Reply #21: My experience with SS

[GoldenOldie]

I worked for 20-years in the private world and began with minimum wages of $.70 per hour and paying into FICA. I was barely able to pay the rent and buy groceries. During the ast 15-years of this 20-year period, I became a working full-time mom who needed to work to help supplement my spouse's income and still paying into FICA.

Having had my immediate family employed in government service for several years and realizing that they were doing much better than I, with benefits and retirement, I soon acquired a position with the DOD and spent the next 20-years working and paying into the Federal employee retirement fund. Federal employees did not at that time pay into SS.....they could not receive what they did not pay into.

I worked for 18-years with the DOD with the assumption that I had well-over my requirements for SS and I would receive retirement benefits from SS along with my retirement savings from the Federal Employee Retirement Fund. You know what they say when you "assume."

During Reagan's term, the end of "double dipping," .......receiving 2 Federal retirement checks by one individual was initiated. They changed rules 2-years prior to my retirement and in my elder siblings case, who had a similar work experience....working private for 15-years for much higher salary, and then hired by the US Government for 25-years. My sibling retired the year in which the new "double dipping," changes went into affect. Her SS retirement monthly benefit went from $758. to $100. a month. This is when I learned that I would fall into the same category and I had 2-years before I retired to make adjustment to my retirement budget.

I do not hold any animosity for these changes and I have been able to obtain a good standard of living. But, I was fortunate enough to make promotions and enough grade within the Government to receive a living retirement, this maynot have been true for the lower grade typists, clerical workers.

My point is: SS is an excellent Program and is vital to our citizens that find themselves in their waning years not as fortunate
as we. If those opposing SS, were to honestly debate and understand the intent and original purpose of the SS Program they would know that it is basically an insurance program to ensure that those less fortunate do not fall through the cracks. Would they demand that they be allowed to determine how they would invest their Life Insurance, Health Insurance, etc. SS is an insurance investment that if the need arises at some point in your life, you or your family will not be out on the streets. The largest financial institutions have taken over the small community banks and they are unwilling to have the personal talks with the customer/investor. I don't want some financial institution with a CEO receiving millions of dollars benefit packages coming from the SS monies and some WS lottery genius determing where and who will get the billions of dollars. They will not be responsible to the "People" and just who will be auditing these funds????

The majority of the young are totally ignorant on the SS Program and assuming that they would actually control "their money," if it is privatized.