The Biggest Social Security Myth: “The System Is Running Out of Money”
Confused by Social Security?
Many people file early because they’re afraid Social Security will disappear. Here’s the truth: Social Security is not going bankrupt. Even in a worst-case scenario, benefits continue.
1. The Trust Fund May Deplete — But Payroll Taxes Continue
Payroll taxes still generate enough to pay around 75–80% of benefits. There is no scenario where checks stop.
2. Congress Has Dozens of Fix Options
Historically, benefit cuts, tax increases, and retirement age shifts have been used to extend solvency. Most fixes barely affect current retirees.
Concerned about the future of Social Security?
Let’s build a strategy based on math—not fear.
3. Filing Early Usually Backfires Financially
Filing early due to fear locks you into a lower benefit, reduces survivor income, and increases taxes later. Fear is not a strategy.
About Author
Ray R. Harris
Ray R. Harris, RSSA®, partners with tax and legal professionals to provide specialized Social Security claiming analysis for high-net-worth clients aged 58–70. A former executive with an MBA and background in Finance, Ray mitigates liability for his partners by ensuring their clients optimize spousal benefits, tax efficiency, and lifetime income.
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