It’s basically your own retirement 401k plan. Instead of the money which is already taken off your pay for social security, which disappears into the black hole known as general revenues and spent by government, you can see it and watch it grow, just like a regular 401K. Contribute the min, and you end up with the min., but for those smart enough to take advantage of a good 401k where the government contributes a portion to your plan on top of your own contributions, there is no reason why anyone should retire poor.
I agree. Also, when you die this money can be passed on to your family. When my father died my mother had to choose between her social security or my father's, her pension or my father's (they both worked). She essentially lost nearly 50% of what had been coming in from their pension plans and social security. If it was your own account you would be able to pass that money on. Why shouldn’t you be able to? You worked for it.