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View Poll Results: Can you retire without social security?
I count on some social security in my household, or I would not be able to retire as planned. 77 38.12%
I have sufficient assets/income, and could/can retire without any social security in our/my budget. 125 61.88%
Voters: 202. You may not vote on this poll

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Old 01-12-2011, 11:35 AM   #21
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Since I am not retired because I do not have enough... I voted 'yes'....


If I do not get SS, I will have to work even longer and save more... (or get rid of the wife as I could live on what I have saved.... but that is not going to happen... so back to my first answer )
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Old 01-12-2011, 11:40 AM   #22
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As someone who has paid into SS with the expectation of a benefit in return, the question is moot. It's my money, the feds have just been borrowing it from me every two weeks for nearly 40 years... and it's getting closer to payback time.
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Old 01-12-2011, 11:46 AM   #23
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The target is to ER by 55 based on zero SSN, but since I've paid into SSN my entire working life, I won't have a problem with the monthly direct deposit when the time comes, if anything is left.
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Old 01-12-2011, 12:02 PM   #24
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I don't include Social Security in my retirement planning, since my eligibility is so far away that I have no idea what the rules and benefits will be for my retirement. My plan is to get to where my safe withdrawal doesn't need it, and if I end up getting it anyhow, yay, luxurious old age.
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Old 01-12-2011, 12:31 PM   #25
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Yes, I *could* but it would probably delay it by 5 years or more.
+1
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Old 01-12-2011, 01:07 PM   #26
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I suspect the numbers on this poll will be quite different than if it was asked of the general population.

As with most here, I don't need it to retire. I never counted it in when doing Firecalc. I started paying into SS at age 15, so I have 35 years in, although a fair number of them were pretty low earning years. If I don't start it until age 70, I still have 15 years to wait. So while I'll get something, I doubt I'll get what I was promised. I'm not thrilled about that, but truthfully don't see any way around it. We (the U.S.) don't have the money, and I'm on the rich side of the bell curve. As far as it not being fair to change the promise, I w*rked in the private side, and have gotten used to them pulling the rug out from under us. One of my cow erkers used to keep a big jar of Vaseline on his desk, so it wouldn't hurt so much. It's going to happen on the public side too. Just a little later in the game.
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Old 01-12-2011, 01:17 PM   #27
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I suspect the numbers on this poll will be quite different than if it was asked of the general population.

As with most here, I don't need it to retire. I never counted it in when doing Firecalc. I started paying into SS at age 15, so I have 35 years in, although a fair number of them were pretty low earning years. If I don't start it until age 70, I still have 15 years to wait. So while I'll get something, I doubt I'll get what I was promised. I'm not thrilled about that, but truthfully don't see any way around it. We (the U.S.) don't have the money, and I'm on the rich side of the bell curve. As far as it not being fair to change the promise, I w*rked in the private side, and have gotten used to them pulling the rug out from under us. One of my cow erkers used to keep a big jar of Vaseline on his desk, so it wouldn't hurt so much. It's going to happen on the public side too. Just a little later in the game.
Vaseline is a petroleum-based product. Why do you think think the price of oil is going up?
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Old 01-12-2011, 01:27 PM   #28
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One of my co-workers used to keep a big jar of Vaseline on his desk, so it wouldn't hurt so much. .
Yes, I was formerly a member of the B.O.H.I.C.A. club before I retired ...
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Old 01-12-2011, 01:55 PM   #29
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Regardless of the age you choose to retire, and regardless of whether you plan receiving on the projected amount of social security, or have budgeted something less for social secuirty (but you are still counting on sonething), could you/can you retire without any social security?
This would not be a serious problem.

However, as with any deferred annuity, I would insist on a refund of the purchase value upon cancellation prior to annuitization.
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Old 01-12-2011, 02:02 PM   #30
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I can and I will. Since I have not worked in Canada for my entire career, I will be eligible for only a portion of the Canada Pension Plan, and by the time I am eligible for Old Age Security it will probably be "clawed back" if my income is too high. I don't include them in my calculations. If I get CPP I will be happy but it will be icing on the cake.
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Old 01-12-2011, 02:10 PM   #31
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I agree with DAWG52: "SS will be the icing on the cake. Not required, but will help protect my portfolio."

