If you’ve come across advice like “Social Security is going broke” or “you’re better off just waiting until 70 to claim,” you’re far from alone. These and other commonly repeated notions are persistent myths that can steer well-meaning savers off course. If you’ve believed any of these ideas, it may be time to bring in a financial professional who can help separate fact from fiction and build a Social Security strategy that truly fits your situation.

Below, we review six enduring Social Security myths and reveal what the real picture looks like today.

Myth 1: Social Security benefits won’t be there when I retire

This is perhaps the most frequent fear. While Social Security faces long-term funding pressure, it’s not accurate to say the program will vanish. Today’s retirees and near-retirees should not expect benefit disruption in any material way. Rather, any changes are more likely to be incremental and phased, with timeline and scope shaped by legislation.

Myth 2: Social Security will be a major source of my retirement income

In truth, Social Security is rarely sufficient by itself to replace all of one’s necessary income. For many people, Social Security is more of a supplement than a sole income source. Even for a median earner claiming at full retirement age, replacement ratios tend to hover around 30-50%, leaving a substantial income gap to fill.

Myth 3: Social Security benefits don’t keep up with inflation

This is incorrect. The Social Security Administration applies annual Cost-of-Living Adjustments (COLAs) to benefit payments based on inflation data. Since 1975, COLAs have ranged from 0% in some years to over 14% in others. In other words, your benefit is designed to retain some of its purchasing power. So, while it doesn’t exactly match CPI-reported inflation statistics, it doesn’t ignore them either and aims to match real inflation to some degree, depending on the fund’s projected solvency as well as inflation factors.

Myth 4: You can “outlive” Social Security

Unlike many other retirement income sources (e.g. private investments or term-limited annuities), Social Security is structured to pay benefits for life. As long as there are inflows into the Social Security trust fund, you will continue to receive payments for the rest of your life, regardless of timing or longevity. People who say they think they’ll outlive Social Security are likely referring to the fear that the Social Security trust fund will run out of money in their lifetime—something experts believe is highly unlikely.

Myth 5: Always wait as long as possible (until 70) to claim Social Security

Delaying benefits increases your monthly benefit, and waiting until age 70 is often cited in popular guidance. But it’s not a universal answer. Personal factors like your health, other income needs, life expectancy and tax implications all play into the decision. In some cases, taking benefits earlier or in stages may better serve your overall financial plan.

Myth 6: Social Security income isn’t subject to taxes

A surprisingly high number of retirees believe their Social Security benefits are tax-free. However, if your combined income, which includes adjusted gross income, nontaxable interest, and half your Social Security benefit, crosses certain thresholds, up to 85% of your benefit could be taxable. To put this into context, about 40% of current Social Security recipients fall into that taxable-benefit category.

Why Myths Matter and Strategy Counts

Believing one or more of these myths can derail your retirement plan. You might claim benefits too early, locking in permanently reduced payments, overestimate how much Social Security will cover, or fail to anticipate tax exposures. We help you look behind headlines and assumptions. If you’ve believed any of these myths, working with a financial professional can help you:

• Model multiple claiming strategies under different life expectancy and tax scenarios
• Integrate Social Security timing with your broader retirement income sources
• Plan for legislative uncertainty and potential shifts in the program
• Understand how taxes on benefits may affect your net income

We’d welcome the opportunity to help you uncover the truths behind Social Security and build a retirement plan that’s grounded, flexible, and tailored to your situation and goals. Contact us today to get started on constructing a retirement strategy you’re confident with.