Firecalc and 75% of SS

[youbet]

I use 0% Social Security for planning purposes and still get a 100% success rate out of Firecalc, so if anything does show up in 9 years, it will be drinking money.

To be sure we'll be OK, we inflate our budget with lots and lots of padding. Then we exclude SS, pension, portfolio earnings and other savings. If we're still 100%, then we figure we'll have plenty of margin for "drinking money" when it turns out we do have SS, pensions, portfolio earnings and savings to spend on our actual lower budget. You can't be too conservative in financial planning!

 

[meierlde]

Note that medicare is already means tested for part B all be it at fairly high income levels. above 85 k for singles and double it for married you pay $40 /month more, above 107k you pay $100/month more and above 106k you pay $160/month more. So what you may mean is that the trigger levels will be adjusted downwards. Part D is also means tested as well.

Make that above 206k

 

[Chuckanut]

I kinda get that you may believe there will be a 75% across the board cut in all benefits. But it just does not say that at all. 75% cut in total benefits paid out, maybe, "If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits."

I simply used the information on that link as the source for my reducing SS benefits to 75% in an experimental run of FireCalc.

 

[rescueme]

IMHO, the reduction in planned future SS benefits are dependent on your age, and your personal ability to assume risk.

Nothing different than those who invest in the market (be it equity or bonds) for the future.

For me/DW (who are both less than a year away from SS FRA age)? We will keep with the 100% forecast.

If we don't make it? It will be a challange to be considered in our (much) later years.

However, I do agree with those much younger who are adjusting their plan based upon the possibility of reduced SS income. I/we for one/couple, don't think that will happen (heck, we both experienced and increase in contributions and an increase in FRA during our accumulation years), but you must plan for "your" future.

Just my/our simple POV...

 

[tuixiu]

Thats funny how many others in here also use 75% of estimate, that is my usual firecalc setting as well.

I use 0% Social Security for planning purposes and still get a 100% success rate out of Firecalc, so if anything does show up in 9 years, it will be drinking money.

Woah now, come on.
1. Food
2. Drinking Money
3. Rent

We're going extra safe and buying enough booze for the rest of our lives.

 

[Gumby]

Maybe I'll be able to upgrade from MD 20/20 to Bordeaux.