A retiree says he'd have millions if he invested his Social Security in the S&P 500 — here's what he's missing

A Moneywise piece examines a retiree's claim that investing his lifetime Social Security contributions in the S&P 500 would have yielded “millions.” The article notes the headline-grabbing hypothetical but stresses market risk, the protective role of Social Security, and practical barriers to replacing payroll deductions with private investing. It cites Social Security’s trust-fund investments in special Treasuries, low retirement-plan participation (about 60%), income-related gaps in saving, and historical market losses (e.g., ~$2.7 trillion lost by Q1 2009). The story urges diversification, financial-advisor guidance, and highlights alternatives wealthy investors favor (real estate, private equity, crypto). Market takeaway: S&P 500 returns can look compelling in hindsight, but relying solely on equities increases retirement vulnerability and has limited policy or immediate market-moving implications.