NYT Seven SS Answers

[imoldernu]

A reasonably short review of the most important questions about Social Security.
https://www.nytimes.com/2019/08/02/business/social-security-questions.html

The New York Times recently invited readers to submit their questions about Social Security. Today, we’re responding to some of the most frequent ones.

Is Social Security financially secure? Should people in their 60s who can afford to wait to claim benefits wait until they can get the highest monthly benefit, or should they consider signing up now because the program may not be there in 20 years?

One of the points that doesn't get too much attention is the inflation adjusted amount... as an example, when we took early retirement in 1998... the amount was less than $14,000.
Me full, jeanie 1/2... Today that amount is $27,000.

 

[joeea]

"The projected shortfall is an understandable source of worry, considering the importance of Social Security to most households. But it has no practical, short-term impact on benefits, says Paul Van de Water, senior fellow at the Center on Budget and Policy Priorities. And he thinks the odds of reaching the 2035 doomsday scenario are slim.

“Given the strong public support for the program, it is inconceivable that Congress won’t step in sometime before 2035 and put things on an even keel,” he says. “It’s a source of concern, but not something to lose sleep over.”"

- agreed.

 

[joeea]

"But many experts argue that break-even is not the best way to decide when to claim, because of Social Security’s value as an inflation-adjusted guaranteed source of lifetime income.

“None of us who are healthy have any idea when we’ll die,” Mr. Cotton says. “So it’s not a good way to make the decision, unless you have a have a really good reason to think you won’t live at least 18 years.”"

- agreed.

 

[mickeyd]

Should I be feeling guilty for waiting until age 70 to activate my SS? If so, please advise and my guilt feelings will be activated ASAP.

 

[rk911]

"The projected shortfall is an understandable source of worry, considering the importance of Social Security to most households. But it has no practical, short-term impact on benefits, says Paul Van de Water, senior fellow at the Center on Budget and Policy Priorities. And he thinks the odds of reaching the 2035 doomsday scenario are slim.

“Given the strong public support for the program, it is inconceivable that Congress won’t step in sometime before 2035 and put things on an even keel,” he says. “It’s a source of concern, but not something to lose sleep over.”"

- agreed.

if it wasn't for the last minute nothing would ever get done.