[while_true_]

CATO gets it wrong too. Social Security is an insurance program. Employer and employee payments function as insurance premiums. Like most insurance policies if you don't qualify for a disbursement you don't get your premiums back (e.g., you die before 62). Unlike normal insurance, Soc Sec has no coverage limit, so if you live to 105 you can collect far more than you paid in.

Since Soc Sec is income insurance, I am opposed to the flat benefit concept. Higher incomes pay higher premiums so they should get higher payouts. We already have some benefit flattening now because Soc Sec benefits are partially taxable above $25K single/$32k married.

[loco5niner]

I think of Social Security as an annuity, or reverse life insurance.