Critics of Social Security and some of its friends often ask why its return on our investment, the years of payroll deductions, is so small. That would be a fair question if Social Security were an investment program, but it’s not. It’s more than that, much more.
A unique new report was released last month by the nonpartisan, nonprofit National Academy of Social Insurance titled “Social Security: An Essential Asset and Insurance Protection for All.” As far as I know, it’s the first close look at the monetary value of Social Security for all beneficiaries. Social Security is a life insurance policy with survivor benefits, disability insurance and, most important, it’s one of the nation’s few remaining guaranteed defined-benefit pension plans. And it’s worth thousands more than most retirement savings plans or annuities. See Full Newsday Article Here: