Sean Williams, from TheFool.com, writes an article on Nasdaq.com about the 5 Concrete Truths about Social Security.
This is a very good article that SHOULD help to relieve some concerns you may have regarding your Social Security benefits.
1. Social Security is NOT going bankrupt. Now, under current structure, the benefits WILL be reduced at 2034 and again in 2092.
2. Social Security is NOT an entitlement program. You had to actually into it. Social Security is NOT welfare.
3. IIlegal immigrants (Sean calls them undocumented. I refuse to engage in such silly wordsmithing though) do not receive Social Security Old Age and Disability benefits. Now they may receive Supplemental Security Income (SSI), which is an argument for another day, but they do not receive Social Security retirement benefits.
4. Congress isn’t stealing your Social Security money.
5. Cost of Living Adjustments ARE indeed messed up. We’re using COLA’s based on living expense increase for workers not retirees. That makes no sense.
The article is below. A good read .