Originally Posted by
jungle
How long are you going to live?
The Ponzi known as SS is a small addition to a real retirement fund, it isn't even going to cover your taxes. Debates about when to start it are therefore somewhat moot, at some point it is going to run into even more severe funding problems and any benefit may be denied to those who actually planned their future.
The assumption that it is always going to be there is perhaps the biggest mistake many of us can make.
156$ a month is just enough to keep most people in cat food, beer and bait at best.
You can easily make more money by retiring to a state which does not tax your retirement payments.
"How long am I going to live" is the unknown in this whole planning equation. You can look at actuarial tables, plot your family history, get a complete physical workup and then get hit by a truck coming home from the doctor's office. I agree that Social Security is a Ponzi scheme and is doomed to failure. Also, think about this. You pay into the fund with after tax dollars, but 85% of your witdrawals are taxed as ordinary income!!
We live in a very tax friendly state (Mississppi). None of my pensions are taxed, no IRA or 401(K) funds are taxed and when you turn 65 they lower your property tax about 20%. The only state tax I am liable for is on dividends, interest, etc. and, with a very generous standard deduction or all of your federal deductions, plus a very generous exemption, those taxes are zero.
Just trying to generate a little talk about planning and dealing with this whole retirement thing.
