The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: PAY FOR YOUR RETIREMENT||Date: 3/21/2001 7:58 PM|
|Author: jhbusbee||Number: 28563 of 81358|
Anyone out there know if this is true?
Subject: Pay for your retiement
Our Senators and Congressmen do not pay into Social Security, and, of
course, therefore they do not collect from it. Social Security benefits were
not suitable for persons of their rare elevation in
society. They felt they should have a special plan for themselves. Many
years ago they voted in their benefit plan. In more recent years, no
congress person has felt the need to change it. After all, it is a great
For all practical purposes their plan works like this.
When they retire, they continue to draw their same pay until they die,
except it may be increased from time to time by the cost of living
For example, former Senator Bradley, and his wife,
may be expected to draw $7,900,000.00, with Mrs. Bradley drawing $275,000.00
during the last year of her life. This is calculated on an average life span
for each. Their cost for this excellent plan is $ "0," nada, zilch.
This little perk they voted in for themselves is
free to them. You and I pick up the tab for this plan.
This fine retirement plan funds come directly from
the General Funds. Our tax dollars at work! Social Security, which you and I
pay into every payday for our own retirement, with an equal amount matched
our employer, we can expect to get an average of $1,000.00 per month from
our Social Security plan. Or, we would have to collect our benefits for 681
years and 1 month to equal the Bradley's benefits.
Imagine for a moment that you could structure a
retirement plan so desirable that people would have extra amounts deducted
from their pay to enhance their own personal retirement income. A retirement
that worked so well, that Railroad Employees, Postal Workers, and others who
were not in the plan would clamor to be included.
This is how good Social Security could be, if only
one small change were made. That change would be to jerk the Golden Fleece
Retirement Plan out from under the Senators and Congressmen. Put them into
the Social Security plan with the rest of us. Then watch how fast they would
If you liked this send it to everyone you know.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|