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The social security system was initially designed to be a temporary source of income for people during the war and the Great Depression after they retired from work. The primary function of the social security system is to provide a temporary retirement benefit to individuals. The social security system has changed over the years. During the decades to follow, the Great Depression has become the primary source of income for individuals at retirement age. The program has changed from just being a temporary source of income during the great depression and post WW2 to becoming the primary source of income for retires and those clinically diagnosed as either temporarily disabled or permanently disabled.  An article stated that benefit levels and contribution rates, among many other parameters of social security systems, are politically determined and may at any time be altered in the legislative process (Gonzalez-Eiras & Niepelt, 2008). This same article proposed the generation split that the older generations are for social security. At the same time, the younger is not because an additional tax reduces the paycheck and puts the burden on future generations to carry the increased taxes to help cover the older, dying generations (Gonzalez-Eiras & Niepelt, 2008).

As a financial advisor, I believe that it is ok for a Christian to accept social security. The reason is that social security is a savings account mandated by the government to help supplement your income when you reach retirement age. It is a savings account in your name generated by the government. My other advice is not to count on social security in your retirement. Even though that money has been set aside for you in the future, I would not rely on it. As a financial advisor, I would set up my client with personal retirement funds (Roth IRAs, Cash Accumulation Life Insurance Policies, Mutual Fund Investments, etc.). If the social security system is still available when you reach retirement age, I would use those funds as either your daily spending amount (gas, groceries, etc.) and use your retirement funds for more significant expenses and events.

My view on social security has not changed. I have always seen it as a supplemental source of income during the retirement phase, not the primary source. Your main source of revenue should be coming from retirement accounts and even another job that you have retired to. It would be best if you had multiple sources/streams of income. Social Security has always been a temporary source in my eyes. It never was or should have been the primary source of income but a secondary or minor source of income.

 

Dalton, M., & Dalton, M. (2021). Retirement Planning and Employee Benefits (16th ed.). ME – Money Education.

Gonzalez-Eiras, M., & Niepelt, D. (2008). The future of social security. Journal of Monetary Economics, 55(2), 197-218.

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