QUESTION: Did you know our United States senators and congressmen do not pay into Social Security and, therefore they do not collect from it. They felt they should have a special plan. Many years ago they voted in their benefit plan.
For all practical purposes, their plan works like this: When they retire, no matter how long they have been in office, they continue to draw their same pay until they die, except it may be increased from time to time by cost-of-living adjustments.
For example, former Sen. Bill Bradley, D-N.J., and his wife may be expected to draw $7.9 million over an average lifespan, with Mrs. Bradley drawing $275,000 during the last year of her life. Their cost for this excellent plan is "0," nada, zilch. This little perk they voted in for themselves is free to them.
You and I pick up the tab for this plan — our tax dollars at work! Social Security, which you and I pay into every payday for our own retirement, is not as sweet a setup. With an equal amount paid in by our employer, we can expect to receive an average of $1,000 per month.