Was social security meant to be a retirement or a subsidized income?

Question

Seems like allot of people have it as their only income.

Answer 1

It was and is meant to be subsidized income. If S.S. is your only income, I hope your house, car, loans, etc. are paid off becuase I can't see how anyone could live off of just S.S. My mother has S.S. and she is still working part time. She is of the age where you can work and still get your full S.S; but it is still not enough.

Answer 2

Well, it was meant to be a fallback position.

Under SS rules, if you make more than a certain amount per year, you're ineligible to receive part or all of your SS for that year, which is why it IS the only income for many people receiving it. Many people disagree with this arrangement - particularly since we've all paid into social security - so the thought is that you should be able to get it back and supplement it as well if you feel like working, but that's not the way it's currently structured. Earn too much, and you're out of luck, so yes, for many people, it IS the only source of income.

Answer 3

The Social Security system was conceived during the Great Depression. It was supposed to help young married couples get a foot-hold on their finances. The idea was the older workers would be able to retire and their jobs would be passed along to the next generation.

Even from its early days, Social Security barely paid enough to live on...

Answer 4

The purpose of Social Security is to provide insurance against poverty in old age. Social Security collectively refers to the Federal Old-Age, Survivors, and Disability Insurance programs. Any reform of the system should pay careful attention to these risks of elderly poverty.

Answer 5

An income subsidy. If you're not saving your own dough for retirement, plan to live in a trailer park somewhere in Arkansas and share catfood with your 37 feline roommates.