I stumbled across this Motley Fool article touting Five Facts About Social Security You Must Know and I was struck by the dichotomy of how cash strapped Social Security will be in the future and yet they tell you how to get more money from Social Security.
Number 5: Social Security is Massive
Number 4: The Elderly Could Not Survive Without This Program
Number 3: The workforce is shrinking
Number 2: The Numbers Just Don’t Add Up - The trust fund is projected to run out of money in 2033. Once that happens, retirees can only expect to receive about 75% of the benefits they would have received.
Number 1: The #1 Way to Increase Your Benefits - Every year you wait to claim social security benefits until age 70 you will boost your annual payouts by 8%. Waiting until you're 70 will give you 32% more in benefits than if you took them at age 66 and you can receive 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you had waited until full retirement age.
And then on top of that, there's a short blurb that tantalizes you with getting even more money from Social Security.
2 days ago