Doing nothing is the biggest threat to SS
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There are some simple things we can debate about and choose from...
- Raising retirement ages.
- Eliminate benefits at 62.
- Take the ceiling off of the SS tax.
- Keep the benefit ceiling.
- Raise the SS tax.
- Let young people opt for the traditional system or a hybrid model.
- Means test benefits.
- Restructure inflation benefits.
There's more, but y'all get the drift...
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The thing is, raising full retirement age by another year or so over the next 15 years is a pretty reasonable step, but everyone will be up in arms over it for political points…
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I kind of like my idea of having SS hold all Federal Student Loans..
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Probably only a bipartisan fix is possible, and that won't happen until "default" is imminent. By "default" I mean the day that the checks are short.
I think in our current political climate bipartisan compromises on big issues are only going to happen under an imminent exogenous threat to the status quo.
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@kluurs said in Doing nothing is the biggest threat to SS:
70 is about 16 months away, and I gain $500 a month by waiting.
As @jolly pointed out, those actuaries at Social Security are good. The benefit you get by waiting until 70 is nice, but your lifetime benefit, if you started earlier works out to be about the same.
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@kluurs said in Doing nothing is the biggest threat to SS:
70 is about 16 months away, and I gain $500 a month by waiting.
As @jolly pointed out, those actuaries at Social Security are good. The benefit you get by waiting until 70 is nice, but your lifetime benefit, if you started earlier works out to be about the same.
@George-K said in Doing nothing is the biggest threat to SS:
works out to be about the same.
If I wait until age 70, the break even point is around age 83.
By starting at 69 years and 2 months, the break even will still be in my 80s.
Of course it matters what you do with that time. Collecting a little extra money at age 85 doesn't help much if you can't do what you want with it.
Like any insurance scheme it is important to know exactly when you will die, many years in advance.
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@George-K said in Doing nothing is the biggest threat to SS:
works out to be about the same.
If I wait until age 70, the break even point is around age 83.
By starting at 69 years and 2 months, the break even will still be in my 80s.
Of course it matters what you do with that time. Collecting a little extra money at age 85 doesn't help much if you can't do what you want with it.
Like any insurance scheme it is important to know exactly when you will die, many years in advance.
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MFR took it at 62, me at 64. We both had very high amounts, so with a pension we don’t touch our investments until RMD kicks in.
