What are the advantages and disadvantages of paying social security at your own expense?

The advantages and disadvantages of paying social security at one's own expense are as follows: 1. Paying social security at your own expense is equivalent to buying a guarantee for your future, such as endowment insurance and medical insurance, which can be used for a lifetime, while buying a house with provident fund can save a lot of money. It can also reduce the burden on children. After all, there are more and more only children now, and the greater the responsibility. If they have a pension when they are old, they can reduce their children's financial burden to some extent. 2. If you pay all kinds of insurance in social security at your own expense, then you will pay more premiums. Only 40% of the money you pay will go into your personal account, and the remaining 60% will go into your overall account, that is, you will pay the retired workers now. In case of unfortunate death, the balance of personal account plus interest will be refunded, so if you don't live long enough, you will lose money.

People's Republic of China (PRC) social insurance law

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The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to get material help from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children.