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Richard Quinn  |  July 23, 2019

SOCIAL SECURITY remains a great mystery to many Americans and is widely misunderstood. For instance, when Social Security’s trustees release their annual report, we get vastly different interpretations. One group will read the report and conclude there’s a “surplus” and plenty of money to improve benefits. Meanwhile, another concludes that the program is in fiscal trouble and fixing it is vital. Headlines frequently state the program is going bankrupt. It isn’t.

Today’s level of benefits may not be sustainable, given current funding sources, but Social Security payroll taxes are sufficient to maintain the bulk of benefits currently paid. A recent survey indicates that 76% of younger American are concerned that Social Security will not be there for them. It will be.

On top of that, many older Americans don’t believe Social Security keeps up with inflation. They don’t understand the formula for each year’s COLA, or cost-of-living adjustment.

Source: Righting Wrongs – HumbleDollar