Social Security

     Turning 60 this year got me to thinking about Social Security and should I apply for benefits at age 62 or wait a few years.  Despite Social Security's long tern problems, with a little help the retirement and disability program will be around for along a long time.  Generations following myself will get the same benefits as I do if a few politically difficult changes are made in the coming years.  Changes in benefits and taxes or combination of both along with a gradual raising of the retirement age should only  effect workers just entering the work force.  People who have been paying into the system at least 20 years should not have any changes forced upon them.  As I stated, changes coming to social Security will be politically difficult so today's politicians don't wont to risk their political career's by voting for the changes that need to happen.  For years Democrats have said benefit cuts are off the table while Republicans have said tax increases  are off the table, keeping Washington in quagmire and Social Security in a slowly expanding pool of quicksand
     Social security is at war with demographics.  Million of baby-boomers like myself are approaching retirement age.  The years and years of surplus the system had is dwindling fast.  What happens when that surplus is gone is anyone's guess.  Few issues directly touch ever American as does Social Security so any changes to the program are bound to ruffle some feathers.
     I have still not decided at what age I will apply for benefits.  My monthly benefit check will be a small one  but if I wait until the full retirement age 66 my monthly check should be about 35% 40%  higher when you calculate in 4 years of cost of living adjustments and the usual yearly graduating of benefits.  The extra dollars I will receive by waiting until age 66 would be enough to pay for Medicare and prescriptions benefits that go along with the program.  Currently, Medicare premiums  are $99 and scheduled to go up by about $10 next year.  Part D, the prescription benefit is anywhere from $10- $20 depending on which plan you chose.  Supplemental insurance to cover the 20% Medicare does not cover is between $ 140 and $220.  Waiting to age 66 is probably a smart move on my part when you consider I will not have a second person in my house hold putting their benefits into the pot.  Decisions decisions decisions at least I have a couple of years before I need to make a choice.