SOCIAL SECURITY - What is fact, what is myth?

Like so many babyboomers, who are now approaching the age at which we can begin to draw benefits, after decades of working and paying into the system, we hear from the political "right" (by whom I mean the Republican Party) that its time to scrap what they like to call an "entitlement" program, that it is unsustainable and a huge drain on the economy, one we can no longer afford. As always the GOP is very good at using fear tactics in their political maneuverings, in all fairness I suppose both the two Party's are, but it seems the GOP has gotten it down to an art form.

Well I'll do my best to skirt political issues in this post, my intent today was to try to find out what of the rumors surrounding this wonderful program (not just as it benefits our generation, but perhaps even more so our children and grandchildren) are true and what is hype and fiction. Is Social Security doomed? Also as I now find myself within 6 months of finally being eligible to collect "entitlement" (LOL) benefits (at age 62) whether to choose to indeed begin collecting in January or wait another 4 years for a slightly larger benefit?

My husband has done "the math" and believes collecting at age 62 is the way to go. However, as he intends, God Willing, to continue working a few more years I am torn, and find myself thinking 4 years is not far away, and we don't "need" the extra income at "this particular" time. That in 4 years, just a year or so after he "plans" to retire, the extra monthly income might be more appreciated. Anyways, I'll probably continue to struggle with that decision for a while yet.

Getting back to the Myths of Social Security, from what I found out, and I scoped out many different sites, I found what I felt was the most comprehensive information on NCPSSM - National Committee to Preserve Social Security and Medicare. They are extremely informative and address many issues including the "myths", of which I'll address only one in this post, with more to follow in consequtive posts. SO, to begin with:

"Despite wide support for Social Security among all age groups and political affiliations, some policy makers in Washington are proposing Social Security benefit cuts. These so-called "fiscal hawks" have suggested cutting Social Security will show America is "serious" about fixing the fiscal mess created by a decade of failed economic policies, despite the fact that Social Security has not contributed one thin dime to the deficit.

Myth 1: "The cost of Social Security is a burden to our grandchildren"
The truth: Social Security costs are expected to grow only slightly as a share of the U.S. economy and will remain quite manageable. As a proportion of the Gross Domestic Product (GDP),Social Security costs are projected to rise from under 5% in 2009 to just over 6% in 2034 and then drop back down to only 5.8% by 2050. Traditional pension plans have all but disappeared. Only about one half of all Americans have access to a retirement plan, such as a 401(k), at work. And those who are saving have a median account balance of $70,000 in their plans as they approach retirement. It is clear our children and grandchildren will need Social Security more than ever when they are ready to retire. They can't afford not to have a Social Security program.

I'll be back soon with Myth 2: Social Security Will Soon Go Bankrupt. (Poppycock!)

The urge to save humanity is almost always only a false-face for the urge to rule it. ~H.L. Mencken, Minority Report, 1956