I read through all the comments up to this point, and have a few other points that I think need to be discussed:
- Those who work after full retirement age still pay into the system with their earnings, so the bleeding can be abated by encouraging companies to make use of those of us who want to work instead of sitting in rocking chairs.
- In consequence, the shrinkage of the work force can be reduced if seniors can find jobs.
- One way to limit the payout is to means-test Social Security payments even for those who have attained full retirement age, but at a different level that the "early birds". The claw back can start at an AGI that exceeds the salary cap for paying the tax (currently $165K/year): for every ten dollars over the cap, you have to pay back $1 from Social Security payments received, up to a maximum of the payments from Social Security.
I hit 70 years old next quarter. My East Coast company laid me off when they closed the office in my West Coast state. I want to work. So far, every single submission of my resume has been met with silence.
Moreover, I had vested in two separate pension funds. Both got looted to zero. Later in my career, I participated in 401(k) plans as soon as they became available, but not for long enough to build a retirement nest egg.
I wanted to "die with my boots on." I fear no such luck.