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Why won't Social Security allow the recipient to receive his/her complete amount withdrawn at one time?
Seeing as though I am getting pretty close to receiving Social Security in 20 years, I want to know why I can't get all of my money that was taken from my earnings UP FRONT? I'd like to invest and deal with my financial affairs myself and not wait for Social Security to 'divy' up what they think I should have in hopes that I'll die before I can collect it all. I'm pretty upset with this system anyway.
When my aunt was alive, my uncle had to make the decision that if he accepted her social security he would have to discontinue receiving his. That does not seem fair. Of course he accepted the larger sum, but why won't they give us our money up front and let us deal with the fallout? My belief is they hope we won't live long enough to collect all our money. It does not seem fair or legal to me. What do you think?
2 Answers
- Anna PLv 71 decade agoFavorite Answer
If you live past 10 years, you have not paid into SS what you will be getting. Your employer also paid into SS--should the employer also have a right to some of the money? This is the system devised years ago. Originally the amount was small and yes the life expectancy was 65. It is a social net, not a 401K. It is not meant to be ALL your retirement, but rather an augment. Also if you are disabled you will receive money before age 65.
It is mostly fair, and yes it is legal.
- Anonymous5 years ago
Yes, you did hear McCain say that. With the current laws, aging population, and longer life spans, there isn't going to be enough money to pay for a continuation of today's benefits. Obama agrees that we can't afford to continue with it like we are now; they disagree about what we should do to fix it. Check the sources for more info on the real differences.