Myth No.4: Social Security will run out of money in 2042.

Social Security will still be receiving payroll taxes from workers in 2042. What may have disappeared by then are the assets in the Social Security trust fund.

Even that isn't cast in stone, however. The Congressional Budget Office in June projected that the trust fund wouldn't dry up until 10 years later, in 2052. The CBO used different assumptions than those used by the Social Security Administration, projecting faster growth in worker earnings, higher interest rates and lower inflation.

Here's how the Social Security Administration projects the timeline:

• In 2018, Social Security will begin paying out more than it takes in. For the first time, it will have to use the interest being paid on the securities it holds in order to meet its obligations.

• In 2028, Social Security would have to start redeeming the securities themselves.

• By 2042, Social Security would have cashed in the last security, and the system would have enough revenue to pay out only 73% of promised benefits. That percentage would drop over time if Congress failed to act.