Why do we have social security? Isn’t it just a giant pension fund for the nation that is woefully underfunded? Couldn’t we just get rid of it and have poverty alleviation programs for the elderly instead?

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We don't know if 401k plans work yet- we haven't had an entire generation actually contribute and retire on them, and with the stock market going the way it is there is a good chance that they will be deemed not effective for the majority of Americans.

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We also have longer life expectancies now and someone could be living off "poverty subsistence" for thirty years or so, creating perverse incentives to have our seniors die so the money can go to those still in the workforce. See: everyone's attitudes towards the coronavirus.

Having a set fund, underfunded as it is, means that no one in our government is making a decision between paying for grandpa's cancer treatments and food for a working single mom of three.

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My employers and I have already put $100k into social security. If someone wants to cut me a check with associated market growth over the last decade on that amount, I’m happy to put it into my 401k.

Everyone should be looking at SSA.gov to see what their benefits and contributions have been. It may not be fully funded when we retire, but it’ll have something.

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The trust can maintain benefit levels until 2035 and then payout ~75% of current benefits for perpetuity. So expect the law to change in 14.9 years. Very similar to 1983 when the trust had a pending funding shortfall and congress was forced to make changes to funding, benefits, etc.

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Their need is only getting more and more critical, and I don't think poverty alleviation will help, because it isn't about poverty.

People generally retire around 65. These days, theyre leaving their career sooner because of layoffs and ageism. They're also living longer. For some, it's 30+ years of little to no income. And extreme medical needs.

It's kind of terrifying.

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No, literally old poor people would be homeless.

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Our poverty alleviation programs have been wildly ineffective, and focused on "getting people back to work" which shouldn't be the point for retirees.

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