There will be pain
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Real fiscal reform would almost certainly need to be bipartisan, and would likely include revenue increases as well as entitlement cuts. The prospect of that happening without some exogenous event is infinitesimal.
The two exogenous events I can think of that would fit the bill would be (1) serious market panic over the deficit, or (2) automatic benefit reduction triggered by insufficient funds in the trust. My guess is the second is more likely.
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In other words, maybe I should start taking my Social Security now instead of waiting another year+. A bird in the hand.
@Copper said in There will be pain:
In other words, maybe I should start taking my Social Security now instead of waiting another year+. A bird in the hand.
SSA does not hire dumb actuaries. Especially if you are a guy, take it as early as you comfortably can. At the end of the day, whether you take it at 62, FRA or 70, the total payout is pretty durn close.
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The max age to start taking for me is 70 (about 1.5 years from now).
If I wait until 70 to start, I will break even around age 83.
After that it gets a little bit better each year.
Based on genes and lifestyle I probably have a shot at 90.
But we started taking my wife's, much smaller, SS last year, a small hedge.
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Copper quit smoking decades ago, golfs every day, and hits the treadmill regularly. Unless he has some risk I’m not aware of, I’d go 72 if I were him.
