That's not totally incorrect, but it's a gross oversimplification. It's only one version of socialism. Just like any other political/economic system, there is considerable diversity of views among those who call themselves socialists. Considerably more than among those who label anyone a socialist who is not a far right radical.
For a (remarkably) reasonable summary of the various versions of socialism see:
"I am convinced there is only one way to eliminate (the) grave evils (of capitalism), namely through the establishment of a socialist economy, accompanied by an educational system which would be oriented toward social goals. In such an economy, the means of production are owned by society itself and are utilized in a planned fashion. A planned economy, which adjusts production to the needs of the community, would distribute the work to be done among all those able to work and would guarantee a livelihood to every man, woman, and child. The education of the individual, in addition to promoting his own innate abilities, would attempt to develop in him a sense of responsibility for his fellow-men in place of the glorification of power and success in our present society."
Albert Einstein, Why Socialism, 1949
Seems ol'Albert was a utopian as well as a physicist :-).