Get off my lawn.

WARNING - TMI

CAN OF WORMS:

That actually changes the age at which it's best for me to file for Social Security. Filing at age 70 will give me the maximum monthly SS payment I can get (for the rest of my life).  Filing at age 69-1/2; however, would get me 6 months of SS payments, before age 70, at a slightly lesser monthly amount (for the rest of my life). Thing is...  If I file at age 70 to get a little bit more each month, that little difference will take 19.5 years to add up to the total of the 6 monthly payments I'd get between age 69-1/2 and 70. I'd have to live to age 89-1/2 just to break even. For my situation, it's six of one/half dozen of the other since there are pros and cons for each option and living that long hasn't already been ruled out.

The deciding factor is that sometime around 2033, there will be more people taking out of SS than there are putting in. That disparity creates a shortfall that will cause my monthly SS benefit to be decreased by approximately 23% if nothing is done to shore up SS in some other way.

That reduction, coming at age 78, would extend my break-even point until I'm well into my 90s. Add to that the chances of a major war or domestic economic crash causing even fewer SS contributions and in the long run it makes sense for me to file at age 69-1/2. I'd get 6 more months of SS payments at today's rates. That will make my effective SS start date January 1st of next year.

Anon wrote:

The deciding factor is that sometime around 2033, there will be more people taking out of SS than there are putting in. That disparity creates a shortfall that will cause my monthly SS benefit to be decreased by approximately 23% if nothing is done to shore up SS in some other way.

It seems like social security will run out about ten years before we get fusion power plants - roughly ten years from whenever the prediction is being made (20 for fusion).

I found a post on the old site from 2013 that marked the date as 2025.
 

Last edited by Happy Monkey (8/20/2024 11:39 pm)

Congress is the biggest problem we have. We need to term-limit the A$$holes.

xoxoxoBruce wrote:

The damn Boomers aren't dying fast enough, you guys are messing everything up.
The Social Security Ponzi scheme is in jeopardy...

monster wrote:

Is it the Boomers not dying fast enough, though, or Gen X and the Millennials not having enough kids?…

glatt wrote:

…Congress just does nothing, … But it's all solvable if they will just do their jobs.

tw wrote:

…Too many left and right wing extremist.  Not enough moderates.

​
Seems that left and right wing extremist Boomers need to die off faster whilst Millennial and Gen Z moderates need to be having more kids NOW!

It just so happens that I’m a Boomer moderate who can still help certain Millennial and Gen Z moderates accomplish this by procreating with them.  I know, it appears to be self-serving because I would benefit as a soon-to-be Social Security recipient myself; but, I’d be doing it for ALL us old folks. Duty calls… count me in!