Busted! Stop Believing These 7 Social Security Myths

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2. Social Security is going broke

As long as workers and employers are paying their taxes, Social Security won’t run out of money. Social Security does face funding challenges, for sure, but that doesn’t mean it is going broke. For decades, it collected more than it paid out, building a surplus that stood at $2.9 trillion. At this very moment, the system is starting to pay out more than it takes in because the retiree population is growing more and more each year compared to the working population.

Even then, the system won’t be broken. To avoid this, Congress may have to take steps to increase Social Security’s finances. These steps include raising the FRA, increasing the payroll tax rate, and introducing an income tax on benefits.

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