The Social Security Myth – 2009 version

I received my annual version of the Social Security bedtime story yesterday. It’s called “What Social Security Means to You.” For those too young to have heard this myth yet, that’s the pamphlet the Feds send you as you near “retirement” age. It lists the amounts of your “estimated benefits.” In other words, it tells you how much of the money you earned during your lifetime the Federal government may return to you.

In boldface type, right under the amounts it says: Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2037, the payroll taxes collected will be enough to pay on about 76 percent of scheduled benefits. (Italics mine.)

That is why I intend to apply for my “benefits” as soon as possible (2012). I don’t want my grandchildren and great-grandchildren burdened with more taxes then they already will be.

That’s what social security means to me.