[quote=permafrost]You overlook some of the obvious..
The money does not show in one big bunch, It is a small amount each payday, paid both by the employee and employer..
While you may very well be able to make consistent long term wise investments, the majority of those on the SS program probably could not..
and most important, the SS is not and never was an investment program. I is rather an insurance policy to set a safety net for people to never lose and giving them a minimum amount of security is their lives..
the amount distributed can be a point of contention..
Disability payments are, for the most part, not funded by the SS fund. I do not recall details but the only time funds are given is for emergency.. maybe such as a great recession..
School benefits? have not heard of this.. any details?
Only those who pay into SS for a specified number of Quarters are illegible for Benefits.. only survivors are treated otherwise..
Social Security has two trust funds — Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI).
https://www.ssa.gov/pubs/EN-05-10029.pdf Disability Benefits
https://www.ssa.gov/benefits/survivors/Certain family members may be eligible to receive
monthly benefits, including:
— A widow or widower age 60 or older (age 50 or older
if disabled);
— A widow or widower any age caring for the
deceased’s child who is under age 16 or disabled;
— An unmarried child of the deceased who is:
o Younger than age 18 (or up to age 19 if they’re a
full-time student in an elementary or secondary
school); or
o Age 18 or older with a disability that began
before age 22;
— A stepchild, grandchild, stepgrandchild, or adopted
child under certain circumstances;
— Parents, age 62 or older, who were dependent on
the deceased for at least half of their support; and
— A surviving divorced spouse, under
certain circumstances.
If your child is a student
Three months before your child’s 18th birthday,
we’ll send a notice to you letting you know
that benefits will end when your child turns 18.
Benefits don’t end if your child is a full-time
student at a secondary (or elementary) school. If
your child is younger than 19 and still attending
a secondary or elementary school, they must
notify us. They must complete a statement
of attendance certified by a school official.
The benefits will then usually continue until
your child graduates, or until two months after
reaching age 19, whichever comes first.