No. of Recommendations: 2
"And my take on it is that a major change in Social Security is coming, probably within the next 5-15 years, because Congress will realize there's no viable alternative. I expect the change will reduce my Social Security check, because I have a pretty decent pension. I would not be at all surprised if it turns out that my reduced, early withdrawal at age 62 under the current rules is larger than my normal withdrawal under the revised rules at age 65 or 70 (assuming the change happens before then).

And there's a good chance that the change will be, to some small degree, retroactive - applying to people who applied for Social Security checks in the period when the bill was being discussed." - -

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Maybe.....

Folks thought that was going to happen 10 year ago. The only thing that happened was the started using a different inflation adjuster, and the eliminated the ability to pay all your SS back in total and reset at a later age to a higher guaranteed annual income rate. Up to that point, you could collect for 8 years, and at age 70, pay it all back, and now get 70% higher monthly payout for life. Few used it, but I was thinking about it. I had some serious health issues at age 62 and figured I'd better take it.

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they didn't change the benefit payout one dime.

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There is a large voting block out there called seniors.

You can easily change future benefits for those not collecting them yet, or about to collect them soon...... by changing the inflation calculation.......or other such financial wizardry.

You can change it to 100% taxable which would drive up tax collections a bit from those with pensions on top of SS and considerable interest or regular income from bonds/GNMA/REITS, etc and from the RMDs.

My Medicare is 3x the base rate due to my income level. Keeps going up and up. Same for drug plan I get dinged for higher income and pay extra.

I might save some money on the tax plan. Don't think a whole lot but I'll see. The increase in standard deduction will help me. Maybe few hundred dollars 'savings'.

SS went up 20 bucks or something. Medicare increases wiped that out.

t.
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