Social Security

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Frequently Asked Questions

A: I can't say for sure, but I believe that it will be there. The last numbers that I've seen are that if the program remains unchanged, benefits would have to be reduced to 72% of their current level to stay solvent. It has to change in some way, but I don't think it's going away.
Q: Compared to taking your benefit at 62 (depending on the cost of living increases along the way), you "break even" at approximately 82. Your own "break even" age will vary slightly, and could be very different if there is a spousal strategy involved.
A: I've done the math and not everyone should wait to take their benefits. But, I have a basic theory on this subject. If I am going to make a mistake, I want it to be the one I don't have to live with. If I die prior to collecting benefits; frankly, I won't know the difference. However, if I take my benefits at 62 and live to 94, I potentially cost myself tens if not hundreds of thousands of dollars. That is a mistake that I had to live through, and those are thousands on thousands of dollars I never got to spend.
Submit a question to  Matthew Hanshaw, CFP®, NSSA®

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