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re: Do you consider Social Security benefits in your retirement calculus?
Posted on 3/10/25 at 10:20 am to Street Hawk
Posted on 3/10/25 at 10:20 am to Street Hawk
I’m in my early 40s and just assume it will cover my property taxes (primary residence and vehicles). House will be paid off and investments in the market with well capitalized pension assets (at least now) will provide cash flow.
0
Posted on 3/10/25 at 3:32 pm to KWL85
quote:
Explain this 12.4% you mention.
I'm self employed.
If you're W2- your employer pays 6.2 and you pay 6.2
There's another 2.9% for Medicare/caid
Posted on 3/10/25 at 3:33 pm to ItzMe1972
quote:This. SS is just a rounding error.
Now I'm on SS and it's lagniappe.
Posted on 3/14/25 at 10:18 am to BottomlandBrew
In 1978 my senior year at LSU I was required to do public speech. My speech class topic was on SS and probability of being there when I retired. Never thought it would be there when I got to retirement age. It is still here.
Posted on 3/14/25 at 11:30 am to MoClassy
Yeah, I'm 3 1/2 years from FRA. I expect it to be there. I think what isn't considered by many is the political shitstorm it would raise if it somehow does go away and the additional strain monetarily it would create. It's an unmitigated disaster if that happens and I for one, would be supremely pissed after having paid into it for 40 plus years.
This post was edited on 3/14/25 at 11:30 am
Posted on 3/14/25 at 5:38 pm to Street Hawk
Social Security is the third rail of American politics. Right or wrong, the politician who lets it die on his watch will never get elected to anything ever again. And they all know this.
So I think it is a pretty safe bet.
So I think it is a pretty safe bet.
Posted on 3/15/25 at 3:53 am to lctiger
quote:
I’m 56.
I retired at 56 I will start at 62 with SS in jun, All Extra will just put it in savings.
This post was edited on 3/17/25 at 4:22 am
Posted on 3/15/25 at 6:14 am to BottomlandBrew
quote:
No. I'm at least 25 years out. It won't be there.
If the federal government is solvent social security will be paid as legislated. Since it's such a hot issue, the legislation will not meaningfully change. At absolute worst it might get delayed by 2-3 years for current workers.
The mistake people make is believing that the social security "fund" directly tied to the social security taxes that piled up and are now rapidly depleting has anything to do with social secuity being paid. It's simply an accounting measure and something for the media to fearmonger with. It's all money coming from the fedearl government by way of taxpayers. If that "fund" hits zero that doesn't mean social security runs out. The government just continues paying it.
To answer the original question, I think about it as a nice bonus but don't factor it in to my planning.
Posted on 3/15/25 at 6:48 am to Street Hawk
I never did. I retired early at 57 but finally applied for SS last year when I turned 64. I was getting almost $3k/mo but had a great year in the stock market in 2023 so they cut it to $1700. They did the same to my wife. I had a better year in 2024 so I'll get cut again. This is supposed to be my money. But, SS is just wealth redistribution. We might as well live in China as far as SS goes.
Posted on 3/15/25 at 8:59 am to bama1959
quote:
I never did. I retired early at 57 but finally applied for SS last year when I turned 64. I was getting almost $3k/mo but had a great year in the stock market in 2023 so they cut it to $1700. They did the same to my wife. I had a better year in 2024 so I'll get cut again. This is supposed to be my money. But, SS is just wealth redistribution. We might as well live in China as far as SS goes.
How did your cap gains in market impact your SS amount? Do you just mean the taxes?
Posted on 3/15/25 at 12:25 pm to Dawgfanman
quote:
How did your cap gains in market impact your SS amount? Do you just mean the taxes?
No, they simply recalculated my SS based on total income. I didn't have any earnings last year. I live off my investments. I did have a great investing year in 2023 so I guess my capital gains hit some threshold.
This post was edited on 3/15/25 at 3:42 pm
Posted on 3/15/25 at 12:32 pm to Dawgfanman
He's under FRA so he is income limited for SS. For every $2 he goes over the max ($22320) his SS distributions are reduced by $1 for the year. Federal taxes only. State is dependent on which state you live in.
For instance. In Georgia, SS income is not taxed on the state level and you can have up to $65000 in investement income at 65 and older with no state taxation. When he reaches FRA his SS will not longer be reduced regardless of income.
But, the feds will still tax his SS income if he goes over certain threshholds.
For instance. In Georgia, SS income is not taxed on the state level and you can have up to $65000 in investement income at 65 and older with no state taxation. When he reaches FRA his SS will not longer be reduced regardless of income.
But, the feds will still tax his SS income if he goes over certain threshholds.
Posted on 3/15/25 at 10:05 pm to Street Hawk
I didnt. I don't want to fall short in retirement thinking SS will be there. If it is then it's extra money to have in your budget. If not you can still rwtire comfortably.
Posted on 3/16/25 at 10:14 am to Street Hawk
quote:
To answer the original question, I think about it as a nice bonus but don't factor it in to my planning.
Just not sure how it is fair that government workers/railroad pensions etc.. get money taken out of their check and they can count on that money come retirement but others in usually private side get money taken but we are maybe given 50% of that back when we retire in the next 10 to 20 years.
This post was edited on 3/16/25 at 10:29 am
Posted on 3/16/25 at 3:53 pm to FLObserver
I'm 47. I expect to get something, but I won't be surprised if it's a reduced amount.
Posted on 3/16/25 at 5:19 pm to fallguy_1978
quote:
I'm 47. I expect to get something, but I won't be surprised if it's a reduced amount.
I hope it’s there but not planning on taking it until 67 which is 24 years away. Should be over 8k for the wife and I according to my financial advisor if I wait until 67 vs 62.
Posted on 3/16/25 at 5:34 pm to Street Hawk
I do now that Trump and Elon are doing work. I never did before.
Posted on 3/16/25 at 5:42 pm to Rize
quote:
I hope it’s there but not planning on taking it until 67 which is 24 years away. Should be over 8k for the wife and I according to my financial advisor if I wait until 67 vs 62.
Our situation is slightly unusual. My wife is 4 years and some change older than me and we had kids pretty young. I'll probably go talk to some specialist when the time comes. We can live on my income alone with no kids on the payroll so she'll hang it up before I do.
This post was edited on 3/16/25 at 5:43 pm
Posted on 3/16/25 at 5:46 pm to Rize
I think my modeling has me receiving like $2K/month and my wife getting $1K/month. It won’t change any of our planning for practical purposes.
I’ll run scenario assuming $0 as well. Not running any with more than the listed amounts.
I’ll run scenario assuming $0 as well. Not running any with more than the listed amounts.
Posted on 3/16/25 at 6:12 pm to fallguy_1978
quote:
Our situation is slightly unusual. My wife is 4 years and some change older than me and we had kids pretty young. I'll probably go talk to some specialist when the time comes. We can live on my income alone with no kids on the payroll so she'll hang it up before I do.
My wife is almost 4 years older than I am. She says I’ve got to work 4 years longer than her so she can have some peace and quiet
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