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Social Security Benefit Statement Reveals Source of Funds

Current misconceptions about social security abound, even by those receiving benefits. Take a look at what this individuals benefit statement reveals.

Bob Richards
Bob Richards
Dec. 17, 2012 - PRLog -- While Congress debates the financial cliff, Social Security has become a target. Comments in the news reveal that few people understand where the money comes from and where it goes. So rather than look at the big picture, the editors at Retirement-Income.net have dissected an individual's social security benefit statement. The analysis, which you can read in detail at the site (http://retirement-income.net/blog/social-security-benefits/social-security-is-a-ponzi-scheme-rick-perry-told-the-truth/) reveals:

1. an individual starting social security benefits at age 62 has contributed sufficient funds to make 13 years of payments
2. benefits paid beyond 13 years must be paid to the retiree by others who are currently working
3. benefits paid to others in the retiree's family who qualify could receive payments equaling over 200% of what the retiree receives

Those who really want to know how Social security benefits are funded should review this statement and be an educated voter rather than swayed by rather loud political voices.  The analysis also explains how you can get your own statement.

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