I know a lot of people who were going to wait until 70 or 67 to claim social security. They are changes their minds to get at age 62. Due to the talk of it running out in 2035.
Many at that age would use it for all types of recreational activities lol.What they are saying is that based on current projections, SS taxes will only cover about 75% of its obligations by that year. Social security is the third rail in American politics so as much as both sides despise each other, there is zero chance they won't fix the problem. One of those fixes is taxing people above the current income threshold of approx $170k but there are many others so with all the talk about SS insolvency, it is just that...talk.
Scared they would loose election or be voted out of office. I won't lie, I am tempted to take it early. But not worth it because they take the benefit away if you make to much money. If you are full retirement age there is no earnings limit.
Some history, social security came out of the communist manifesto.
Didn’t we set up a trust fund to fund SS as the Boomers retire? Isn’t that is what’s supposed to end? BTW SS ran budget deficits for a few years before, I believe between ‘79 and ‘81.
So it's full of IOUs from our wonderful Congress.
The SS is simply a transfer from the taxpayer to the recipient. The problem is the inversion of age demographics. More retirees and fewer earners. This, by the way, is why the uniparty has opened the border. They need to increase the younger population of workers to pay for us oldies.
...at the prospect Social Security will go broke. Of course, at 70 he's shitting his pants anyway, lol.
Hey, how about that! An ageist joke about a righty for a change!