Social Security Potentially Going Debunked
Hello Terry – I just saw you on 60 Minutes offering your 2 cents on people who have been contacted by the SSA asking them to refund overpayments made to them, at the fault of the SSA. Great segment.
One thing that stood out to me is the prediction that SSA funding could run dry as soon as 2035. I’ve heard you say in the past to not worry about the SSA going defunked, but hearing that on 60 Minutes worried me. That’s when I’m eligible for social security.
Should I consider taking it at age 62 to ensure that at least I can receive it for a couple of years, or do you still recommend waiting a few more years?
Many thanks.
Terry Says
I absolutely believe that faced with the imminent need to solve the SS funding problem, Congress will do something! That’s simply because there are too many voters — of both parties — for them to let the potential cutbacks happen.
Taking SS early will permanently reduce your only inflation-indexed income in retirement. I don’t think that’s a smart move. But if you want the expert economists view of this decision, please read Larry Kotlikoff’s recent post on the subject:
https://larrykotlikoff.substack.com/p/social-securitys-trustees-report?utm_source=%2Fsearch%2Fkotlikoff&utm_medium=reader2
