Quote:Social Security is a topic that few really know or understand.

 

Myth 1.  You don't get the money that you paid in back.

Myth 2.  The money paid into Social Security does not reside in some "trust fund" or any other type of account.  In fact, the Social Security "pool" contains more IOU's than cash.

Myth 3.  Social Security was never meant to be a retirement plan.

 

These days, so many of the elderly "poor" people depend on Social Security as their sole means of income.  Social Security was meant to be a supplement to retirement income, not the source.  My advice to younger working people is to either invest in your company's 401k plan with a minimum contribution of 10% if your employer provides this benefit.  Otherwise, look into starting and contributing to an IRA.

 

Good post.

 

Unfortunately, your advice will be ignored, as most people don't have the money to set aside, or (more accurately) don't think they have the money to set aside.

 

Thus - the popularity of Social Security. Think of how many people who would have nothing if it weren't for SS. Sure, it's their "fault", but you want them moving in with you?

 

And there aren't enough charities and churches in the country to take care of that many elderly people.

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