Over the past decade, financial advisors have grown upbeat about the future of Social Security benefits – especially for today’s retirees. Many advisors encourage clients to delay the start of benefits past age 66, to earn Delayed Retirement Credits that they believe will be paid in full.
The common wisdom is that Social Security will need tweaks in the future, such as incremental boosts in payroll taxes and a gradual increase in the full retirement age. Although these changes will negatively impact younger workers, they won’t devalue the benefits today’s retirees have earned.
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