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URL:  https://boards.fool.com/gwpotter-asks-while-not-technically-insurance-ss-32158056.aspx

Subject:  Re: Attitude Question - SS Date:  3/14/2016  2:40 PM
Author:  intercst Number:  79302 of 97965

GWPotter asks,

While not technically insurance, SS functions that way. People pay funds, they get benefits and a system (that has costs) administers the money.

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Actually SS is "social insurance" (i.e., insurance against being impoverished in old age.)

https://en.wikipedia.org/wiki/Social_insurance

A lot of people seem to be confused that SS is some kind of investment account like an IRA/401k and expect an investment return like the S&P 500. That confusion seems be sown by those who would privatize SS and turn it over to Wall Street where it would be sucked dry with fees.

Social Security a better deal than I thought?
http://www.retireearlyhomepage.com/betterdeal.html

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intercst
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