"Social Security is one of the most important (and most misunderstood) programs in the United States. Despite providing essential income to tens of millions of retirees, people with disabilities, and survivors, the program is surrounded by on-going myths. These false beliefs influence how people plan for retirement and see its long-term future. Misinformation about Social Security is rampant, from fears of quickly-approaching bankruptcy to confusion about taxes and eligibility."
"Understanding the facts matters, because believing the wrong assumptions can lead to financial mistakes that end up being costly. Thinking these myths are true also very likely causes unnecessary anxiety about retirement security. By separating fact from fiction, it becomes easier to see what Social Security does, what it doesn't do, and how it actually fits into your future. Below, we break down 10 of the most common Social Security myths (and explain what the truth really is)."
Social Security provides essential income to tens of millions of retirees, people with disabilities, and survivors, yet pervasive myths distort public understanding. Common false beliefs include fears of imminent program bankruptcy and confusion about taxes and eligibility. Believing incorrect assumptions can cause costly financial errors and unnecessary retirement anxiety. Clear distinctions between fact and fiction help reveal what Social Security does, what it does not do, and how it fits into personal retirement planning. Recent data show undocumented workers contributed $25.7 billion in 2022, and political claims about government 'raids' mischaracterize how the program's two trust funds operate.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]