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Re: Planning on Social Security?
Old 03-31-2004, 10:53 AM   #21
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Re: Planning on Social Security?

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I fail to see why people persist in excluding this in their ER planning.
I can't speak for everyone, but for me SS is 33 years away, and for a while there everyone was talking about how Social Security will run out of money in 5 minutes or so, plus all but 3 citizens will be retired and those three citizens will have to pay for everyone's SS. I may have the numbers slightly wrong, but that's what I heard.

Add in the fact that many of us were assured of 8-12% annual stock returns there was no need for SS.

I'm exaggerating beynod silliness, but those were a couple of reasons I counted it out. However after running some more realistic numbers based upon my budget after debt elimination I'll have to work a longer than I had imagined before I have the $1mil I had in mind for retiring. After looking at those numbers it's tempting to add SS and my db pension back into the planning.

And you have a point: how the heck will elected officials ever pry SS away? It goes straight to the people wielding the most political power.
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Re: Planning on Social Security?
Old 03-31-2004, 01:58 PM   #22
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Re: Planning on Social Security?

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And you have a point: how the heck will elected officials ever pry SS away? It goes straight to the people wielding the most political power.
Big Money, I forgot how old you are. IMO, anyone over 55 will with a high probability get SS about as it now stands. The government may be able to distract younger people, pull a bait and switch, whatever is needed to lessen the obligation. One very effective technique is all this talk about bankruptcy. My kids have completely discounted SS for them. What one has given up on, he will have a hard time fighting for.

No matter what age one is, I fully expect the government to whittle away at SS payments indirectly. For example, there are a lot of trial balloons out there about changing the way the COLA factor is figured. Greeny alleges to believe that the CPI-Urban understates inflation. What a fantastic joke! Another easy one is to create negative feeling about rich retirees, and thus tax benefits more heavily.

Our current culture of political correctness and nonjudgmentalism aids and abets this. My Dad, who if he were still alive would be 93, would read some official pronouncement from the newspaper. Then he would say loudly, "Horsesh*t! IMO, this is a more survival oriented attitude than, "Oh, the government must be tryig to help. I had better reserve judgment."

Look for divide and conquer, misdirection, and bait and switch. Then really keep your eye on how they are stealing your money.

Mikey

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Re: Planning on Social Security?
Old 03-31-2004, 04:00 PM   #23
 
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Re: Planning on Social Security?

Hey Mikey! Hope you are right about SS, and I believe you are. I am right at 60 years and even though I have little faith in our government, I can not imagine them screwing us out of all those SS dollars paid in over all those years. Just today, I dug out my latest SS benefits
projection. It would be pretty dishonorable to publish
your benefits every year and then say, "Oops, we
decided to change the rules.............

John Galt
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Re: Planning on Social Security?
Old 03-31-2004, 05:10 PM   #24
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Re: Planning on Social Security?

Warning: Politically incorrect views follow.

The money we've all paid into SS is gone. It's been pissed away in 10000 ways. Anything you get from SS in the future will be from taxes paid by other people. Think of it as your cut of the paperboys wages.

Some day those other people will I expect say "enough" and the check will stop coming in. That said I don't think it's likely to happen anytime soon. For myself I intend to take whatever I get in SS and turn right around and use it to pay future taxes. That way I may for a while at least be essentially untaxed and will feel less guilt in taking what could be considered money stolen in FDR's legacy ponzi scheme.
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Re: Planning on Social Security?
Old 03-31-2004, 05:41 PM   #25
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Re: Planning on Social Security?

But...but...Al Gore said it was in a lockbox!!!
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Re: Planning on Social Security?
Old 03-31-2004, 06:27 PM   #26
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Re: Planning on Social Security?

I'm counting on getting something from SS. I assume 50% of what they tell me.
I downloaded the SS program and found it difficult to work with. There are three calculators on the SS website as others have mentioned. The one in the middle seems to be the most helpfull.
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Re: Planning on Social Security?
Old 03-31-2004, 06:28 PM   #27
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Re: Planning on Social Security?

I'm counting on getting something from SS. I assume 50% of what they tell me.
I downloaded the SS program and found it difficult to work with. There are three calculators on the SS website as others have mentioned. The one in the middle seems to be the most helpfull.
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Re: Planning on Social Security?
Old 03-31-2004, 06:28 PM   #28
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Re: Planning on Social Security?

I'm counting on getting something from SS. I assume 50% of what they tell me. *
I downloaded the SS program and found it difficult to work with. *There are three calculators on the SS website as others have mentioned. *The one in the middle seems to be the most helpfull.

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