‘The money you pay in is the money you’ll receive.’
This is a similar myth to the one before and again, we think this came about because not everyone understands how the program works. It seems that a lot of Americans assume there’s an account with your name somewhere out there, but that couldn’t be further from the truth.Â
The taxes you pay now are helping currently retired people. The taxes your children will pay will very likely help you out. It’s a cycle in which the extra funds are put into a reserve for the time being.Â
