This article is a primary reason why you don’t read MSN Money for actual money advice. It just serves to perpetuate the cover-up of the greatest ongoing theft in US history: the raid on the Old Age, Survivor And Disability Insurance trust fund. It’s just more of selling the scam.
“It’s widely regarded as the best deal in retirement. Researchers can’t figure out why more Americans aren’t taking it. The deal, of course, is putting off Social Security benefits, which can boost your monthly paycheck by more than three-fourths if you delay until the maximum age of 70.”
What you’ve just read is total bullshit. Is the article writer, Ian Salisbury, by chance a Republican? The best deal in retirement was when full Social Security retirement benefits were payable at age 65. Then came Ronald Reagan who, along with both chambers of Congress and Alan (Mr. Andrea Mitchell) Greenspan, started the mass raid on the OASDI trust fund with the signing into law of the Social Security Amendments of 1983. And the theft just keeps on growing.
Unless Salisbury is a Millennial he and “researchers” should know damn well that most of us in our 60s can’t wait until we’re 70 to draw our SS retirement checks. And we shouldn’t have to. We’re not the ones who, like a federal Dracula, have been feasting on the blood of the Social Security trust fund for 32 years. But this article wants us to be good little Social Security benefits blood donors and wait until we’re all 70 years old to start making our withdrawals from the SS blood bank.
First, with this lousy economy that every Congress and every president since Bill Clinton has saddled us with, I don’t have any savings to tide me over for the next seven years and there are millions of baby boomers riding in my same financial boat.
Secondly, how do any of us know we’ll make it 70? I’m pretty confident about reaching 65, just about as confident of hitting 66 which was at one time where the age for full benefits was pushed back to. But 70? If I am still alive by then what is my life expectancy beyond that? You can bet that the Social Security Administration already has those actuarial tables on file and are updating them as needed.
I got a much better idea for a better deal in retirement—MY retirement. Close down the pension system for all members of Congress and the president, remove the $118,500 cap for OASDI payroll deductions, and then mandate it that all members of Congress and each president must have enough quarters of earnings paid into the system to draw their retirement benefits when they reach 70. But in this case, I’ll be generous: I’ll allow Congress to lower the age for full benefits back down to 65.
That change alone will pay enough into the fund to keep Social Security solvent for, well, forever. Or at least until all life on earth dies out from global warming or the sun supernovas in 5 billion years and takes the Solar System with it.
But until either of those events happen, I can wait two years to reap the rewards of the best deal in retirement.