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Understanding the True Nature of Social Security - Men’s Journal
The popular notion that Social Security is solely a retirement program, with individual contributions tallied into personal accounts, causes many to rail at the potential impacts of the program’s looming insolvency. As debates surface about what will happen as insolvency approaches, Social Security’s true purpose as a social insurance program prompts heated discussions about why future retirees may not receive market-level returns.
Men’s Journal news writer Philip Uwaoma tackles this emotionally charged topic in a post on their website, noting that “Social Security is insurance. It provides retirement benefits, but also benefits for eligible disabled workers and surviving family members. Its progressive formula generally replaces a larger proportion of previous earnings for lower earners.” He goes on to contrast this with private investment accounts, which offer asset ownership, growth potential, and estate value.
Read Uwaoma’s post here.
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