Social Security: Common Core Math

Oh how true!

Better grab some strong brew to start your Monday off.  I don't necessarily mean coffee! I had to get some after reading the opinion piece below by Tom Margenau.  Where in the world did they get these formulas?  Can't they do anything simple in our government?

Ok any experts out there than can decipher the formulas for sanity purposes?  I sure hope so.  

This article also touches on something else that will affect new recipients:  Current wage factors.

Now isn't that interesting?  What do you mean "current wage factors"?  You're probably saying "I paid in all my life and there should be a treasure box in DC for me with the exact amount I paid in."  Earth to you:  The genie has been stolen out of the bottle.  The current wage earners bear the burden of paying the SS benefits of current retirees.  So when 44 million Americans lose their jobs, dang right it's going to affect and probably, most likely, YES definitely Social Security.  I just didn't realize the crazy formulas used.  So confusing.  Maybe that's the point:  TO CONFUSE US!

As asked earlier... any of you interpreters?  This stuff sounds like a foreign language to me!

An unknown effect: The COVID-19 virus and Social Security

If the virus affects anyone’s Social Security, it probably will be just a small cohort of people – essentially, anyone turning 60 this year.

  ".....When the Social Security Administration figures your retirement benefit, they look at your entire earnings history, pull out the highest 35 years, add them up and then divide by 420 (the number of months in 35 years) to come up with your average monthly wage. Then they use a formula that gets to the “social” part of Social Security to figure your retirement benefit. 

That formula is slightly different depending on the year you were born. Here is a quick example. If you were born in 1954, they take the first $856 of your average monthly wage and multiply it by 90%. Then they take the next $4,301 of your average monthly wage and multiply it by 32%. And finally, they take whatever is left over of your average monthly wage and multiply it by 15%...."

HUH???

Read the rest of the story at: https://www.dallasnews.com/sponsored/2020/08/02/an-unknown-effect-the-covid-19-virus-and-social-security/

Related article at The Epoch Times:

CCP Virus Stimulus Plan Could Include Controversial Social Security Fix

https://www.theepochtimes.com/ccp-virus-stimulus-plan-could-include-controversial-social-security-fix_3444429.html