Amidst some of the talk about Sen. Obama sort of buying into conservative worry-speak about the strength of social security, I was reminded of a bet I made with a friend recently. He barely pays attention to the news - he’s got a wife and a new kid and work - or politics, but in one of those annoying “I saw it on tv somewhere” things he has it in his mind that social security won’t be around for him. Granted, he doesn’t need it by a long shot, but regardless he’d rather not have the money being taken away and thrown into the ether (he’s sort of a fiscal libertarian and he lives in one of the reddest states but he’s normal on the social issues). So I made him a bet. I bet him $10,000 that I don’t have that in 2037 or so when he’s eligible, he will get his social security check. I don’t bet much, and the only other bet I’ve ever been so sure of was when I bet on the Steelers in the Superbowl a couple years ago.
I told him already that I want the $10k in its 2037 equivalent.
Just buy 100 Canadian dollars. The way things are going, by 2037, that should be enough.
What are the rules? Will you still have to pay if the benefit is reduced? What about a change in retirement age? Or means testing?