Have you ever heard someone make the statement, “Social Security won’t even be around for you.”? As a network markeer, I often hear this statement used in business building, as what I call “the Social Security Myth.” The Social Secuirty Myth is meant to scare you into “realizing” the bleakness of your projected retirement financial. Many of the things about your situation may, in fact, be bleak or close to it, and many of the sobering facts you are forced to realize about your financial situation may be true, but the statements about Social Security are not. Here’s why.
According to the 2006 Social Security Administration’s Trustee Report, with no changes to the program, Social Security will be able to pay 100% of benefits until 2040. At that point, the revenues collected would still allow for benefits to be paid at a rate of 74%, again with no changes to the program. Further, the program would additionally be able to afford payment of 70% of benefits through 2080. In reality, the picture is not quite as bleak as is often painted. Continue reading ‘The Social Security Myth’ »