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Politics : Ask Michael Burke

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To: Les H who wrote (84814)	11/2/2000 4:01:06 PM
From: Skeeter Bug	Read Replies (2) of 132070

>> the average payout is $800 per month.<< let's do some math (everything in today's dollars)... ;-) $9600/year is 5% of what? $192k. so, 15% of one's avg lifetime avg wage of, say, $30k is $4,500 per year. assuming a stock market bubble... just kidding, i'm not running for president ;-) 40 years of working (conservative!) leads one to have... $180k with no interest paid. would someone please calculate the value assuming 5% interest compounded monthly? my guess w/b close to $300k-$400k. so, i have an option. pay 15% to ss and get $800 a month... or save 15%in an ira, end up making more like $1500 a month in interest AND having nearly 1/2 million to either spend or pass on to my heirs. this is why i don't like ss. it's real cost to an avg person who saves the money is nearly $500k through their lifetime + $700/month in lost income during their retirement years. if someone likes this program so much, please send a check for $300-$400k (whatever the number above turns out to be) to me and I will begin your $800 payments commencing immediately! -ng-

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