How Social Security Picks Your Pocket! A Story of Waste, Fraud, and Inequities

How Social Security Picks Your Pocket! A Story of Waste, Fraud, and Inequities

How Social Security Picks Your Pocket! A Story of Waste, Fraud, and Inequities

How Social Security Picks Your Pocket! A Story of Waste, Fraud, and Inequities

Synopsis

How Social Security Picks Your Pocket exposes how Social Security is implemented -- who wins, who loses, and how the game is played; and offers suggestions for improvements to the system.

If you're not mad yet, you will be. Opinionated and well-documented, the book goes beyond discussions of the pending insolvency of Social Security to illustrate numerous distortions in the way Social Security distributions are made, often to the benefit of those who need it least.

Fried, a CPA and an MBA, illustrates his points with easy-to-follow scenarios, and offers prescriptions to make the system more equitable.

By now, most people realize that Social Security is no bargain, but few are aware of the staggering waste and inequities built into the system. This easy-to-read book expands the Social Security debate to the areas of disability abuse, fraud, and inequitable benefit shifting.

Includes references, index, and questions readers might like to ask of their elected representatives.

Excerpt

For many years, I’ve counseled individuals and small businesses regarding employee compensation and retirement plans. Often, the subject of Social Security would arise and I’d be asked, “Is Social Security a good investment?” To answer the question, I’d plug a few numbers into my calculator, and show the results to my client:

Look at this. If a 22-year-old invested all of his payroll taxes in private
investments earning just 3.5% above inflation, he could have over $850,000 by
the time he retired — in today’s dollars. That would buy an annuity of $76,000
per year for the rest of his life. Which do you think is better: $76,000 per year or
Social Security?

It’s a simplistic example, of course, but it gets the mental juices flowing. Why does Social Security pay such a meager amount? Is the program properly designed and managed? Are some people getting less than their share? Are there better alternatives? How Social Security Picks Your Pocket answers these and many other important questions.

To write this book, I put on my eye shades, sharpened my pencils, and poured through endless financial schedules, statements, agency reports, and research studies, with all of the skepticism of an eagle-eyed accountant reviewing his restaurant check. the goal? To get the real story behind the numbers. Twenty years of cpa audit experience made it easy. Then, I set out to

1. For a single male earning $65,000 per year, and retiring at full retirement age (age 67).

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.