Letter to the Editor: Social Security one of finest things government has done for nation
I enjoyed Scott Rasmussen’s column in the March 9 Northern Virginia Daily, but there are a few points worth further consideration.
1. I received my Social Security number when I was 12 years old. It was during the Great Depression and I was working part time after school. I calculate that I have contributed $365,000 to Social Security and if I live to be more than 100 years old, I will not have received all of it back
2. That benefits should vary depending on the age at which your pension starts, and that makes sense. There are so many factors that could influence the final decision, advanced planning is impractical. Ideally, your actual retirement income should be a function of retirement age and dollars saved. Social Security does this now, but the procedure needs to be expanded and improved.
3. It is possible to prove almost anything if you choose the right data to include and I respectfully inquire if Mr. Rasmussen considered the following:
A. The population of the United States is increasing, therefore, the number of people entering the workforce and signing up for Social Security are also increasing.
B. Those new entries into the workforce are entering at much higher income levels, taking less time off for medical reasons, retiring later in life, continuing income-producing activities after retirement and working more productively, actually improving the general economy of the United States. The income level at which contribution stops needs to be adjusted accordingly.
C. When it comes to my retirement savings, stability and safety are prime. Stocks, bonds, commodities, real estate, and even gold all fluctuate. Americans want, and need to know, the value of their retirement nest egg. Most of us would prefer to have Uncle Sam look after our trust fund for us.
I think most Americans will agree: Social Security is one of the finest things our government has ever done for us.
Jack A.Rickel, Front Royal