age 60. However, for those whose spouses claimed their benefits before age 65, these are limited to the reduced amount that the worker would be getting if alive, but not less than 82% of the worker's PIA. Remarriage after the worker's death ends the spouse's benefit rights. However, if the widow (er) marries and the marriage is ended, she regains benefit rights.
2. There is a benefit for each child until the child reaches age 18. The monthly benefit for each child of a deceased worker is 3/4 of the amount the worker would have received if he had lived and had drawn full retirement benefits. A child with a disability that began before age 22 may also receive benefits. Also, a child may receive benefits until age 19 if he or she is in full-time attendance at elementary or secondary school.
3. There is a mother's or father's benefit for the widow (er) if children under the age of 16 are in his care. The benefit is 75% of the PIA, and it continues until the youngest child reaches age 16; at which time payments stop even if the child's benefit continues. However, if the widow(er) has a disabled child beneficiary age 16 or over in care, benefits may continue.
4. Dependent parents may be eligible for benefits if they have been receiving at least 1/2 their support from the worker before his death, have reached age 62, and (except in certain circumstances) have not remarried since the worker's death. Each parent gets 75% of the worker's PIA; if only one parent survives, the benefit is 82%.
5. A lump sum cash payment of $255 is made when there is a spouse who was living with the worker or a spouse or a child who is eligible for immediate monthly survivor benefits.
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Stephanie
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Good information Josh! Thanks for sharing it!
The concept is still that we're paying into the SS system for "our retirement", though the money is going out faster than it's coming in. If the economy would improve, that would help to eliminate it. There's alot of people that depend on it now and are planning on it helping them through the "Golden Years", especially now that the days of pensions are pretty much gone. Our 401k's have been decimated but are still a good tool to make sure we plan for our future.
The concept is still that we're paying into the SS system for "our retirement", though the money is going out faster than it's coming in. If the economy would improve, that would help to eliminate it. There's alot of people that depend on it now and are planning on it helping them through the "Golden Years", especially now that the days of pensions are pretty much gone. Our 401k's have been decimated but are still a good tool to make sure we plan for our future.
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