Here are the Top 3 personal finance urban myths.
There are urban myths, and there are facts. Yes. Social Security is set to run out, based upon the cash on hand before 2020, but that does not take into account the new money coming in which will help fund over 75% of the anticipated benefits for nearly two decades. The government will have to make a few modifications to increase that. Two relatively easy solutions would be to increase either the contributions employees make and/or increase the full retirement date, which is currently 67.