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View Poll Results: What % of your retirement income will SS provide?
Less than 20% 67 53.60%
25 % 25 20.00%
33% 17 13.60%
50% 11 8.80%
More than 60% 5 4.00%
Voters: 125. You may not vote on this poll

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Re: How important is SS to your retirement plan? New Poll!
Old 11-29-2005, 03:32 PM   #21
 
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Re: How important is SS to your retirement plan? New Poll!

How does one have 0% SS? Work out of the country? How did you opt out, Mountain-Mike?
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Re: How important is SS to your retirement plan? New Poll!
Old 11-29-2005, 07:59 PM   #22
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Re: How important is SS to your retirement plan? New Poll!

Quote:
Originally Posted by TromboneAl
How does one have 0% SS?* Work out of the country?* How did you opt out, Mountain-Mike?
I opted out of my system a couple of years after working overseas and realising I probably wouldn't go back. As peteypeterson says in his post above, the Gov continues to pick away at the accessiblilty to a private pension (limits on age to access your own funds, how much available to commute to a lump sum etc ) and the private providers' restrictions on how much is transferrable to spouse/dependents upon passing are obscene.

Further, I took the view in my early 20's that the State Pension system had to become more restrictive over time with an increase in age for eleigibility, means testing etc,. So once I got out of the system by moving overseas, I stopped paying into it and so any State Pension I have at 65 (or 67 as they intend to increase the eligible age to) will rest solely upon the 10 or so years of contributions made before I expatriated. Will be worth 15% of 3/8ths of bugger all.

I guess peteys case will be much the same.

Cheers,
Honkie
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Re: How important is SS to your retirement plan? New Poll!
Old 11-29-2005, 09:38 PM   #23
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Re: How important is SS to your retirement plan? New Poll!

I'm not sure what is meant by a % of income "before income taxes" as taxes are an expense.* Our SS (my wife is a couple of years older than me) is about 40% of our total income including the SWR distributions necessary to equal our expenses (which include income taxes).* I wonder why I am such a higher % than most here.
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Re: How important is SS to your retirement plan? New Poll!
Old 11-30-2005, 12:18 AM   #24
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Re: How important is SS to your retirement plan? New Poll!

old crow, I think the reason half the responses are so low is because they are younger people who don't have a whole lot of confidence that they will receive the promised amount 30 or 40 years from now.

I have 30 yrs to go. I look at my SS report and it says if I keep working at the present rate, then I will receive $1000/mo at retirement.

Well, A) I do not wish to keep working till then, so that will lessen it somewhat and, B) I take their assumptions and figure I'd be lucky to get half of that stated amount, so that's $500/mo for me.

There's a reason we're concerned with the FI part of FI/RE, you can't count on anyone but yourself to provide for you that far into the future. A hell of a lot of bad mojo could happen in this country in the next 50+ years before I kick off.
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Re: How important is SS to your retirement plan? New Poll!
Old 11-30-2005, 09:26 AM   #25
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Re: How important is SS to your retirement plan? New Poll!

If our dual, "promised" SS benefits* made up only 20% of of our personal retirement income, we would be living large* ** So, I assumed that many who selected "Less than 20%" are either loaded, or they are heavily discounting current government numbers.* Seems prudent.* I'm assuming a somewhat arbitrary 25% cut for SWR planning purposes.* This "discount factor" vs age would make another interesting poll.

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Re: How important is SS to your retirement plan? New Poll!
Old 12-01-2005, 09:09 PM   #26
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Re: How important is SS to your retirement plan? New Poll!

OK, after months of reading this forum's posts and years of working towards FI/RE I thought I was pretty well positioned to check out of Corporate America in ~ 2 more years(wife did so 4 years ago). We are counting upon SS(26K) at age 62 to provide close to 33% of our retirement income with total pensions of ~ 22K and 4% withdrawals of our investments equaling an additional 24K. When I read the number of respondants counting on SS for < 20% of their retirement income and seeing how many folks currently making more than $120K annually I lapse into paranoia that my dream of early retirement is of the "pipe" variety. Am I overreacting
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Re: How important is SS to your retirement plan? New Poll!
Old 12-01-2005, 10:29 PM   #27
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Re: How important is SS to your retirement plan? New Poll!

