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Everyone says wait until 70 1/2 to start Social Security,but what if they run out of

All the gurus recommend if healthy ,and can afford it ,wait to 70 1/2 years old before taking S.S.This is based on the 8% extra each year one waits to start.With increasing federal deficit and aging population (ie less young people available to contribute and more getting benefits) it seems to me with current projections that the S.S./Medicare funds will run out sooner than expected ,that  "means" testing seems a certainty.This would argue for starting sooner rather than later before funds dry up, or they "move the goal post" and change the rules in the middle of retirement.What says this august crew?Get it while you can,or wait?
I have a few years but will take asap.
Deciding when to take Social Security is a combination of need, logic, predicting the future (recipient and government funding), and whatever other factors matter to you.
Spouse knew life expectancy was not good and took it at 63 at the time of retirement. Died a few years later - good decision.
Took mine at exact retirement age - primarily to satisfy spouse who didn't want me to dip into IRA before 70 1/2. Was not a good decision based on logic or life expectancy but spouse's peace of mind was important.
I told my spouse to take SS benefits at 62, and I will take it at 70.5 to even the odds 
If SS runs out of money completely, we will all run out of US. More likely SS benefits will be reduced over time but not to the extent any politician is willing to risk his/her political life over it. We can only plan based on what's in the books now or in the near future. So plan for the best, expect the worst, and leave the rest to the fortunate tellers Cool
Took mine at 63, the minute my unemployment (seasonal job) ran out.
Age 70 for the reasons that you mentioned per gurus (age 66 now but always had the deferred filing conviction).

Lots of naysayers around for all of my working life saying the same negative thing, i.e. the money won't be there when you file or need it. Well, 40 years or more have gone by and the egg in the face prevails -money is still there and they (so many) took the short end of the stick.
I like to think of SS as an insurance policy. So I'll wait until 70 so I get larger payments later in life. If I don't make it until break even point...it won't matter to me.
s long as they can print money they won't run out of it, just may not be worth as much.
Personally I agree, you should be concerned about the system adding more restrictions, means testing, eliminating COLAs, etc. Evidence of this includes their 1983 change of the full retirement age. It would be really ironic if one of a pair of twins decides to retire at age 62, and the other decides to retire at full retirement age of 66 and 4 months, but then they change it the next year so that full retirement age is 70. The twin that waited gets shortchanged. It wouldn't be the first time they've done this:


Certainly not everyone says wait until 70, as you'll see in the other threads. The government will be glad to tell you that according to their own actuaries, they typically pay out about the same whether you take your money starting earlier or later. However they'd prefer you take it later, that should tell you something. While you'd get larger payments if you wait until age 70, you get fewer payments. And if you die first, you don't get any. The government likes when that happens, because then they don't have to pay at all. But bottom line for me is that I've worked out several spreadsheets comparing starting at 62, 65 and 70, and if I put the money I receive into my typical investments rather than spending it, at the rates of return I've been getting, I come out ahead starting earlier rather than later.

Some people claim Social Security is like money in the bank growing at a good pace if you wait, but it's not. It's money in the bank in someone else's account. The only Social Security benefits that matter are the ones you actually receive, and most people who compare the two alternatives forget the concept of "cost of money" which means that future dollars are always worth less than present day dollars. Would you rather be paid $100 today... or have to wait 10 years for it?
'Means testing' and withdrawal rule changes are inevitable.   Current SS plan is not sustainable for many reasons.  Combination of social security and RMD withdrawals will be major factors in determining what is a reasonable amount of annual income for an individual.  Eligibility rules will change and have changed over the last few years (ie.  Survivor Benefits).

Wife will start SS at 62 and I will wait until 65 or 66.   Currently I am 63.  Most of my peers who have financial backgrounds are starting withdrawals at 62.   Take it while it is available and postpone IRA withdrawals.
My thoughts and observation..

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