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Viewing Social Security as an “insurance” program is important
It’s a question that comes up often. In fact, here at the AMAC Foundation Social Security Advisory Service, we field it regularly. Basically, it’s phrased in terms like, “When I die, what happens to the difference between what I paid into the program and what I got out?” We’ve researched this general question (it’s discussed in some detail in our recent publication “Ask Rusty: What’s So Hard About Social Security”?), and can report that workers on average will receive benefits roughly equal to what they paid in within three to five years of when they start drawing benefits (self-employed workers take a little bit longer). Nevertheless, there are some who don’t quite recover the amount paid in, and that’s a statistical fact.
In an article by Russell Settle, co-founder of SocialSecurityChoices.com, the issue of Social Security’s role as an insurance program rather than a savings account is discussed in detail. Read his adrticle, posted on www.moneytalksnews.com, here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.