It's a weird hybrid. There is a connection to a persons earnings but it's far from what most people mean by a personal account(savings, 401k, IRA). It's closer to an annuity, but a very generous/flexible one that no private company would offer. The difference is minor for the never married but not for most people, and there are unusual cases. I know a guy who retired overseas, married a young wife and had kids. They get like 180% his benefit till the kids hit 18. Then assuming he's passed, the wife gets 100% survivor benefit at 60. I figure his SS account will probably pay out around 3x what it would if he was a bachelor, and that's strictly needs based not contribution based. If, instead, it was a 401k or a personal lifetime annuity at his personal benefit amount, their financial situation would be a whole lot uglier.