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7 common Social Security myths Many people have the misconception that Social Security will become insolvent over the next 20 years, according to this article on Kiplinger. It is also wrong to think that they will owe no taxes on their retirement benefits, that they will not collect all their contributions to the system, or that they will not get their fair share if they fail to start collecting their benefits early. Raising or scrapping the payroll taxes will not help address the program's financial woes, while Social Security will repay the loss in benefits that working retirees incurred because of the earnings test when they reach their retirement age. Retirees can also undo their Social Security application within 12 months since they applied for the benefits.
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