Question: I think I could do better if you let me invest the Social Security I pay into an individual retirement plan (I.R.A.) or some other investment plan. What do you think?
Answer: Maybe you could, but then again, maybe your investments wouldn’t work out. Remember these facts:
¶Your Social Security taxes pay for potential disability and survivors benefits as well as for retirement benefits.
¶Social Security incorporates social goals – such as giving more protection to families and to low-income workers – that are not part of private pension plans; and
¶Social Security benefits are adjusted yearly for increases in the cost of living – a feature not present in many private plans.