The Six Social Security Myths That Could Cost You Freedom
Photo by Vlada Karpovich
Estimated Read Time 4 Minutes
Social Security is not perfect but it is not disappearing. It is a tool, not a lifeline. Use it alongside other income sources to extend your wealthspan and live freely in retirement.
"Social Security will take care of me."
If only it were that simple.
Millions approach retirement thinking Social Security will cover them. The truth is Social Security is part of the puzzle, not the whole picture. Here is what most people get wrong.
Myth One: Social Security will not be there when I retire
People worry about the program's future. But if you are near or in retirement, your benefits are highly likely to arrive.
Think of Social Security like a dependable co-pilot, not the pilot. It will fly with you, but you still need your own engines running through savings, investments, and income streams.
Myth Two: Social Security is enough to live on
Social Security is a supplement, not a replacement.
Relying on it alone is like trying to drive across the country with a half tank of gas. You can make short distances but long-term freedom requires more.
Plan with multiple income streams including retirement accounts, pensions, and investments. Together, they create a resilient engine for your life.
Myth Three: Social Security does not keep up with inflation
Wrong. Social Security grows with the cost of living through annual adjustments called cost-of-living adjustments or COLAs.
Since 1975, these increases have ranged from 14 percent in peak years to zero in calm years. It is designed to protect your purchasing power but you will still need other income to thrive comfortably.
Myth Four: You can outlive Social Security
You cannot. Payments continue for life and are backed by the federal government.
This makes Social Security a rare retirement asset. It is guaranteed, inflation-aware, and predictable. Still, it is not enough on its own to fund a full life of choice and freedom.
Myth Five: Wait as long as possible to claim benefits
Starting at 70 gives the largest monthly check. But waiting is not always right for you.
Ask yourself:
How long will you need income from other sources?
What about capital gains, IRA withdrawals, or taxes?
Are there health considerations in your family history?
Timing is personal. The right age balances maximizing benefit and sustaining freedom.
Myth Six: Social Security is not taxable
Up to 85 percent of benefits can be taxed depending on other income.
Think of this as reality check. Social Security is powerful but not magical. Plan for taxes so you are not surprised when the bill arrives.
How to Use Social Security to Extend Your Wealthspan
Social Security is a tool. Not a goal. Not a guarantee.
Use it to:
Complement other income sources
Reduce the risk of running out of money
Give yourself options and flexibility in retirement
Paired with a thoughtful, holistic strategy, Social Security extends your wealthspan, the years you can live fully with freedom, purpose, and choice.
Your Next Step
Write your retirement plan with Social Security in mind but do not stop there. Evaluate your income streams. Optimize timing. Plan for taxes. And above all, build a financial life that gives you freedom, not worry.
Start today. Extend your wealthspan. Live well.
Curious how this applies to your life?
A Wealthspan Review™ is a calm, no-pressure conversation to understand where you stand and whether working together makes sense.
Explore Your Wealthspan Review™Disclaimer: The information provided is for educational purposes only and does not constitute investment, tax, or financial advice. Consult with a licensed professional before making financial decisions.
