Who agrees that Social Security is a better retirement option than a 401K?

Question

If I work until I'm 67, I can expect to bring home a lofty $2,877 a month under SS. Plus the government can continue to use my weekly contributions as they deem fit in the meantime. Whereas a 401K is only likely to generate 8-12% annual return compounded for X number of years. Why does anyone want to mess with such a great retirement plan?

Answer 1

Because it isn't secure if it goes bust.