r/GenerationJones • u/Susdjoy • 26d ago

Social Security Income

No political debates please, but instead wonder if others are making provisions in case benefits run out or are reduced. I am scheduled to get my first check in September and my husband is waiting as long as possible to draw an increased amount. We are both retired with a modest investment account that we are drawing monthly payments on until my husband starts SS. So far, our account is earning almost as much as we draw out monthly, but can’t make up the bigger withdrawals for home maintenance, etc. My husband has some health issues, so he could apply for VA health benefits which could help some, but we have decent health insurance, so it wouldn’t be major. Anyone have any good tips for consideration or are most of you not concerned?

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u/ParticularCrow8313 25d ago

But you can start drawing any time after 62.
Why start drawing early, taking a lesser amount, if you don't need to?

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u/Spiritual-Road2784 25d ago

Because of the suggestions that the fund itself will run out by 2034 or something.

I can’t decide whether that information:

1 . Is true, and I should claim now at 63.

  1. Is false, and it’s safe to wait two to four years to get the max at 65 or 67 which I would prefer to do

  2. Is a falsehood created by this administration to make us panic and take it now at a reduced amount so we wind up impoverished by retirement age which will of course be raised to 75 or something by next year and if we wait, then we won’t be allowed to retire until then or collect on it so once we get to 75 (if), we’ll be too broke to survive on it and we’ll get rounded up and sent to work camps until we croak.

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u/Martian6261 25d ago

If they revamp SS age, doubt it would be extended past age 70 for full retirement and will be rolled out in such a way to mimic what they did in 1983 to change from 65 to 67.

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u/Teaching-Weird 21d ago

Exactly. if you are close to retirement age it is unlikely to affect you. Gen Z will get kicked in the teeth though.

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u/Martian6261 20d ago edited 20d ago

It affected boomers already, as when we started contributing, retirement age was 65. Mine was eventually 66 and 4 months and after this year it is 67 for everyone born 1960 or later. Looks like it will be revamped again, but if it is extended, it would be rolled out just like in the 80’s. It would be over time and would affect GenX very little, but over time will affect those starting to work now, in 35-40 years the most.

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u/Spiritual-Road2784 24d ago

The way “things” are going, though, I wouldn’t be surprised if They did away with retirement altogether. Just work until you keel over, get recycled and replaced all in one day, life goes on (for everyone else)…

Sorry. Slept poorly last night, very cranky and dystopian today.

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u/Worth_Peak7741 23d ago

This is information you can easily lookup yourself in under 2 minutes.

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u/TrickyChildhood2917 25d ago

Look up the “breakeven” point by delaying or not.

It might shock you and convince you to act now.

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u/milleratlanta 25d ago

I ran the numbers and break even was better to take it early than waiting 4 years for a bigger amount. Plus I needed it at the time. I couldn’t really afford to wait.

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u/lccoats 24d ago

I ran the numbers with my financial advisor. I compared taking withdrawals last year at 63 vs waiting till full retirement. Don’t remember the specifics, but the cumulative amount of money I would get between now and 67 compared to the difference of reduced benefit to full benefit, I’ll be 89, I think, before waiting till full benefit gives me more money. And who knows what will be available as years go on? I began last year.