First, I don't know why Americans aren't up in arms over social security. The corporate interests in this country have been trying to do away with it for decades. 401ks are great but only if you save your entire career which most Americans don't. Then the fact that the super wealthy feel like they don't need to contribute just blows my mind.

My reading of the rules on the $21,200 limit doesn't mean you lose that money if you are not FRA, it just means they pay it out after your reach FRA. It doesn't help you in the moment but it's not like the money evaporates.

I'm 60 and was hoping to wind my corporate job down over the next couple of years but seeing how screwed we are when we retire before FRA, I think I have to work until 67. Ugh...