Social Security is one of the most important entitlement programs in America as it’s kept millions of seniors out of poverty. Unfortunately, many people have bought into a dangerous myth about Social Security that could affect their decisions in adverse ways.

Here’s what you need to know about this common misconception, as well as the true facts about the future of this key retirement income source.

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Far too many Americans believe Social Security benefits are going to disappear

According to a study from the TransAmerica Center for Retirement Studies, 38% of current workers fear that Social Security benefits are going to disappear and will not be there for them. That’s nearly four out of every 10 people who hold this belief — and it’s simply wrong.

Like many conspiracy theories, this one has a grain of truth. Social Security does have a trust fund, which is on track to run out of money in around 2035. That’s not great news, of course, but it also does not mean that Social Security is going to disappear or stop paying benefits.

The actual reality is that Social Security has revenue coming in all of the time from current workers. This money is still going to keep coming even if the trust fund runs out.

The revenue that comes into Social Security is enough to pay the majority of benefits that are owed to retirees. In 2035 when the trust fund runs dry, for example, Social Security could keep paying 83% of scheduled benefits. Over time, this amount will gradually decline and eventually, Social Security will end up paying only around 73% of what seniors were promised.

This would absolutely mean that retirees take a hit, but it also means that even in a worst-case scenario, benefits are not going to disappear or stop entirely, as many people fear.

Will Social Security benefits be cut at all?

For those afraid of Social Security not paying any promised benefits, understanding the truth about this entitlement program should come as a relief. You’ll still get most of your money if things go wrong.

Plus, the reality is, it is very unlikely that lawmakers would allow the cuts that would be necessitated by the trust fund running dry. Lawmakers don’t want to be the ones who send Social Security checks plummeting, since the benefits program is so popular and necessary — and since older Americans are a powerful voting block.

Congress would likely take some action to stop a big benefits decline, even if that means moving money over from other parts of the government to ensure Social Security can pay out what has been promised.

Ultimately, the odds are strong that future workers will get all or at least most of the income they’ve been told is coming. If lawmakers do impose any Social Security reforms that amount to benefit cuts, they’ll almost assuredly be phased in over time as amendments to Social Security put in place in 1983 are still being slowly phased in as late as 2025.

You don’t want to make bad decisions, like claiming benefits too early, out of fear they won’t be there when you retire. Take heart in knowing Social Security isn’t going anywhere, and you’ll be able to count on it to help you achieve the financial security you deserve in your golden years.

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