Quote:
Originally Posted by will76
what most people don't understand is their employer pays (matches) the same amount that the govt takes out of the employee's check.
|
That is true. Which again...leaves folks like me paying in more than I'll ever get back.
I pay my own s.s. and then I pay matching funds for my employees too. I'm just a small business, and that alone takes money right out of my pocket. Money I'll never see.
And theking said: "I assure you that your grandfather...at the age of 90...assuming he retired at 65 drew out what he had paid into Social Security several times over."
Well, my grandfather ran his company until well into his 80's when he had so many strokes he couldn't talk right anymore. And by that time the citrus industry in Fla. had been hit by some bad freezes and then blight and bug infestations that combined with new competition from South America really hurt the citrus industry.
He couldn't stop working because he owned millions of acres of groves that all had bank notes to pay and when the fruit was hurt on those years there was no money coming in...but the groves still had to be tended and payroll to a few hundred people still had to be made. He was literally signing away his home trying to keep above water (and of course TAXES were still coming at him from the "good" year right before the big freeze years)
Anyway...thanks for "assuring" me of what happened with my grandfather. But since he and I were extremely close and my aunt did all his taxes (cpa), I think I might be in a better position to tell you that "NO" he did not collect all that he had put in. He put in the max every year from the late 1950's until the mid 1990's. And before that he had worked for the railroad in the late 1930's through the 1940's and paid in.
If you think he got that money back you're dead wrong. And of course as I said earlier, since my grandmother passed first...she wasn't able to get any of the "benefits" either.
So when he died...he was penniless. Even though he had millions in CD's and retirement funds up until the 1990's. He never got to use them. He cashed every bit of it in trying in vain to save the business he had built his entire life.
That's the way shit goes in real life. But the government doesn't seem to care. Just keep taxing!