Comment on This is a shitpost

• folekaule@lemmy.world ⁨1⁩ ⁨week⁩ ago

  Honest question: how is it different from de facto insurance when you don’t get to withdraw everything you put into it, or pass it down when you die? I would like to know where my understanding of it is incorrect.

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  • Amnesigenic@lemmy.ml ⁨1⁩ ⁨week⁩ ago

    Insurance pays out a flat amount once, social security pays out constantly for the rest of your life. You absolutely can pass down any of the money you get from social security. You’re not guaranteed 100% of what you put into regular retirement accounts either, if the market crashes so does everything tied to it.

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    • folekaule@lemmy.world ⁨1⁩ ⁨week⁩ ago

      I see…I was thinking in terms of health insurance where you do get “payouts” regularly. I was unaware that you can pass down social security benefits (sorry from your spouse getting more benefits).

      My understanding was you can’t take it now than X amount per month, so you can’t “take it with you”. Market fluctuation aside, my retirement savings (minus taxes) can go to my children as inheritance.

      Thank you for the explanation.

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      • Amnesigenic@lemmy.ml ⁨1⁩ ⁨week⁩ ago

        You cannot pass down social security benefits for continued withdrawal, you can pass down money you have received through social security if you have any saved up or invested when you die

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