Social Security

I'm self-employed. I support my family. My wife is going back to school for her nursing degree. It's very possible that in the future she will have a job with some sort of retirement benefits. We're doing quite well but we don't save nearly enough for retirement.

I have insurance for my life, car, home, health and malpractice. I do not have insurance for disability.

I'm a big fan of Social Security. It has been one of the most successful government programs of all time. It took a demographic, old people, that had been one of the poorest and neglected demographics and gave them a foundation to live on.

To plug into Social Security all you have to do is work. I earned it working at McDonalds and I'm earning it now as a lawyer. Mitt Romney and President Obama both earned it and are eligible for social security benefits. I'm pretty sure Bill Gates and Warren Buffet are also eligible for benefits.

Social Security is my back-up retirement plan. If my IRA tanks, I know that I at least have a minimum income when I retire.

Social Security is my disability insurance. If I become disabled, I know that I can draw on social security.

Social Security is my life insurance supplement. If I die with minor children, I know that they will be eligible for some benefits.

To me, Social Security is part of my overall financial planning. I'm glad it's there. But to most people, let's call them "the 80%", Social Security is their lifeblood. It is literally their only retirement plan. It is their only disability insurance. When they die, Social Security is the only thing their kids will be able to get.

And that's why it is so important to defend Social Security from selfish people who would attack it.