“Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index (CPI-W). The change means that inflation no longer drains value from Social Security benefits.” That’s from social security.

CPI-W is rarely a true look at inflation. Our military pensions are subject to CPI-W as well.

Biggest Ponzi scheme ever known.

I wrote a Medicare Advantage policy for someone yesterday. Since they only get about 800.00 a month in social security they will get 99.9% of their healthcare at our expense. They will receive a 25.00 a month food card and a couple hundred a month in over the counter pharmacy items sent to their home. Meanwhile, the people who did well pay much higher Part B rates with IRMAA. We’ve allowed this to happen.

Most of us get back more SS than we paid in just a few years. It was never intended to be one's only source of income. It is a bit of a ponzi scheme as those paying in now are funding those who are being paid SS now. It anticipated a growing population which has not happened to the extent that was expected. And it is used for so much more than originally intended. The COLAs are a bit of a joke if they were intended to cover the increase in cost of living as they rarely do.

I have worked for 50 years and paid into the SS fund. I have no problem getting back a small portion of what I paid in. When I finally retire I am going to try and qualify for every govt. program I am entitled too. Why not...they are there and my tax dollars have paid for them for years. So all you young people just need to keep working so my benefits keep coming in...:)

The biggest questions are around, when should one start drawing it? How long are you going to live? Is Congress going to mess with it down the road so that it is better to start drawing on it now or later? Would a little extra money now be need more than a larger monthly SS check later in life?

Wife is 4 years younger than I. My plans, should our health hold out, is to retire at 70 right before she retires. Max out SS bennies and end my career.

I started drawing my SS as soon as I retired @ 62, 7 months ago. Gonna get all I can as soon as I can. If you retire @ 62 and wait to receive SS till 70 , you will have to live off of your investments, IRA`s or 401K`s. If you die before reaching 70 and never collected a dim of SS, you will have spent money you could have left to your family or estate. You cannot leave someone your unused SS money in a will. Tomorrow isn`t promised to anyone. Get it while you can.

I use a financial planner, he ran the numbers at different ages. I'm going to draw next year at 62. If I live past 83 I'll look back knowing I cost myself money. I can live 100% at my current lifestyle till 80. I’m 97% until 90 years old. I plan on drawing and putting most of it in an IRA account until I'm tired of working PT. I've put 15% back since the day I retired from the military 20 years ago.

When to draw is a personal decision. There are calculators to help, BUT all of them are based on normal trends. . Covid has been anything but normal in the business cycle.


It's not uncommon for me to write a Medicare Advantage Plan on someone brining in less than a grand a month in social security. We all have the same opportunities. No one is immune to the consequences of the choices they make.

One size does not fit all regarding SS and when to draw it. It would be foolish for some to withdraw it if there are taxes and limits involved. Just as the SSA will penalize your Medicare premium ( IRMMA) if your income is over a certain amount. Only saying this because there is a misconception that everyone should start drawing it at 62.

+1 I retired at the end of 2020 but will not start drawing until next year when I am closer to full retirement age because of tax implications. I had some residual income this year had I gone ahead and taken it would have given a ton back in taxes. One difference is I am having to pay out of pocket for Medicare Part B versus once I starting drawing SS they will take it out each month.

You should be able to take SS at any age that you've paid in so many years, IMO. But of course at a lower rate.

I'd like to have all the money put in over my lifetime.

I could have done a heck of a lot better with the ROI than the .Gov has!

knok, knock

I'm 64 and dismissed SS as part of my retirement plan until about 3 years ago. Was actually surprised at how much my wife (spousal benefit) and I will be drawing in a couple years. Also never even considered that it would be tax free if no additional income is made.

If someone told you that you wouldn't be getting Social Security because you're a frugal idiot, I'd think I'd get a second opinion.