Email claims Social Security is voluntary and tax deductible – true or false?
An email is making the rounds purporting to be a “history lesson” on Social Security for “young whipper snappers” who “weren’t taught or just didn’t know” the following truths about Social Security. In case you doubt any of these, the email tells you “facts are facts.”
The email tells you:
Social Security is VOLUNTARY and has been since FDR set it up.
Participants would only have to pay 1% of their annual income.
The money put into Social Security would be deductible from the participant income taxes.
Money put into Social Security would go into Trust Fund and not the General Operating Fund.
Annuity payments to retirees would never be taxes as income.
OMG! Voluntary? One percent? Deductible?
IS THIS TRUE?!?!
Social Security myths: you have to be denied twice before you can win
MYTH: Clients often tell me that you have to be denied two or three times before Social Security will approve your case. I am not sure how these rumors get started but unfortunately, this belief often causes people to take what may be the wrong action in their case.
REALITY: If you are denied (on an initial claim), you may be able to file a Request for Reconsideration (appeal 1) and if that is denied, a Request …
