Common Myths About Social Security Benefits Debunked

No, Social Security is not going bankrupt. The Social Security Administration currently has enough funds to pay full benefits until 2035, and even after that, it will still be able to pay about 75% of benefits. Changes may need to be made to ensure long-term solvency, but your benefits are not at risk of disappearing entirely.

No, you can receive Social Security benefits even if you haven’t worked for a certain number of years. However, the amount of your benefit will be based on the number of years you worked and your earnings during those years. To be eligible for retirement benefits, you must have earned at least 40 credits (usually 10 years of work).

Not necessarily. If you work and receive Social Security benefits before reaching full retirement age, your benefits may be reduced if you earn more than a certain amount. However, once you reach full retirement age, you can work and earn as much as you want without your benefits being reduced. In fact, working longer can even increase your future benefits.

Yes, you can collect Social Security benefits and still work full-time. However, if you haven’t reached full retirement age, your benefits may be reduced if you earn more than a certain amount. Once you reach full retirement age, your benefits will not be reduced no matter how much you earn.

No, Social Security provides benefits for more than just retirees. It also provides benefits for disabled workers and their dependents, as well as for the survivors of deceased workers. In fact, about one-third of Social Security beneficiaries are not retired workers.

It depends on your income. If your combined income (which includes your adjusted gross income, any nontaxable interest, and half of your Social Security benefits) exceeds a certain amount, then a portion of your Social Security benefits may be subject to federal income tax. However, not all states tax Social Security benefits.

Yes, you can apply for Social Security benefits online. In fact, it is the easiest and most convenient way to apply. You can apply for retirement, disability, and Medicare benefits all online. You can also check the status of your application and manage your benefits online.