Rand Paul and his type are why I’m going to start collecting SS next January rather than waiting until I’m 70. A bird in the hand is worth 2 in the bush.
The payback period, as I was encouraged to study, is around 12 years for me to make up for the lower monthly rate of taking it at my full retirement ave vs waiting until 70, but I did not calculate what I’d be earning on my IRA in that equation. That makes a difference too, because I would be drawing more on that in the 3 or 4 years while I wait until 70. So the income I gain on SS would be offset by the income I lose on my own investment. And as we know with Washington, nothing is guaranteed, especially something from the government.
Better to get what I can from them, while I can. They stole the money from my earnings for almost 50 years and they owe it back to me.
Wise Choice!