I started taking Social Security payments at 64. At 68 and 3 months, I have withdrawn my own contributions, just the principal, no interest. At 73, I will have withdrawn the entire contributions by my employer and me, again only principal and no interest. When I'm 74, my benefits will be cut 22% if nothing is done by Congress to address the shortfall.
Net, I am glad that I didn't wait until 70 to start taking Social Security. Also, I hope live past 73 so that will be able to withdraw an amount greater than was taking out for taxes. According to actuarial tables, I'm expected to make it to 82-84, but with the caveat YMMV. 😎
This is not financial advice. Please consult a professional advisor.
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