D.F. Morgan: Social Security scrutiny | CraigDailyPress.com

D.F. Morgan: Social Security scrutiny

To the editor:

While this is not meant to be a reply to Ms. Kisseberth’s letter regarding Social Security from Monday the 17th, (I collect it myself), I thought the following clipping I saved several years ago would be interesting. I would only say the government has no money — only what they take from us.

If an employee retires in 1995 at age 65 and has paid the maximum FICA tax each year since age 21, he or she will have paid about $46,000 into the Social Security system. The monthly benefit that employee can expect equals $1,147. Thus, the employee will get back all his or her contributions in 41 months. And, if the employee lives to age 81 (current life expectancy) the employee will collect an additional $174,000, not counting inflation increases.

D.F. Morgan


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