Social Security Will NOT Disappear #doctor #personalfinance #socialsecurity #retirement

People look to you as an expert on Social Security. What are the biggest mistakes and misconceptions out there about Social Security? The idea that Social Security is going to disappear when it's not. That's just a fundamental misunderstanding of the situation. People here Social Security is running out of money, Social Security is going broke, et cetera. And what's being discussed there is the trust fund. For many years the program took in more money every year than it spent, so accumulated a pile of assets and now program's paying out more than it's taking in. And so that trust fund is being depleted and it is projected to be depleted completely in 10ish years. But that doesn't mean the program goes away, right, because there's still tax revenue that comes in every single year. All the Social Security tax that we pay and that's projected to pay for about three quarters of the promised benefits. There's a world of difference between a 25% reduction and the program disappearing.