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Clarifying the facts about Social Security
(By – Rick Kahler, MSFP, ChFC, CFP)
A reader recently forwarded me an email that began, “Who died before they collected Social Security?” It asked how many people only collected a small portion of what they paid into Social Security because they, or a spouse, died soon after retiring. Then it screamed in all caps, “Where did that money go?” The rest of the piece, after calculations of how much an average person pays into Social Security, suggested the government is short-changing those who die before they receive back in benefits everything they paid in. It claimed that Social Security premiums were to have been put in a “locked box,” that instead they were loaned to the U.S. Treasury, and that Social Security is therefore running out of money. Read more…