RockLife
Recycles dryer sheets
- Joined
- Feb 24, 2017
- Messages
- 93
I have a debate going with a friend who is also FIRE'ing this year, him at 55.
He says he is going to take SS at 62 as a hedge that when Congress finally decides to give SS recipients a haircut that they won't do it to current recipients. So the sooner he's in the system, the safer his income stream is.
I have a different guess, which is that they aren't going to do anything to "old" people, because they/we vote in great numbers. So anybody 55 years & older (maybe 60 & older?) isn't going to get trimmed. But "less old" people in their 40s and 50s will get a cut, and if you are in your 30s you are getting the whole head shaved. So based on this, I want to wait until at least FRA (67) or really 70 to take SS, for the obvious 8% reason.
What say you? What does your crystal ball say? What is the haircut scenario that you see?
PS. In my ER calcs, I model lower COLA from SS as a bit of buffer, but not lower base numbers. Otar's software makes this very easy to play with.
He says he is going to take SS at 62 as a hedge that when Congress finally decides to give SS recipients a haircut that they won't do it to current recipients. So the sooner he's in the system, the safer his income stream is.
I have a different guess, which is that they aren't going to do anything to "old" people, because they/we vote in great numbers. So anybody 55 years & older (maybe 60 & older?) isn't going to get trimmed. But "less old" people in their 40s and 50s will get a cut, and if you are in your 30s you are getting the whole head shaved. So based on this, I want to wait until at least FRA (67) or really 70 to take SS, for the obvious 8% reason.
What say you? What does your crystal ball say? What is the haircut scenario that you see?
PS. In my ER calcs, I model lower COLA from SS as a bit of buffer, but not lower base numbers. Otar's software makes this very easy to play with.