You Don’t Have a Personal Social Security Fund
Quite high on the list of misunderstandings about Social Security is that all of the money you contribute to the program over your lifetime goes into a personal account especially for you, from which your future benefits will be paid. That is not at all how the system works. The truth is that all the money that every American worker contributes to Social Security from their paycheck goes into a trust fund from which benefits to all current recipients are paid. Then when it comes time for you to collect benefits, those who are still working and contributing to Social Security will be paying for yours. To help dispel this common misunderstanding, this NJ.com article by Karin Price Mueller answers a question from a reader and explains exactly how your contributions to the Social Security program work. Click here to read more.