Well I got the letter today from social security. I am eligible for benefits in January when I turn 62. Neato.
Hell it does not seem so long ago when me and the boys were busting up bars. Picture this, North Dakota and winter. We were restless. University jocks, bikers and us construction and farmers workers. Something was bound to give. Picture a good old western movie bar room fight. That was us. We were always careful as not to throw chairs, tables, pool balls and cues or people at the bar lest the booze gets damaged. Police always showed up just break up the brawling never an arrest. To many of us. Just told to go home. Those were the good olde days.
SS benefits grow at something like 7.5% a year. So, depending on your asset allocation situation, you may not want to draw on them too soon. But of course, depends on your situation.
One of the politicians running for election this fall has stated he will kill the "payroll tax". Apparently this tax funds social security and if it is killed now, there will be no money in the SS system in less than four years ...
Better be frugal with your retirement funds until you see which way that decision goes.
Without getting into the politics of the thing, the payroll tax, FICA or "Social Security" tax is a general revenue tax. It goes into the General Fund and is spent. There never was a special fund for Social Security. The Social Security payments are a "gratuity" paid by a grateful government, hence the people receiving it are the government's servants. This was adjudicated in front of the US Supreme Court by the US Attorney General in 1938. That was FDR's Attorney General, the same man who started Social Security. So it was a "scam" from the beginning.
Seek peace but keep your gun handy.
I'm not a complete idiot, some parts are missing!
“Illegitemus non carborundum est (“Don’t let the bastards grind you down”).”
― Julia Child