Contrary to popular belief, Social Security is not a(n)

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Quizplus · Accepted Answer

Social Security is not a savings plan where individuals contribute and accumulate assets to fund their retirement. Instead, it is a pay-as-you-go plan where current workers' payroll taxes fund benefits for current retirees. Social Security also does not provide health insurance benefits, although it does include Medicare coverage for eligible beneficiaries. It is often referred to as an entitlement plan because individuals who meet the eligibility criteria are entitled to receive benefits.

Contrary to Popular Belief, Social Security Is Not A(n)