Social Security is a complicated program. It can be difficult to try to understand exactly why benefits are the amount they are or why it matters when you begin to take benefits. A number of myths about Social Security are common even among seniors who are receiving benefits. These myths show that the government needs to communicate more clearly.
AARP has compiled a list of myths and misconceptions about Social Security that reveals how average Americans feel about the program. The most common misconceptions have to do with retirement age, where the funds for Social Security come from, and whether COLAs are guaranteed.
However, what’s the truth about these topics? First, full retirement age depends on when you were born. For Americans born in 1955, according to the Social Security Administration, full retirement age is 66 and two months. Next, Social Security is funded primarily through payroll taxes, meaning that the program would still be partially funded if the trust fund runs out. Finally, COLAs are not guaranteed, and can change depending on inflation and other factors. However, these myths make one thing clear. The American people need to hear straight talk from lawmakers about Social Security. Otherwise, misconceptions will continue to exist.
The Seniors Center wants Americans to have confidence in Social Security. Seniors have worked hard for their benefits. They deserve to receive everything they’ve earned. However, if Congress doesn’t take action, the future of Social Security could be in jeopardy. Help us by taking action today. Sign our online petitions and reach out to your representative. Then, follow The Seniors Center on Twitter and Facebook. You never want to miss an update!