I had to school a Right Wing caller on Social Security. It’s not a savings account.

A caller took exception that if one dies early, ‘excess’ Social Security (SS) payments are not returned to the family’s estate. Social Security is not a savings account.

The Right Wing caller misunderstands Social Security

The caller, Brian, expressed some common misconceptions about Social Security, including a belief that it functions like a savings account and a person could have a million dollars in SS. This misunderstanding is quickly corrected, explaining the nature of SS contributions.

Social Security is not a savings account but an insurance policy. It’s meant to ensure that individuals have support if they live after retirement, regardless of how long that period lasts. If a person dies without dependents, the money goes back into the fund, much like car insurance, where unused funds aren’t returned to the policyholder.

The conversation includes detailed discussions about percentages, amortization, and specific numbers related to SS contributions. The host had even prepared an amortization table in anticipation of Brian’s call. They explained that even with a 7% growth assumption in the stock market, Brian’s claims about potential savings didn’t add up.

Throughout the conversation, the host attempts to maintain a civil and constructive dialogue with Brian, even though Brian eventually hangs up. The host emphasizes the importance of conversation, listening, and understanding in making progress and not allowing misinformation to lead people astray.

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