5 myths about Social Security as the program faces a funding crisis
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Without any change in current law, the Old-Age, Survivors and Disability Insurance (OASDI) trust funds combined are projected to have enough revenue — including current reserves — to pay 100 percent of scheduled benefits on a timely basis only until 2035. Medicare’s Hospital Insurance Trust Fund is projected to be able to pay 100 percent of scheduled benefits until 2036.
This news rightly rattles a lot of people. It also leads to fearmongering.
As the retirement program faces a funding shortfall, it’s time to retire these five common myths.
Myth No. 1: Social Security is, or will be, ‘bankrupt’
Myth No. 2: Young adults won’t benefit from Social Security
Myth No. 3: A shortfall makes collecting early a wiser move
Myth No. 4: The federal government has raided the Social Security Trust Funds
Myth No. 5: Members of Congress don’t pay Social Security taxes
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