Social Security is a safety net many hardworking Americans depend on when they get ready to retire, but just as the baby boomer generation is reaching that stage, experts are expressing concern they could be in for a surprise.
Roger Roemmich, Chief Investment Officer of ROKA Wealth Strategies, whose new book is Don’t Eat Dog Food When You're Old, is one of them.
That's because each year someone delays Social Security between 62 and the maximum retirement age of 70, the benefit amount goes up between six to eight percent a year and grows with inflation from that point forward.
As for what change Roemmich believes is most likely to occur, he said he thinks Congress could raise the full retirement age from 66 to 70.
"The government does not do a good job of managing our money. They have not in the past, so how can we assume they will in the future. The government will do whatever they can to ram policies through and people are secondary."
Wall said that if a client has money in a 401(k) and says they don’t need Social Security and can wait, he advises them to take it anyway and look at it as free money.