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Unpacking Some Enduring Myths About Social Security
When it comes to Social Security, there are quite a few myths and misunderstandings that persist. Currently, in the wake of the publication of the 2025 Trustees Report last week, the prevailing sentiment is that the program will cease operations in 2033 (or, as many claim, will “go broke”). Repeating this myth, of course, merely showcases one’s lack of understanding about how the program works. Another is the legendary claim that politicians have raided Social Security’s trust funds to pay pet projects, and that’s why insolvency is developing…another clear indicator of lack of knowledge.
Beyond those two classics, though, are three common mistaken beliefs about the Social Security rulebook that could be harmful to beneficiaries as they seek to obtain their appropriate earned benefits from the program. Columnist Vawn Himmelsbach, writing for Moneywise in a Yahoo!Finance post, examines these three chronic rumors that, if not discounted, could cost you. Check out this post here…