Social Security Myths Dispelled

Social Security is currently under attack due to the fear many Americans have of it failing them. In fact, a poll conducted a year ago found that 60% of adults who have yet to retire expect to get nothing from Social Security. Here are a few Social Security myths fueling the fear of the public:

Social Security is going bankrupt. Wrong. Even if the program’s surplus runs out like it’s projected to, checks would keep coming. In fact, payroll taxes would cover 77% of all the future benefits promised.

I’d be better off if I’d kept my Social Security taxes in my own investment account. Very few people would faithfully put money aside every year without touching it when times got tough or the market declined. In order to match the benefits Social Security pays, you’d need to invest far more than you think.

You should get out of Social Security the amount you put in. Social Security is not an individual investment program. Current workers are paying you and your benefits are determined by how much you earn, when you plan to retire and how long you live.

For more myths abut Social Security, visit AARP.