Weekend Reading: Myths That Won't Die
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
You’re certainly aware of the complexities that come along with navigating Social Security benefits. However, with conflicting information at your fingertips online, here are some Social Security myths to apprise yourself of as well:READ THE ARTICLE
📌 If the Social Security trust fund had been invested in the stock market, all would be well: Based on author Richard Quinn’s calculations, “investing the trust in publicly traded stocks and bonds only closes about 6 percent of the funding gap.”
📌 Social Security is a rip off because some people pay in and never collect: The Social Security Administration reports this happens to about five percent of taxpayers. Plus, other taxpayers live longer than expected, offsetting the difference.
📌 Your Social Security benefits should never be taxed: Beneficiaries actually pay for only 15 percent of their collected benefits. In return, those paid taxes support Social Security and Medicare.
📌 The government misappropriated the Social Security trust fund: False! Payments are outpacing the trust fund’s revenue due to an uneven working population versus those retired – combined with extended longevity and increased benefits.
You can easily eliminate financial media “noise” – whether in regard to Social Security or otherwise – simply by checking the credibility of your sources, and by partnering with an educated Financial Advisor for personalized guidance.