All of my expenses are usually accommodated by pension and SS, with little need for withdrawing from the portfolio (once SS became available.)
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Old 01-12-2011, 02:29 PM   #32
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We could manage without SS benefits but our budget would be fairly tight and not nearly as much fun as it would be with the bennies.
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Old 01-12-2011, 02:33 PM   #33
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It seems stupid and silly to not count SS in your retirement plans. Why include anything other than cash you have hidden in a jar in the backyard then? Why would SS benefits be considered so at risk and yet pensions, 401Ks, IRAs (both traditional and Roth) be considered rock solid firecalc safe? With the general lack of saving by the average US citizen, SS is probably one of the few benefits you *can* count on in retirement. The ability to withdraw from your fat pension, 401K, or Roth without having a significant portion of that money redistributed to the average US citizen is much more up in the air.
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Old 01-12-2011, 02:56 PM   #34
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I won't get social security since I'm a retired federal employee under CSRS. I paid in for a number of years but don't have the 40 quarters to qualify for a reduced benefit unless I were to work for awhile under SS which is unlikely.
I'm CSRS too, but I do have the 40 quarters. I started working at 15 in a job where I paid into SS and continued to pay into it until after I separated from active duty in 1981.
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Old 01-12-2011, 03:15 PM   #35
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As someone who has paid into SS with the expectation of a benefit in return, the question is moot. It's my money, the feds have just been borrowing it from me every two weeks for nearly 40 years... and it's getting closer to payback time.
+1
I'm at payback time and I expect a check (starting in Feb. 2011, as it happens). I probably could manage without it, but why should I.
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Old 01-12-2011, 03:24 PM   #36
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I'm not old enough to take SS yet. But put it this way, I'd rather have it than not. So I voted for #1 above
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Old 01-12-2011, 03:27 PM   #37
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N.B: The question posed in the OP is not: "If Social Security had never been enacted, would you be able to retire?" If SS had not been enacted, I'd have kept my half of the payroll tax and likely gotten most of what my employer paid, too. Invested, that would have produced a tidier sum than I'll get from SS, so I'd have been better off.

But, to the asked question--we could get by if we didn't get SS checks after having paid into the system for decades.
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Old 01-12-2011, 04:12 PM   #38
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My early planning didn't include SS. Now that I'm within 10 years of receiving it, I included it, allowing me to retire a couple of years earlier. Like others, it would delay retirement, unless I could maintain a 10% return on investments (not going to happen). I'd also have the option to cut expenses down to where a reasonable return would suffice.
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Old 01-12-2011, 04:32 PM   #39
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My full retirement age corresponds to the year we will probably finish burning through our post-tax assets. SS will easily cover the grossing up for taxes once I start drawing from my tax-deferred funds. Unless taxes reallly take off, that is.

Either way we'd be OK without SS but it would leave a dent.
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Old 01-12-2011, 05:16 PM   #40
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It seems stupid and silly to not count SS in your retirement plans. Why include anything other than cash you have hidden in a jar in the backyard then? Why would SS benefits be considered so at risk and yet pensions, 401Ks, IRAs (both traditional and Roth) be considered rock solid firecalc safe? With the general lack of saving by the average US citizen, SS is probably one of the few benefits you *can* count on in retirement. The ability to withdraw from your fat pension, 401K, or Roth without having a significant portion of that money redistributed to the average US citizen is much more up in the air.
Well, since you asked so politely , I'll give you my answer. I have much more control of my money than I do of SS. I don't trust the gov't to follow through, and can't really see how they can, given the financial situation. Since they probably can't fulfill their promise as stated, they'll be looking for someone to steal from. I'm well off, and have a big bullseye on my back. I have no doubt they'll give me something, but I don't know what. So I don't count on it.

As far as pensions, I doubt most people in private industry would consider them rock solid. But the money in my personal accounts is as safe as I can make it. Even if the gov't adds a VAT, I can play various tax games to minimize the bite. I guess it comes down to being a bird in the hand type. I don't have it yet, so I'm not counting on it. As others have said, whatever I get will be icing, and I'll use it to shrink my SWR and leave some money to DD when I die.
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