This paper examines how Social Security influences wealth accumulation and asset ownership across racial and ethnic groups in the United States. Exploiting variation from the Social Security Notch and applying an instrumental variables regression framework, I estimate the causal impact of Social Security on wealth using the Health and Retirement Study. The findings underscore the dual role of Social Security. While higher Social Security reinforces existing disparities in aggregate wealth, it also helps narrow inequalities in access to key assets, thereby improving retirement security for disadvantaged groups.