I was recently interviewed for a magazine with the question “what are the biggest misconceptions about Social Security”.
My conclusion, and the headline used, is that Social Security isn’t a nest egg.
- Many people think it will pay out more to them than it actually will
- Many believe you have an individualized account, sort of a government-held savings account.
- A third misconception is that Social Security will be broke sometime in the future. Different yes, but gone no
My advice is to take control of your own retirement and not abdicate it to someone else, and most definitely not those in government that might have different objectives than you.