(The biggest ponzi-scheme ever perpetrated against the American Wage Earner).
Upon attaining age 62 and at the advice of a friend I went to the local Social Security administration to inquire as to the state of my social security retirement. I was quite surprised to find out from the nice lady that it would be a smidgen under $1,000 per month. However if I continued to earn the income I need to pay my monthly obligations that it would be nothing. If and when I reach the age of seventy years old then I could draw my retirement without being penalized for being economically and financially productive.
After working for forty six years I feel like I have been had. I am still paying on the last $15,000 that I had to borrow to pay my self-employment tax from two years ago. OK, I should have set it aside in a pre-paid estimate. I tried but was short because of an extra successful year. Now that times are thinner, I still am paying on the $15K and need to work an additional eight years too.
The nice lady at the Social Security office explained it to me this way. As I need $5,000.00 per month to pay my monthly obligations, the first fifteen percent of every dollar I make for SS tax, Federal and State income tax, health insurance (self employed), home payment, home maintenance, transportation and fuel, auto insurance, and so on. It was shown me as follows. Take the $60,000.00 and subtract $14,200.00. Divide the remainder by two. $45,800.00 divided by two is $22,900.00. Take that result and divide my SS benefits ($1,000.00) in to it, the results are equal to a little under 23. Now any result greater than 12 means I have the amount equal to my benefits subtracted from my SS benefits for the whole year. If the result had been 12 or less but greater than zero, then I would have the amount equal to my SS benefits subtracted from my retirement for the number of months equal to that number between zero and 12.
I will need to work past the age of seventy if I am to meet my financial obligations and realize social Security benefits. I would have been much better off with a force funded annuity to start drawing from. Bernie Madof went to prison for 120 years for less of a fraud than the US Legislatures have perpetrated against the tax-paying American public.
Well, that is enough of crying over spilled milk. All this to say that I need, in deed, all American wage earners need to provide for their own retirement years without dependence upon a government that has ponzi managed our retirement funds and driven the postal service into the ground.
I have outlined the problem, now for the solution.
There are many ways to develop an income that will dwarf most Social Security benefits. The grass root ability of the American consumer when they work together is an awesome force. Working together by virtue of networking together with each other can control whole industries. Just take a look at the premier national seniors origination as an insurance consumer group for example. If there were to be a consumer pharmaceutical base origination similar to the premier national seniors origination started, it would make drug producers set up and take notice. Likewise, many seniors as well as earlier aged people like to travel. There have been several travel clubs and origination's that have sprung up which allows people of all ages to get very favorable prices on cruises and resort stays as a result of banning together.
The point here is that when people ban together they can save and cut costs. Too, if utilized correctly they can also cut out a huge piece of the profit pie to put in their own pockets. Finally marketers are recognizing the fact that people will organize into like minded groups to achieve a better lifestyle.
Why not utilize the available resources to develop an income that will replace the supposed and weak at best retirement programs touted by government agencies. We can do better! We can work together, with each other and enjoy ourselves with purpose. Let us help each other by joining in union, one with another the develop strength in numbers.
The old parable of one old stick can be broken easily. A bundle of old sticks can be very very strong, much stronger than the sum of the individuals by themselves. Together they can lend support to others, influence with authority, and through their strength in numbers have and take control. This is not to mention the wealth of wisdom and knowledge possessed by that bundle. What a wonderful bag of tricks.
I am The Money Miser. Will you join me? Will you become part of the solution?
Like any other ordinary citizen I like to travel. My friends like to travel. But with activities being limited by financial means, it is hard to take the cruises and stay at the resorts like we desire. There is a way to travel and get paid too and do it for less. Just look at [http://www.I-Need-More-Money.com/]
My given name is Keith. I am known as The Money Miser. Come visit me at [http://family-and-child-safety.com/welcome-family-and-child-safety-objective/]. I have other family friendly safety tips on my blog there and many safety related items and products. These include "ATV and Yard Equipment Safety", "Grandma's House, Is It Safe?", "Holiday Kitchen Safe", and others.
Find other links for my blog comments on family financial matters and my opinion about segments of government waste. These include articles on "It's Going to Blow, Parts 1 through 4, It's Guaranteed!", Stop It, Buy Healthy Food, and "Bon appetite", "How Good A Deal It Is!" on cash for clunkers, Cash For Clunkers, Boon or Boondoggle?", Save Money at The Grocery Store", "Time is Money and The Government Squanders Ours", and so on.
Copyright January 23, 2010 Keith V. Loucks
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