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Willisms

« Wednesday Caption Contest: Part 2. | WILLisms.com | Trivia Tidbit Of The Day: Part 22 -- Reagan's Media Coverage. »

Every Day, You Work An Hour To Pay Social Security.

Dan Lips, writing in The Washington Examiner, explains:

9:59 a.m. That's the time each morning when the average 9-to-5 worker has completed exactly 12.4 percent of the workday, enough to pay Social Security payroll taxes. The crux of the debate is whether American workers should have control over the earnings from that hour or if they should work longer each day to support the pay-as-you-go system.

And, what would become of Social Security with no reform?

After 46 years of earnings, what should today's 21-year-old expect? Whether he will receive back his half-century of Social Security payments will depend on whether he lives to see retirement in 2051. Under the "do nothing" option, if he lives to 67, he should expect monthly benefits that are 25 percent below what Social Security has promised. He'll have to live past 2075 to receive back all of his Social Security contributions.

It's that simple, people.

Posted by Will Franklin · 20 April 2005 09:26 AM

Comments

Social Security?...Social suckurity.

Posted by: Cindy Tidwell at April 20, 2005 09:33 AM

HELLO?...

Posted by: Cindy Tidwell at April 20, 2005 09:35 AM

Hi, Cindy.

Posted by: Hoodlumman at April 20, 2005 12:43 PM

Social Security REFORM!!!

Posted by: Carly at April 20, 2005 07:09 PM

PAY MORE GET LESS! ... If it were an advertisment for your bank that is how it would read! OR! it could read something like this!...Do want less money to live on in your retirement? ...Well then sign up for SOCIAL SECURITY NOW! YOU WILL GET LESS BACK GUARANTEED!

Posted by: Zsa Zsa at April 21, 2005 07:41 AM

I really hope some day soon our elected pals in Washington will set our future generations free of this old relic! Even if we don't get paid at all, I say let's get another way to invest for our childrens sake!

Posted by: Zsa Zsa at April 21, 2005 08:07 AM