Social Security Dysphoria - National Association of Plan Advisors
Fueled in large part by politicians’ accounts (and media hype) “dooms day” for Social Security is but a short decade away and, sadly, most of the public believes media accounts despite being largely uninformed about how the Social Security program actually works. A recently completed survey across all age groups reveals that significant segments of our younger generations are convinced that Social Security won’t even be there for them when they retire. And even those in middle age are skeptical about whether the program will be there, though those fears abate as people age. Fear of the unknown typically causes everyone to assume the worst and, unfortunately, general lack of basic knowledge about how Social Security works contributes much to their feelings about the program. Indeed, about 75% of those over 50 think Social Security will go bankrupt in their lifetime – which is absolutely not possible as long as there are Americans working and contributing to the program.
That’s not to say that Social Security reform isn’t needed – it definitely is to assure full, unreduced benefits are available to all generations. But learning at least the basics of how Social Security works will go far in eliminating the current dysphoria about the program, as suggested in this article by Ted Godbout appearing a publication by the National Association of Plan Advisors.