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The 6.2% that we put in, is our salary to keep.The salary that is earned has that 6.2 per cent in the total wage. You really are earning 6.2 per cent more.
They are forced to give the 6.2 per cent by law. It comes from their resources. It is our money. This was done to make it look we are not being snookered. What crazy people would give up 15% of their wages for others for one benefit to others? The millennial generation which is much more diverse than the retiring baby boomers cannot even stand them.The 6.2% that we put in, is our salary to keep.
The 6.2% company match in to SS is not in our salary and it is the company's money. If we we did not make companies pay the 6/2% company match in S.S., the company would not give us a 6.2% raise in our salary.
That's right.
Remember company pensions.
Republican got rid of them too.
Really?
Tell THAT to the people in Kentucky.
Wrong.BS.
August 7 2022
OMAHA, Neb. -- Warren Buffett's company reported a $43.76 billion loss in the second quarter as the paper value of its investments plummeted.
The bear market hasn't been too kind to the richest three people in the world-- Tesla's CEO Elon Musk, Amazon's Jeff Bezos, and LVMH's Bernard Arnault. Combined, the three men have lost about $115 billion in net worth year to date, according to the Bloomberg Billionaires Index.
So, what the stock market did to billionaire with, of course, reserves, what about the people that got wiped out?
Red HerringSupposedly our money....but it is NOT part of our salary or total compensation.....if they did not have to pay SS 6.2% in your name, they WOULD NOT add this 6.2% to your salary. They would take that money, and give it to themselves in higher CEO salaries and the like....you wouldn't see a dime!!!
SS robs you of potential wealthRetirement used to be a three legged stool.
1 -company retirement Pensions.
2 - your own retirement savings
3 -social security
With ALL THREE, you could live a comfortable retirement....
Three legged stool implies if just one of those legs goes missing, the stool topples.
And employers stopped giving us pensions....
Our three legged stool retirements were screwed!!! Employers got richer from your labor.... you got dicked.
BULLSHIT, moron.Pensions were replaced it with 401K you fucking moron. 401Ks are a good thing. It allowed my wife and I to retire early and we both got pensions.
No, there weren't.There was absolutely no Federal regulation doing away with pensions. It was all market place driven so you can take your partisan lies and shove it up your ass.
So.Wrong.
There has never been any rolling 45 year period where the market has not been positive with an average return of 0ver 8%.
Sure, average.Do the math and realize that even at an extremely conservative estimate of an average ROR of 6% and you'll see that even people who don't have high salaries will retire with far more than any pension plan or SS would give them.
Really?And no one got wiped out unless they sold all their stocks.
Sure, moron.You need to educate yourself on how the stock market works
IOW pensions are putting all your retirement eggs in one basketBULLSHIT, moron.
Pensions were like stock but investing in the company you work for.
Like investing in America, republicans put a stop to that too.
No, there weren't.
BUT.
In 2004, Republican helped to pass a new accounting requirement that threatens to destroy public institutions, pensions, and unions.
Here is how it works. Each public institution now has to put on its financial books the total liability for its retiree health care plans. At first glance, this seems like a prudent law, but it was designed to undermine pensions by making them appear to be generating huge deficits. To understand this problem, we can look at the University of California, which has its own retirement plans.
Due to the 2004 accounting change (GASB 45), the UC system has been forced to declare on its books a multi-billion dollar retiree health care liability; however, the university is not actually spending these billions.
For instance, in 2009, it declared a $1.5 billion retiree health care liability, but it only used $240 million to cover this account. Moreover, the university has now accumulated over $14 billion in its total retiree health care liability, and so when it tries to balance its books, it shows a huge deficit.
In response to this expanding liability, the system has called to reduce benefits and increase the contributions that employees make to their own plans.
It is important to stress that the UC is not spending billions on retiree health care each year; rather, it being forced to predict how much it would need to cover all present and future retirees. However, since the huge accounting liability works to produce a fiscal deficit, the university fears that its high bond ratings will go down, and then it will have to pay much higher interest rates on its bonds, and virtually everything the university now does, is tied up with borrowing money.
Bernie Madoff had nothing to do with the market you moron.So.
Sure, average.
Really?
See: BERNIE MADOFF.
Who wouldn't if they lost 70% of their value.
