Social Security is a social welfare program. It’s huge and--based on how many people rely on it--immensely popular. Over 52 million Americans receive benefits from this massive program. This makes Social Security arguably the most important retirement plan in the country.
How Families--Young and Old--Should Think About Social Security
A wise person was once asked: What’s your single most valuable asset? His response was not his home, his business, or his 401(k). It was his future cash flows. Future cash flows--and specifically increasing ones--can dwarf other assets in comparison.
Do you look at Social Security the same way? Your future Social Security benefit is a series of future cash flows. How much those cash flows will be is unclear. It’s largely up to you, how much you earn, and how you utilize the Social Security system.