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Money Smart: Social Security

You may have been paying into social security for a while now but experts say by 2034 the surplus will be gone. Experts say social security may only be able to ...

You may have been paying into social security for a while now but experts say by 2034 the surplus will be gone.

Experts say social security may only be able to pay 75 cents to the dollar on benefits.

One wealth manager says social security isn't a personalized program.
"This is a big myth for social security," David Wray said.

He says there is no personal investment account. "There is no account your name on it saying this money is gone in and you paid these taxes, Wray added.

"There are different formulas based on your income on what you'll get back but there is no money they sitting waiting for you."

Wray says to be money smart investigate your investments and don't believe all of the hype.

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