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Do you consider Social Security benefits in your retirement calculus?
Posted on 3/9/25 at 12:14 pm
Posted on 3/9/25 at 12:14 pm
Wife and I have about 15-20 years to go for retirement. Should social security factor into our retirement plans or should we only consider 401(k) and IRA and brokerage accounts as part of our retirement corpus? Will social security even be around by then? Should we just consider it a bonus if we do get it? How does the MB approach this topic?
29
Posted on 3/9/25 at 12:19 pm to Street Hawk
No. I'm at least 25 years out. It won't be there. Posted on 3/9/25 at 12:26 pm to Street Hawk
I did not.
Now I'm on SS and it's lagniappe.
Now I'm on SS and it's lagniappe.
Posted on 3/9/25 at 12:44 pm to Street Hawk
Lol, no. If it's still there, great. But banking your retirement on anything that's completely outside of your control strikes me as unwise. Now, that doesn't mean that some people simply don't have the means to do otherwise, but if you do, there's no reason to incorporate unnecessary risk into a long term plan.
Posted on 3/9/25 at 1:07 pm to Street Hawk
No
Greenspan 12/1996
quote:
It is becoming conventional wisdom that the social security system, as currently constructed, will not be fully viable after the so-called baby boom generation starts to retire in about fifteen years. The most recent report by the social security trustees projected that the trust funds of the system will grow over approximately the next fifteen years. However, beginning in the year 2012, the annual expected costs of social security are projected to exceed annual earmarked tax receipts, and the consequent deficits are projected to deplete the trust funds by the year 2029.
Greenspan 12/1996
Posted on 3/9/25 at 1:14 pm to TigerintheNO
I’ll consider it money to play with if it’s there. Not counting on it. I’m 56.
Posted on 3/9/25 at 1:37 pm to BottomlandBrew
quote:
No. I'm at least 25 years out. It won't be there.
I said the same thing about 30 years ago. I'll be eligible for SS in a few months.
Posted on 3/9/25 at 1:59 pm to weadjust
I am almost 61. Will be retiring in the next 3-5 years.
I have thought about retiring at 62 and starting to collect but since Trump won the election I think I’m gonna work for at least his term.
The other main snag would be health coverage.
I’m close but I’m not going to rely on it being there for me. And that pisses me off because I been paying into that shite since 9th grade.
I have thought about retiring at 62 and starting to collect but since Trump won the election I think I’m gonna work for at least his term.
The other main snag would be health coverage.
I’m close but I’m not going to rely on it being there for me. And that pisses me off because I been paying into that shite since 9th grade.
Posted on 3/9/25 at 2:32 pm to Street Hawk
Old people vote, so it will be there. They will probably reduce the amount you can take before full retirement and increase the retirement age for people born after 2000. They will probably also increase the max income for ss taxes at some point in the future or just fund it with debt and money printing.
Posted on 3/9/25 at 3:37 pm to Street Hawk
The doomsday scenario is across the board cuts of about 30% when the trust fund runs out.
That doesn't sound like the end of the world to me. 70% of the benefit, while it is still highway robbery, will still be very useful to me.
However, you've got plenty of time to put yourself in a good position no matter what happens.
That doesn't sound like the end of the world to me. 70% of the benefit, while it is still highway robbery, will still be very useful to me.
However, you've got plenty of time to put yourself in a good position no matter what happens.
Posted on 3/9/25 at 3:43 pm to Street Hawk
If you’re 30 right now, you shouldn’t be figuring it in. If youre 63 and deciding whether to retire this year or next year, you should definitely consider it.
Many people on this board are so far out of touch with reality. 80+% of people couldn’t even think about retiring without it.
Many people on this board are so far out of touch with reality. 80+% of people couldn’t even think about retiring without it.
Posted on 3/9/25 at 4:17 pm to Street Hawk
I'm optimistic about it still being around, but I do not account for it in my planning since it's largely out of my control (and I'm 30 yrs out).
Posted on 3/9/25 at 4:27 pm to Shaun176
quote:
Old people vote, so it will be there
They also paid into the system all of their lives so let’s not act like they didn’t put into the system as you are. So frick off with the old people line.
Posted on 3/9/25 at 4:45 pm to Street Hawk
I factor it in.
Reduced benefits likely but it’ll be there.
Too many people have no to little savings. The idea of it going away completely is just not realistic.
It’s ok to be conservative and not factor it in if that gives you extra comfort.
Reduced benefits likely but it’ll be there.
Too many people have no to little savings. The idea of it going away completely is just not realistic.
It’s ok to be conservative and not factor it in if that gives you extra comfort.
Posted on 3/9/25 at 4:45 pm to GasMan
What about Trump makes you want to work longer? Feels like a weird reason.
Posted on 3/9/25 at 4:54 pm to Street Hawk
The amount I have paid into it the last nearly 40 years is obscene if I’m getting nothing. Private citizens go to prison for life for Ponzi schemes.
But I’m not counting on it. If I get anything substantial then it’ll go to help people as we see fit. And some creature comforts maybe.
But I’m not counting on it. If I get anything substantial then it’ll go to help people as we see fit. And some creature comforts maybe.
Posted on 3/9/25 at 5:06 pm to McLemore
Exactly. It’s like a fully funded IRA we’ve paid into for decades. I know I’d have an additional big pile of money for retirement if it had been treated like an investment for me. Younger people that act like we’re going to pull out money without having paid into it for so long piss me off. We been contributing to society and not collecting welfare all of this time.
Posted on 3/9/25 at 5:10 pm to nugget
My wife and I can draw in a few years but likely will wait to 67 - 70 range as currently we keep our reported income low to obtain super cheap health insurance premiums. Would like to convert a significant amount of TIRA's to Roths after starting medicare.
Posted on 3/9/25 at 5:14 pm to Street Hawk
I didn't but that's because I intended to retire early. I fully expect SS will be there for me in 20yrs but it will likely be means tested so if all goes well I will no longer qualify. It does factor in my contingency planning as my wife.and kids will get survivor benefits if I suffer an early death.
Posted on 3/9/25 at 6:10 pm to Street Hawk
I’m 20 years out. I don’t expect it to be there. If it is then great but I’m planning like it won’t
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