Aggie, most likely you are closer to the norm for retirees.* Remember that posters here don't represent a fair x-section of society.* Also, many tend to "plan for the worst".* Everyones situation and outlook is different so don't let these poll results get you down* **
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Re: How important is SS to your retirement plan? New Poll!
Old 12-02-2005, 06:07 AM   #28
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Re: How important is SS to your retirement plan? New Poll!

Quote:
Originally Posted by aggie
OK, after months of reading this forum's posts and years of working towards FI/RE I thought I was pretty well positioned to check out of Corporate America in ~ 2 more years(wife did so 4 years ago). We are counting upon SS(26K) at age 62 to provide close to 33% of our retirement income with total pensions of ~ 22K and 4% withdrawals of* our investments equaling an additional 24K. When* I read the number of respondants counting on SS for < 20% of their retirement income and seeing how many folks currently making more than $120K annually I lapse into paranoia that my dream of early retirement is of the "pipe" variety. Am I overreacting
Yes, you are.

JG
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Re: How important is SS to your retirement plan? New Poll!
Old 12-02-2005, 07:58 AM   #29
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Re: How important is SS to your retirement plan? New Poll!

Quote:
Originally Posted by Rok
Remember that posters here don't represent a fair x-section of society.*
You're also assuming that everyone is giving truthful answers to the polls.

And, heck, we can't even agree on consistent definitions of net worth or house size, let alone how much money we make!
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Re: How important is SS to your retirement plan? New Poll!
Old 12-02-2005, 12:16 PM   #30
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Re: How important is SS to your retirement plan? New Poll!

I voted less than 20%.* I'm 27 and planning as if I'll get nothing from SS.* If the program is still around when I'm of age, it's icing on the cake.* I'm libertarian and am conceptually opposed to the program.
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Re: How important is SS to your retirement plan? New Poll!
Old 12-02-2005, 02:10 PM   #31
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Re: How important is SS to your retirement plan? New Poll!

House size - 3 axles is big. Mine only has 2 axles.
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Re: How important is SS to your retirement plan? New Poll!
Old 12-02-2005, 02:39 PM   #32
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Re: How important is SS to your retirement plan? New Poll!

I misread the question and put down less than 20%.... this is what I use for my calculations...

But, it probably will be in the 30 to 40% range if what they tell me is true.... but I am still a couple of decades away and as others say it is just icing for me..
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Re: How important is SS to your retirement plan? New Poll!
Old 12-03-2005, 08:00 AM   #33
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Re: How important is SS to your retirement plan? New Poll!

When you answer this question, you may want to ask yourself "Do I want a source of income that is taxed a lot or is minimally taxed and maybe tax-free?"

IRA withdrawals will often be taxed at a high marginal rate while Social Security can often be structured to pay little tax on...See Burns' column of this past Tuesday. http://www.dallasnews.com/sharedcont....1f94af86.html

I know most of you want to be independent, but don't discount SS as you've paid a lot into it..probably more into it than you have on your 401k, when you count the employer match to SS.
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Re: How important is SS to your retirement plan? New Poll!
Old 12-03-2005, 08:29 AM   #34
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Re: How important is SS to your retirement plan? New Poll!

Quote:
Originally Posted by MRGALT2U
So far, I am the only one at 60%+* Could move down a notch or 2
as we are right on the cusp.* Plus this is me only.* DW is not all that
far away although she doesn't like to talk about it.*

JG
Oops! I messed up. If I add in DW's SS benefits, then we are OVER the
60%. There are a couple of unknowns that might drop it, but as things stand and with our ages (61 and 56) I doubt it would ever get much below 60%.

An aside. My parents (88 and 86) have done quite well with their
SS and a small pension. Their SS as a % of income is 75%.

JG
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