American workers pay taxes into a Social Security “trust fund.” The more you earn now, the more you will reap later in retirement benefits. You can monitor your progress in a government account called “my Social Security.”
Those facts might lead some people to believe that everyone has a personal Social Security fund, money earmarked just for them.
Roughly one in four Americans thinks exactly that, according to a new survey from the libertarian Cato Institute.
The poll asked respondents how Social Security is funded. Only 45% of respondents chose the correct answer: “My taxes pay for current retirees, and future workers will pay my benefits.”
Confusion runs rampant on the basic workings of Social Security, according to recent surveys from Cato and AARP. Both polls coincide with Social Security’s 90th anniversary, marked on August 15.
