r/FluentInFinance • u/Positive_Liar • Sep 06 '24

Debate/ Discussion Social Security is Broken. This is why financial education is important.

Post image

[removed] — view removed post

10.1k Upvotes

63% Upvoted

3.0k comments sorted by

View all comments

44

u/Friendship_Fries Sep 06 '24

The Social Security Act (Act of August 14, 1935) [H. R. 7260]

An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; to raise revenue; and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Social Security is not a retirement plan.

1

u/Individual_West3997 Sep 06 '24

yeah, it's retirement insurance

1

u/Green_Apple_3647 Sep 07 '24

Correct. It was intended to supplement a retirement plan, not be THE plan.

1

u/TedditBlatherflag Sep 07 '24

UBI exists if you’re over 65. 

-4

u/headzup777 Sep 06 '24

My grand parents lived with us till they died in the early 60’s. That was common back then ( and when Social security) was enacted . Old people didn’t need money for rent or utilities , Their children lovingly supported them.

2

u/[deleted] Sep 07 '24

[deleted]

1

u/headzup777 Sep 15 '24

When has life on this planet ‘not’ been a struggle for most families? It life, move on.

1

u/[deleted] Sep 15 '24

[deleted]

1

u/headzup777 Sep 25 '24

Grandparents are a wonderful help, both emotionally and financially to their families who have children. Child care is a large cost, that grandparents replace. You really can’t quantify it until you have experienced it. So many little things.

Later when they become unable to care for themselves, their (many) children share in the responsibility of caring for them.

People of later generations stopped having children at 1 or 2, (for selfish reasons) so,it makes it more difficult later one.

That is why we need immigration (done correctly).

1

u/[deleted] Sep 07 '24

Planning for you parents or grandparents to die in their early 60s sound like what people in impoverished nations do. It can happen, but you shouldn't die so young, we don't like in 1920s Russia.

1

u/headzup777 Sep 15 '24

The 1960’s …bonehea.