If you invested $360 a month starting at age 20 at 6% compound interest, by the time you are 65, you will have $1,000,000.
In the same way, if you have paid in $180 a month in FICA tax for your Social Security (which your employer matches for a total of $360), starting at age 20, by the time you are 65, you could draw $1,000 a month for 83 years before the government had paid you a similar amount.
None of us are going to get back anything like what we would have if our FICA had been invested where Congress couldn't steal it. Don't let any politician get away with claiming otherwise: Congress needs to stop spending our retirement savings that we have been paying in all of our lives.
No comments:
Post a Comment