Hi Larry hope this finds you well. Read your book ( Get What's Yours ) revised. I am single ( divorced after 6 years of marriage ) I make above the $147,000.00 cut off - However I turn 66 Dec 3rd 2021. I keep hearing SS will run out of money ( 2035 ). Would it not be beneficial to me to start taking my benefits at FRA instead of wait till I'm 70. That way I should receive something instead of gambling on there being no social security when I reach my 70th birthday 2025. I am in great health, house, car all paid off. No outstanding debt. What do you think ?

Hi. Larry has addressed this question previously, so I know that he's convinced that even if Congress doesn't make changes that would allow Social Security benefits to be paid in full the program won't go entirely broke. Social Security would always be collecting ongoing Social Security taxes from the wages of workers, so those taxes could be used to pay at least partial benefits to currently entitled beneficiaries.

Larry and I both believe that the likelihood of Congress failing to take action to pay full benefits as promised in the future is very small, but if that were to happen the cuts in recipient's benefits would almost certainly be applied as an across-the-board percentage reduction. So, if for example, your full retirement age (FRA) benefit was $2000 and your alternate age 70 rate was $2612, a 30% across-the-board cut would still leave you with a substantially higher ongoing benefit rate if you'd waited until age 70 to start drawing vs. starting at FRA.

Best, Jerry