Read the following carefully. You will quickly notice they are talking about the UK pension system. This is from a Facebook post. Amazingly you could substitute a few words and you would have much of what Americans write about Social Security.
It contains inaccurate and misleading information about funding, using the trust assets and the naive assumption that citizens could do better investing their own money. Don’t you love the government didn’t pay a penny part?
Maybe pensioners should print this off, send it to a Rishi SUNAK and demand payment.
PLEASE PASS THIS AROUND, UNTIL EVERY ONE HAS HAD THE OPPORTUNITY TO READ IT… THIS IS SURELY SOMETHING WE ALL NEED TO THINK ABOUT!!!!
THE ONLY THING WRONG WITH THE GOVERNMENT’S CALCULATION OF AVAILABLE PENSION IS THAT THEY FORGOT TO FIGURE IN ALL THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED OLD AGE PENSION.
WHERE DID ALL THAT MONEY GO? Remember, not only did you and I contribute to our Pension, our employer did, too. It totalled 15% of your income before taxes.
If you averaged only £15 000 over your working life, that’s close to £220,500. Read that again. Did you see anywhere that the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to ensure that you and I would have a retirement pension from the money we put in, it was not money that the Government had any right to spend elsewhere.
Now they’ve started to call the money we paid in a BENEFIT when we reach the age to take it back.
If you calculate the future invested value of £2500 per year )yours & your employer’s contribution) at a simple 5% interest (that’s less than what the govt. pays on the money that it borrows from overseas), after 49 years of working you’d have £892,919.98.
If you took out only 3% per year, you’d receive £26,787.60 per year and it would last better than 30 years (that means until you’re 95 if you retire at age 65) and that’s with no interest paid on that final amount on deposit!
If you bought an annuity with the money and it paid 4% per year, you’d have a lifetime income of £1976.40 per month.
THE CROOKS IN GOVERNMENT HAVE PULLED OFF A BIGGER ROBBERY THAN THE GREAT TRAIN ROBBERS EVER DID.
Benefits
My foot !! IT’S MY MONEY!! I paid IN cash for my pension.
Just because they borrowed the money to spend on other things, that doesn’t make my pension some kind of charity or handout!!
Remember MP’s benefits? — free healthcare, outrageous retirement packages, 67 days paid holidays, three weeks paid holidays, unlimited paid sick days.
Now that really should be called entitlements yet they have the nerve to call my O A P retirement payments “Benefit” We’re “broke” and the government can’t help our own OAPs, our ex-service personnel, our orphans or our homeless!
Yet in the past few years we have provided aid to Haiti, Chile, Turkey, India, Pakistan, etc., etc., etc. Literally, BILLIONS of Pounds !!!
But they can’t help our own citizens!
Our retired seniors living on a ‘fixed old age pension have to beg social services to receive additional aid, while our government and religious organizations pour hundreds of billions of £££ tons of food to foreign countries!
Why did the government borrow from it in the first place? It was supposed to be in a securely locked box, not to be used as part of the Government’s general funds. Sad, isn’t it, that some people won’t have the guts to forward this. I’m in the category with guts enough to do it – – – and I just did.
I hope some of you will do the same.
They call the old age pension a benefit even though most of us have been paying for it all our working lives, and now, when it’s time for us to collect, the government is running out of money.
QUINNSCOMMENTARY 
I suspect the UK system, like ours, has the problem of fewer and fewer workers supporting an increasingly larger group of recipients. People get all hung up on the idea that they paid in every pay day but “their” money is being spent now instead of accumulating for them.
This is a problem not just for Social Security but for a lot of public pension systems as well. Many state and local pensions are teetering on the edge financially. Adequate funding for the whole congregation is going to cost dearly. Meanwhile, in a news flash, elected representatives in state and federal positions continue to keep their heads in the sand.
LikeLike
“ Many state and local pensions are teetering on the edge financially.”
That’s what happens when public sector unions bribe (democrat) politicians with campaign contributions in return for raises (and prevailing wage laws).
LikeLike
I don’t know where to begin with this one but I’m a bit weary of the phrase “fixed income”. UK seniors receive an inflation adjustment just like Americans do. My relatives in several European countries are actually happy with their govt. pensions . They have other savings and own their homes.
I don’t think the pension actuaries forgot about all “the dead people”. Another ridiculous statement in some of the internet memes that get passed around is that they claim in the 1930’s people only lived to be 40 years old at the most so everyone would be long dead before they ever collected a social security check!
LikeLiked by 1 person
Right you are, the claims are ridiculous
LikeLike