Social Security

[Atomic Rooster]

Perhaps we are asking the wrong questions during election years.

Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it.
You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their ownbenefit plan.

In more recent years, no congressperson has felt the need to change it. After all, it is a great plan.

For all practical purposes their plan works like this:

When they retire, they continue to draw the same pay until they die. Except it may increase from time to time for cost of living adjustments.

For example, former Senator Byrd and Congressman White and their wives may expect to draw $7,800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275,000.00 during the last years of their lives.

This is calculated on an average life span for each of those two Dignitaries. Younger Dignitaries who retire at an early age, will receive much more during the rest of their lives.

Their cost for this excellent plan is $0.00. NADA....ZILCH....

This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds;

"OUR TAX DOLLARS AT WORK"!

From our own Social Security Plan, which you and I pay (or have paid) into, -every payday until we retire (which amount is matched by our employer)- we can expect to get an average of $1,000 per month after retirement.

Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one (1) month to equal Senator Bill Bradley's benefits!

Social Security could be very good if only one small change were made.

That change would be to jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. Put them into the Social Security plan with the rest of us ... then sit back and watch how fast they would fix it.

[Ed_S]

Problem is that the only people with the power to change this are those that benefit from it.

You may occassionally hear of an isolated congress member or two that swear they would change it if they could, but you'll never see enough of them say so at one time.

Personally, I think there should be -0- ongoing or retirement benefits for officials once they're out of office. Combine that with term limits, so that no one person spends too much of his life in a position earning no retirement.
Officials should be paid a salary determined by the vote of their constituents - in other words, each state decides the congressional salaries, which would differ from each other.

But you know what - It ain't gonna happen!

At some point, "we the people" lost control by giving the elected officials the ability to write their own ticket. They've got it, and they're NEVER giving it back!

[Chuckiechan]

I wish there was a viable third party.

[Bovon]

Social Security will get weaker and weaker until most of the working people today that are in their mid 20s to early 30s will not realize much..if anything. Up until recent years, there have been some (mostly poor people) who have survived (thats it too..just survival) on Social Security income. Its almost impossible today to even do that. By 2030 +/- a few, Social Security (if it even exists) will be pocket change. Workers today better have some kind of retirement plan of their own..do not depend on company retirement plans...they fail, the companies can abandon them..401K plans are not fully protected. I strongly suggest anybody that is looking forward to retirement in the next 20 - 30 years...begin saving and buy into private retirement services...but be sure to check them out first...be extra certain anything you put into some retirement account is protected by Federal Law. Sure..lots of people laugh at Federal Law..but think about it. Its the strongest protection you can get..if the Federal Government fails..you won't need any retirement anyway.

[MTAtech]

I don't see how $7.8M for Sen. Byrd is calculated. He's almost 80 now.

There won't be any SS in the future because Congress is using Enron accounting to add the SS surplus into general revenues which are being spent, not socked away.

Are Congressional pensions too generous? Of course they are. That's what happens when the fox guards the chicken coop.