Ask Terry Questions Social Security Shortfall

Social Security Shortfall

By Terry Savage on May 18, 2024 | Financial Planning / Retirement

We keep hearing that Social Security will run out of money and that we may face reduced benefits. My husband and I are both 63 this year, he retired at 60 and I am still working part time for our health insurance benefit. In light of the potential shortfall, shouldn’t we begin collecting now rather than waiting 7 years?

Terry Says

I still recommend waiting until at least Full REtirement Age — another four years for you — to get the maximum base benefit.  Every year you wait adds 8% to your base check, on top of which future inflation adjustments will be made.

When its back is to the wall Congress will “fix” SS!  Count on it!



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