I tend to look at bonds solely as a volatility hedge. I consider cash, usually in an account earning interest, and non-US retirement accounts in a different currency, such as a Swiss Pillar 2, as part of my bonds allocation.
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There are some arguments to treat social security as part of your bonds allocation. It is more just an income source during retirement, and a bit difficult to calculate as a bonds value. I just don't consider social security at all in my investments or net worth.
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### Options
- [The Hidden Logic of Options | Put-Call Parity Explained with Legos](https://youtu.be/vYPulKD58fA?si=MnaT62VW2FJisOIN)