There are a lot of people bitching about how they can get a better return on their money then they can with Social Security. They say if only they could invest that money they could get X% return and over X years it would be more than they can get on Social Security. Then some of those same people will turn around and bitch about how some people are getting more from Social Security than they paid in!! Now wouldn't that be getting a good return on your investment????????????
In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act(1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs.
Social Security was originally meant to be an Old-Age insurance program. It's like the annuities that insurance companies sell to people. With the insurance annuity you pay a fixed amount every month and then when you reach a certain age the insurance company sends you a check every month. The difference with Social Security is that you pay in a percentage of your wages and then when you reach retirement age the amount you get each month is determined by what your income was when you were working. Where an insurance annuity and Social Security are alike is when you die the checks stop coming. Also if you die before the set age, neither the insurance company or Social Security will pay out anything. What it boils down is that a lot of people think it's fine that they personally get back more than they paid in to the system but they don't anyone else to do the same.
From what I've seen, the people who bitch about Social Security being taken out of their check are the same people who don't manage to save a dime otherwise. If you ask them if they've got an IRA or even a normal savings account, the answer is usually No. If it wasn't for Social Security, they'd have no retirement income at all. They'd end up working at Walmart until they croaked.