BUT THERE'S ALWAYS IRMAA: Social Security is running out of money.

What interests me is not that Social Security is running out of money but that a 'typical newly retired, dual-earner couple will see their Social Security checks reduced by $17,400 annually.'

Let's do the math [FWIW, I learned math when it still involved numbers]. As of 2024, maximum benefit is $3,822/month, or $45,864 annually. To receive that amount, the recipient would have to be 66 years old and earned the Social Security maximum for the prior 35 years.

So a 23% reduction in benefit would be $10,549 each, or $21, 098 for that newly retired dual income couple. My wife and I were solidly upper middle class when we retired and I suspect our social security income is higher than average. That said, the 23% reduction for us would be only about $12,000.

So to claim a $17,000 reduction for a 'typical newly retired dual-income couple' is more than a bit disingenuous, it's a lie.

Then there's the income-related monthly adjusted amount (IRMAA), meaning the 'you make too much money outside of Social Security' tax, which is an additional 17% ($5,000) reduction in our Social Security income.

Many more such reductions and we'll owe Social Security every year....