Common Myths About Social Security​

Many clients approach us with misconceptions about Social Security. Let's debunk some of the most common myths to provide clarity.​

Myth 1: "Social Security is only for retirees"

Truth: Social Security isn't exclusively for retirees. It offers:​

• Disability Benefits: For individuals unable to work due to a qualifying disability.​

• Survivor Benefits: For families who have lost a primary wage earner.​

• Supplemental Security Income (SSI): For those with limited income and resources.​

  
  

These programs serve as a safety net for various life events, not just retirement.​

Myth 2: "You can only qualify for disability benefits if you're completely unable to work"

Truth: While Social Security Disability Insurance (SSDI) is for in dividuals who can't engage in substantial gainful activity due to a disability, this doesn't mean you must be entirely incapacitated. If you can work in a limited capacity, you may still be eligible. Eligibility depends on:​

• Severity of your condition: Your disability must significantly limit your ability to perform basic work activities.​

• Work history: Generally, you need to have worked and paid Social Security taxes for a certain period, typically at least 5 of the last 10 years, though younger workers may qualify with fewer credits.

  
  

For a detailed list of qualifying impairments, refer to the SSA's Listing of Impairments.​Social Security

Myth 3: "Social Security will be gone by the time I retire"

Truth: While Social Security faces financial challenges, it's not disappearing. 

• Trust Fund Depletion: The combined trust funds may be depleted by 2035.​

• Continued Benefits: Even if depleted, ongoing tax revenues are expected to cover about 76% of scheduled benefits .​

• Potential Reforms: Congress has several options to address the shortfall, such as adjusting payroll taxes or modifying benefits .​

  
  

Thus, while adjustments may be necessary, Social Security isn't vanishing.

Have Questions About Your Social Security Benefits?

Understanding Social Security can be complex. If you have questions or need assistance navigating your benefits, don't hesitate to reach out. Our team at Tower Law Group is here to help you every step of the way.​