The Big Drawback to Social Security

I came across an interesting take on Social Security in a financial advice column. The question was whether or not expected Social Security benefits should be counted as an asset. The answer was that they should not.

Why? Because it's not your money. You are entitled only to a monthly stipend from it. If you've paid in $100,000 over the years to Social Security, and you die after having drawn out only $25,000, that's it. Your heirs (aside from a spouse) do not pass go and do not collect $200.

Mr. Essie May and I have a couple of other retirement provisions. Unlike social security, they are assets. Why? Because it is our money. If one or both of us should die before we have drawn out what we paid in, our heirs will get whatever remains.

And that is why Social Security needs to be phased out. The American people are being scammed out of their own money -- and being told it's for their own good.

"You can calculate Social Security's worth, but don't count it as asset." The Dallas Morning News; December 15, 2011; p. 1D.