Legal Commentary

Checking In With Your Own Labor History

By Jeralyn

Given that Monday is Labor Day, I thought I'd take a look at my last Social Security/Medicare statment to see how much I've paid in taxes for both over my working life. The statement says I began paying into to Social Secuirty in 1965 (a part time job during high school) and continued up through the present. Given what I've paid in, and that I won't retire until 65 at the earliest, there's no way I'll get all that money back -- I won't live that long.I wonder how many people, like me, won't get their money back, either because they die, or they end up with reduced benfits due to the meme the Government is pushing that in 2014, SS will begin paying out more than it takes in, and by 2041 will not have enough to cover everyone? Why doesn't the excess paid in go back to our heirs if we die early?

I've also paid a bundle into Medicare, which I'm years away from collecting on. If I die, Medicare too keeps the money it collected from me. Do they use it to pay medical care for someone else?

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Medicare and Social Security may be government run programs, but they are being paid for with money workers pay in. And while some workers will use their benefits, the Government gets to keep the money if people die too soon or die shortly after receiving benefits.

Which leads me to conclude, those saying it's a Government entitlement program don't have it quite right.

It's more of a partnership between the Government and its citizens, and in a lot of cases, the Government takes it all.

Maybe that's why seniors want a lockbox on their benefits. Looking at the numbers I've paid in, it's anything but a handout. It's more of a hand-over.

Full post as published by TalkLeft on September 06, 2009 (boomark / email).