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November 28, 2009

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Letter: Scocial Security repayment is just another ‘rip-off’

Tuesday, Oct. 20, 1998 | 9:56 a.m.

Assume that your birthday is the 11th of month "A." Also assume that you are a recent recipient of the monthly federal pension. Under the new plan you are to receive your deposit on the third Wednesday of each month. The deposit could be made on any of the first four Wednesdays of the month. This was instituted to eliminate the workload on the third of the month if there is a problem in the system.

Month "B" is the first month your benefits accrue. So there was about 19 days of month "A" that are just lost.

Month 'C' is the first payment month.

Think of the savings already, 19 days of month one. Another 21 days in, many months, before the money is deposited into your account.

Any bets on how much unneeded refunds are repaid to the Social Security account in the next five years?

Samuel Stote

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