Citizens of the United States have a number of myths related to Social Securityon their minds. These myths are not only linked to the amount of the monthly check, but also to other elements such as funding, for example. Many Americans think that Social Security funds will soon run out, but that’s not entirely true.
Myths such as these cause a large portion of America’s citizens to think poorly of Social Security. However, this Administration is of great benefit because of the amount of monthly checks it provides retirees. Thanks to the SSA, a large portion of Americans are able to live month to month in a good way.
These myths that we will see below are general myths that people in the United States usually think about the SSA. They have been collected by GoBankingRates, although they are widespread across the country. In short, the myths we bring you serve to specify that Social Security is a fair body that benefits many families across the US.
Myths about Social Security in the USA
Let’s take a look at the different myths about Social Security and, more specifically, about retirement. There are several, but they are all within the thinking of many people, so it is important for you to know that they are not true.
Social Security will run out of funds soon. This is not true, as there are still sufficient funds until at least 30 years from now. Moreover, until then the government still has time to come up with a plan to secure benefits in the future.
You can live well on Social Security benefits alone. This myth is a bit dangerous for many retirees. Collecting just the monthly SSA retirement benefit check is not enough in most cases. Although the maximum retirement is $4,194 per month, this figure is only for a small group of retirees. That’s why it’s better to have some extra income, savings, or even a part-time job.
It doesn’t matter what you do to achieve your retirement. There are many people who believe the myth that your decisions as a worker don’t matter for retirement. This is totally false, since your salary, your years of work and your retirement age are key to getting a good pension.
Now that you know several myths about Social Security and retirement, you can decide on your own what to do in the future. Don’t forget that planning ahead is critical if you want to spend your golden years in the best possible way.