|Herald Harbor MD, July 2020|
The Motley Fool reminds retirees that for many of us, it makes sense to take your benefit not before full retirement age, and indeed to wait to age 70-1/2, because the guaranteed benefit for life will be more.
You can also pay more into Social Security while you are working and guarantee a higher benefit. That is little known.
But of course you have to think about extreme political circumstances, like Trump’s wanting to stop FICA taxes. That could lead to sudden means testing.
The other problem that until about 2002 or so, corporate employers expected people to retire in their late 50s and set up social security offsets (in pension plans) predicated on starting social security at 62. That idea wasn’t sustainable because of lower birth rates and longer life spans.