Hi Larry, this following notation is printed on my latest SS statement " Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2034, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits."

My FRA will be at 67 at 2027, how can I maximizing my benefit if retiring at 70? How does this statement impacts to your calculation and secrets in maximizing ss . Thanks, Rachel

Dear Rachel,

Social Security is insolvent. Just look at https://www.ssa.gov/oact/tr/2016/VI_F_infinite.html#, which is Table VI.F1 in the 2016 Trustees Report. It shows the system is 32 trillion in the red. So something has to give and the longer we wait the larger the adjustment will need to be. Of course, the longer we wait to fix this and other fiscal problems the country faces, the more we older folk get off the hook and the more our kids will be forced to pay. In our software, we permit users to specify cuts in future benefit levels. I think you are old enough that you would be grandfathered against future benefit cuts. But I can't say for sure. So in running our program, which I strongly recommend, see how the optimal strategy depends on the degree of benefits cuts and when they might be enacted.

My best, Larry