Comments to 8-22-2025 R. Quinn’s “Does Social Security Work?”
(Full disclosure: I used AI to help me write specific comments since I started writing them before I was fully awake)
My comment to Mr. Quinn’s very popular piece (8/22/2025) on Social Security appears below. It might even continue his discussion on a topic that affects all of us who are US citizens.
As a small business, in the late 1970s, we converted over to a 401(k) plan as a means to provide our employees with a way to save for their own retirement. Our company provided a 50% match up to 3% of their gross wages.
I started taking Social Security payments at 62 because I feared changes to the system. My thinking 18 years ago was that those in the system would remain undisturbed. I didn’t know at the time whether or not I had enough assets for retirement. Five years ago, I realized that I do.
Is there a more effective way to handle Social Security distributions to retirees?
I’m looking for a way to return to the original mission without increasing taxes or contributions, as fewer workers are supporting an increasing number of retirees with longer lifespans.
Original Mission: Why Was Social Security Created?
Social Security was created in 1935 during the Great Depression as part of President Franklin D. Roosevelt's New Deal. Its primary purpose was to provide financial security for seniors, individuals with disabilities, and survivors of deceased workers. During that time, poverty among the elderly was widespread, with many unable to work or support themselves after retirement. Social Security established a safety net to ensure that older Americans had a reliable source of income, reducing poverty rates and providing economic stability for retirees and their families.
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### A Case for Separate Social Security Accounts
Requiring all Social Security payments and any investment returns to be kept in a separate account, accessible only after other assets are depleted, could enhance the program's integrity and sustainability.
Here's why:
1.**The Reason**: Keeping Social Security funds separate ensures that they are not commingled with the retiree’s budget or used for unrelated retirement expenses.
2.**Encouraging Personal Responsibility**: By mandating that Social Security benefits are only accessible after personal assets are depleted, the program becomes a last-resort safety net. This encourages individuals to save and invest wisely for their retirement.
3.**Preservation of Funds**: Investment returns would accumulate over time, potentially increasing the solvency of the program. If these funds are untouchable until truly needed, they remain available for their intended purpose.
4.**Avoiding Overdependence**: This approach ensures that individuals rely on their own resources first, reducing the strain on the Social Security system and prolonging its viability.
---
### What Should Happen to Remaining Funds?
If Social Security funds are structured as separate accounts and an individual passes away with unused benefits, those remaining funds could be reallocated in the following ways:
A.**Survivor Benefits**: Direct the unused funds to designated beneficiaries, such as spouses, dependents, or heirs, to ensure financial stability for the family.
B. **Reinvestment in the Trust Fund**: Unused funds could be returned to the Social Security Trust Fund to support the system for future generations. This would help replenish the program's reserves and provide ongoing support for retirees, individuals with disabilities, and survivors.
C. **Charitable Redistribution**: A portion of the unused funds could be allocated to programs that assist vulnerable populations, such as low-income seniors or individuals with disabilities.
D. **Individual Choice**: Provide account holders with the option to designate how their remaining funds should be used upon their death, whether for heirs, charitable causes, or reinvestment in the Social Security system.
What do you think of the concept? What is your feeling as to what happens with unused funds, A, B, C, D, or something else?
My comment to Mr. Quinn’s very popular piece (8/22/2025) on Social Security appears below. It might even continue his discussion on a topic that affects all of us who are US citizens.
As a small business, in the late 1970s, we converted over to a 401(k) plan as a means to provide our employees with a way to save for their own retirement. Our company provided a 50% match up to 3% of their gross wages.
I started taking Social Security payments at 62 because I feared changes to the system. My thinking 18 years ago was that those in the system would remain undisturbed. I didn’t know at the time whether or not I had enough assets for retirement. Five years ago, I realized that I do.
Is there a more effective way to handle Social Security distributions to retirees?
I’m looking for a way to return to the original mission without increasing taxes or contributions, as fewer workers are supporting an increasing number of retirees with longer lifespans.
Original Mission: Why Was Social Security Created?
Social Security was created in 1935 during the Great Depression as part of President Franklin D. Roosevelt's New Deal. Its primary purpose was to provide financial security for seniors, individuals with disabilities, and survivors of deceased workers. During that time, poverty among the elderly was widespread, with many unable to work or support themselves after retirement. Social Security established a safety net to ensure that older Americans had a reliable source of income, reducing poverty rates and providing economic stability for retirees and their families.
—
### A Case for Separate Social Security Accounts
Requiring all Social Security payments and any investment returns to be kept in a separate account, accessible only after other assets are depleted, could enhance the program's integrity and sustainability.
Here's why:
1.**The Reason**: Keeping Social Security funds separate ensures that they are not commingled with the retiree’s budget or used for unrelated retirement expenses.
2.**Encouraging Personal Responsibility**: By mandating that Social Security benefits are only accessible after personal assets are depleted, the program becomes a last-resort safety net. This encourages individuals to save and invest wisely for their retirement.
3.**Preservation of Funds**: Investment returns would accumulate over time, potentially increasing the solvency of the program. If these funds are untouchable until truly needed, they remain available for their intended purpose.
4.**Avoiding Overdependence**: This approach ensures that individuals rely on their own resources first, reducing the strain on the Social Security system and prolonging its viability.
---
### What Should Happen to Remaining Funds?
If Social Security funds are structured as separate accounts and an individual passes away with unused benefits, those remaining funds could be reallocated in the following ways:
A.**Survivor Benefits**: Direct the unused funds to designated beneficiaries, such as spouses, dependents, or heirs, to ensure financial stability for the family.
B. **Reinvestment in the Trust Fund**: Unused funds could be returned to the Social Security Trust Fund to support the system for future generations. This would help replenish the program's reserves and provide ongoing support for retirees, individuals with disabilities, and survivors.
C. **Charitable Redistribution**: A portion of the unused funds could be allocated to programs that assist vulnerable populations, such as low-income seniors or individuals with disabilities.
D. **Individual Choice**: Provide account holders with the option to designate how their remaining funds should be used upon their death, whether for heirs, charitable causes, or reinvestment in the Social Security system.
What do you think of the concept? What is your feeling as to what happens with unused funds, A, B, C, D, or something else?
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