Is Social Security an insurance policy or a retirement pension? What do you think?
I say it's always been meant to be an insurance policy; a 'just in case' scenario. The reason I feel this way is, the only way you can draw on it or get it, is to qualify for it.
Life insurance is like that. The only way anybody gets any money is to die, same goes for the car insurance you buy; you have to have a wreck for it to pay out.
With Social Security, you have to reach a certain age before drawing on it or become disabled and even then you have certain requirements to meet to get it.
The only difference between the Social Security insurance and life or automobile insurance is, you have to buy Social Security (pay into the pool). Life and auto are optional (you don't 'have' to drive a car).