The Battle of 2033

[Jolly]

https://www.msn.com/en-us/money/retirement/social-security-checks-face-17-400-cut-without-changes-study/ar-AA1ffOPr?ocid=msedgntp&pc=W129&cvid=972feaed2c1d420ab94051086078718e&ei=25

[Horace]

The cap doesn't make any sense, and should probably be removed.

[LuFins Dad]

At the very least it can be raised. But retirement age should be raised slightly as well. It should have been raised 10 years ago.

[taiwan_girl]

Agree.

Wasn't when the US social security started, the benefit age was based on the average life expectancy?

[Copper]

@LuFins-Dad said in The Battle of 2033:

It should have been raised 10 years ago.

It seems like only yesterday, I was surprised to be reminded that it has been 40 years since the age was raised.

Yes, it should continue to be raised, slowly.

I have been waiting for age 70 to start collecting, but now I think I'll start at 69 later this year. It seems like I should get it while I can.

the full retirement age was 65 for most of Social Security's history. The 1983 overhaul of Social Security gradually raised the age to 67, which it reached in 2022 for those born in 1960 or later — effectively cutting benefits by 13 percent as compared to benefits if the retirement age had remained at 65.

https://www.cbpp.org/research/social-security/raising-social-securitys-retirement-age-would-cut-benefits-for-all-new#:~:text=As noted%2C the full retirement,age had remained at 65.

[Jolly]

The actuaries who work for Social Security are pretty good. Draw your money at 62, 65, 67 or 70. Total monies will be pretty close.

[jon-nyc]

True that, although in cases where there is an information asymmetry you can probably take advantage of that. For example, if you have always practiced good livin’ and your family lives to 100? Delay it.

Have you never met a vice you didn’t like and your dad and grandfather died in their 60s? Take it early.