The AP reports that new retirees will receive less in Social Security benefits than they paid in Social Security taxes. It’s the first time since Social Security began that middle-income workers will get back less than they paid in and experts say the problem will worsen in the future. If you are a high income earner and still working, you are really upside down!
One expert suggests married couples can reap the greatest rewards from Social Security by waiting until age 66 to file for benefits with one spouse filing and collecting and the other spouse filing and suspending, delaying collecting benefits until age 70. Theoretically, the benefits will be worth a third more than they would be at age 66. We still like the suggestion…. take the money and run!