From a March 10, 2000, high of 5,048.62, the index tumbled to 1,139.90 on Oct. 4, 2002, for a whopping 76.81% drop. (The Dow Jones and S&P 500 also suffered, albeit less intensely - down 27.38% and 43.19%, respectively.)
Individual companies do go bankrupt, so individual stocks can see their value go to zero (or nearly zero). If you owned a portfolio filled with Enron, Kodak, Circuit City, Blockbuster, and Tower Records, then you may have been completely wiped out.
This highlights why diversification is so important. Today, there are approximately 3,486 publicly traded companies in the US. Some of those companies will cease to exist in the future. But by owning several hundred or more different company stocks, you decrease your risk of being deeply damaged by individual corporate bankruptcies.
Sure, moron.
Your pie in the sky, stock market utopia is nothing but BULLSHIT.
Hand over your $$$ to private corporations.............."They'll take care of YOU".
WTF? IDIOT.Bernie Madoff had nothing to do with the market you moron.
So, you just walk into Walmart, lay a pile of $$$ on their desk and say, you want to invest in their company?You don't need to have anyone manage your money for you.
Sure, who is taking care of your $$$?I have been invested in the market during all of those bear markets and government caused recessions and my ROR for the past 30 years has been over 10%
I retired at 51 because of my investments and my portfolio earns more than I spend so I will have MORE money in 10 years than I do now
And guess what I can leave that money to family or charities because it's MY money
And I can take care of myself. Unlike you I do not need to be taken care of
There is no law outside of SS requiring an employer to provide for a worker's retirement.He does because it's the law
I'm solidly in the 4th quintile of income and wealth. That's all I need to know about money.You don;t know much about money which is why you think SS is actually a good deal
Madoff STOLE money, Idiot. The money people lost with him didn't have anything to do with the performance of the stock market.WTF? IDIOT.
Bernard Lawrence Madoff (/ˈmeɪdɔːf/ MAY-dawf;[1] April 29, 1938 – April 14, 2021) was an American fraudster and financier who ran the largest Ponzi scheme in history, worth about $64.8 billion.
He was at one time chairman of the NASDAQ stock exchange.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former NASDAQ chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
So, you just walk into Walmart, lay a pile of $$$ on their desk and say, you want to invest in their company?
Guess what?
You're relying on another person to actually make a trade or invest in a company.
Sure, who is taking care of your $$$?
Are you relying on someone ELSE?
And that would not change each person held their money in privately owned accounts.There is no law outside of SS requiring an employer to provide for a worker's retirement.
I'm solidly in the 4th quintile of income and wealth. That's all I need to know about money.
$100,000/plus annual income.
$1,000,000/plus wealth.
I could have (have had) much more but I don't want to work that hard. There's more to life than money.
NO SHIT, MORON.Madoff STOLE money, Idiot. The money people lost with him didn't have anything to do with the performance of the stock market.
WTF?And do you really not know how to buy stocks?
WOW, what a revelation.All a broker is is the middle man it's no different than buying your tomatoes from a supermarket instead of the farmer. You decide how much, and when to buy then you decide when and how much to sell if you want to.
Through, who exactly?And I am taking care of my own money. I decide what to buy or sell. I decide how much to take out.
It doesn't matter all they do is hold my accounts like a bank and they have nothing to do with anything else.NO SHIT, MORON.
WTF?
WOW, what a revelation.
Who came up with that?
Someone in NYC?
Through, who exactly?
It doesn't matter all they do is hold my accounts like a bank and they have nothing to do with anything else.
No one is opening any accounts I don't know about.Really?
Like a bank?
Whether you’re a Wells Fargo customer or not, news that the bank secretly opened unauthorized accounts should be a wake-up call for all of us.
Wells Fargo employees were on a payment system that compensated them for the number of new accounts they opened. The Consumer Financial Protection Bureau (CFPB) says the challenge of meeting their sales targets was the motivation behind the opening of secret deposit and credit card accounts that were not authorized by customers.
To open new deposit accounts, employees transferred money from customers’ existing accounts. Unfortunately, this sometimes resulted in insufficient funds fees charged to the original accounts.
To open new credit card accounts, employees applied for the cards without customer knowledge. This was a costly secret too, as it resulted in charging customers annual fees for the credit cards they never even applied for.
