I have a defined retirement plan; I get 2% of my final salary times the number of years I worked when I retire. Every year I worked I paid 8% of my gross into a state plan, my employer paid the same just like Social Security. The difference is......my retirement was in a real lock box. That money wasn't spent by the politicians on something else or to balance this year’s budget. unlike Social Security. It earns interest compounded annually like an IRA or a 401k. It was local government who put off paying their share in, causing a deficit projected for the future. I couldn't not pay my share but local government took a holiday on paying their share, like buying something on credit, and now they owe the principle and the interest.
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