The second myth is that younger generations are simply “paying it forward,” just as older generations did for retirees when they were young. In this formulation, baby boomers may not literally be withdrawing from some sort of government savings account they’ve been putting money into all these years, but they are at least just taking out what they put in to fund the system when they were working and paying payroll taxes. This is also a misconception. In most cases, baby boomers will be collecting a lot more in benefits than they paid in taxes.
