Isn’t SS a cable bill and maybe an Electric bill worth of benefits ...?
I’m sure many of us folks here have been maxing out on OASDI by Oct/Nov...
I can see getting max. benefits when a loaf of bread is $30.00..
“Here Mr. Dakine is your $3200.00 SS benefit - that inflation priced bread will cost you $30.00.”
Inflation is the killer. I’m getting ready to retire, so have been burning up the calculator checking different scenarios. Everything looks great for the first 15 years or so. Then, inflation starts to bend the curve to the point where 20 to 30 years out you need double or triple the income just to maintain the same purchasing power. It’s incredibly difficult to stay ahead of inflation.
My wife worked most of her life so the two of us will have over $70K / year in SSA income if we can wait until FRA - which is just 10 years away for me and eight for her. Compared to 52K a year if we take it at 62. That's way more than a cable and electric bill!
If we can last until 70 to file, it will be almost 90K in income. But yes, the actuarial tables are against us on that one. Most likely we'll start taking it at 67.