But spending down your own money now depending that the government money will be there to catch you 8 years later is fine. No risk whatsoever. The government never runs short of money, the government never changes the deal unilaterally (just ignore that it started taxing SS benefits and changed Real Estate tax benefits thereby wiping out small RE investors.)

We can never really know what the future holds, hence we won't know if taking SS early or delaying was the correct decision until afterwards.

However, we can evaluate the likelihood of the risks. Any politician who voted for benefit cuts, or allowed benefits to be cut, for anyone currently collecting benefits or really anyone above about the age of 50 would be immediately swept from office. And benefit cuts don't just affect retirees. It impacts people's parents and grandparents. They won't stand for it either. That's simply not possible politically. Could happen through inaction I suppose, but I find this scenario to be very unlikely.

Plus the federal government can't run short of money, anymore than a bowling alley can run short of points. However, this brings up a different risk: Inflation. Government budget deficits as a percent of GDP are the highest they have been in peacetime since WWII and the debt is now growing faster than the economy. Running enormous deficits at times of full employment--like right now--definitely creates inflation risk. On top of that, the government currently is advancing pro-inflationary policies such as tariffs and wars in the Middle East disrupting oil prices with no plan or path to victory.

Inflation is a portfolio killer. Now is a good time to re-read Warren Buffett's classic Forbes article "How Inflation Swindles the Equity Investor."

fortune.com - Buffett how inflation swindles the equity investor fortune classics

(to be cont.)