3 Common Misconceptions About Social Security
I can receive two benefits simultaneously: a spousal benefit and one based on my own work record.
This is NOT TRUE. If you are eligible for both, you would receive the benefit that is the highest. However, if you were born on or before January 1, 1954, you can claim a restricted application for spousal benefit once you reach full retirement age and later switch to a benefit based on your own work record if it would be higher (up to age 70).
The benefits I receive will exceed the payroll taxes I paid over my career
This may or may not be true. For many retireees, the amount they paid into the system over the years might exceed the benefits they will receive. Longevity plays a major role. Someone who dies early won't receive benefits that exceed payroll taxes paid. And, on average, married couples may benefit more than single people
Social Security is Going Bankrupt
This is NOT TRUE. Payroll taxes collected from workers are used to fund payments for current retirees, so there are always tax revenues going into the system. However, there are serious challenges facing the program
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