Poll:Is SS a critical part of your retirement plan?

[RE2Boys]

Had to say I can live without SS. Since I am subject to the Government Pension Offset, SS only amounts to about $450 a month.

 

[Pilot2013]

We could make it, but combined $38k of SS (75%) would make it a lot nicer.

 

[GalaxyBoy]

Voted " I can live without it." However, prior to receiving an inheritance I was planning on receiving at least 70% of it.

 

[audreyh1]

Never counted on SS, but it should at least cover Medicare premiums and taxes, with very little left over. And that's waiting until 70 to start taking it!

Until then Medicare premiums will be draining our HSA accounts.

 

[imoldernu]

Nine years between retirement at age 53, and SS at age 62, meant a direct draw on assets, so money coming in was a big help, as we had no other income source.

Can't remember how much we received back then but it was a big help... (currently my SS @ $17,000 and DW's @ $8500 = $25,500/yr). At that rate, for the past 19 years, it would amount to $485,000. If it continues, at age 91, we will have received the equivalent of three quarters of a million dollars.

Not such a big deal for many, but it has meant a lot to us. So yeah... Social Security was a big part of our retirement, but in all honesty, not planned for back in 1989.

A big "THANK YOU!" President Roosevelt.

 

[aaronc879]

I expect SS to cover the majority of my living expenses even though I will likely get less $1500/mo in today's dollars. No SS for me, like millions of others, would mean living in my car or a government sponsored nursing home.

 

[athena53]

As far as I'm concerned, DH's already had a 25% haircut when he was collecting it and I was working. The portion clawed back in state and Federal taxes was about 25% of his benefit. I'll probably get close to that on my Survivor benefit- will depend on investment results.

I didn't include SS in my projections till 2014, when I retired at age 61. At that point it was close enough on the horizon that I decided to include it. If it were zero I'd cut back severely on charity and travel and I'd hate to do either, especially after I look at the calculations of what my and my employers' contributions, accumulated at 6%, would buy in the annuity market- about 250% of the benefit I'm supposedly going to collect on my own record at age 70.

 

[pb4uski]

I think we could live without it. If I go into our retirement plan in QLP and change SS to zero, we run out of money at age 94 leaving all other assumptions the same. However, I would reasonably expect spending to decline in our late 70s and 80s and there is plenty of leeway in our annual expenses to belt tighten if needed. Also, my plan does not reflect any inheritance and realistically it will be low six-figures or more

 

[Niuatoputapu]

I voted that our plan is dependent on SS, but we could take the 25% haircut. My spreadsheet currently has DW starting SS in 2021 (age 65) and me in 2027 (age 70) with both taking a 21% haircut in 2034. That works fine.

Complete elimination of future SS benefits (at least for those of us already age 60) seems akin to the Zombie Apocalypse. Some of us could drastically cut our spending and survive, but most of the U.S. elderly could not. Greater taxation of benefits and gradual decrease of benefits could happen, but anything drastic and quick will cause a revolution.

 

[street]

I wouldn't need it but I will take it! At that time when I start to receive SS I will give more to charity and start gifting at that time.

 

[Fermion]

No. I paid into it, but in the ultimate Ponzi scheme, funds were immediately paid to beneficiaries. There is no " lockbox". It's just another tax, and a regressive one at that.

You could say that about anything then. Why should we continue to support public pensions? It was a scam against future taxpayers by keeping taxes low on past taxpayers. You could also change the rules on 401K distributions or make Roths taxable.

Too easy to just say something was a Ponzi scheme, too bad, so sad.

 

[rodi]

Hmmm.

I just reran some firecalc scenarios. DH is currently collecting - so the first run was with him still collecting and me getting zip. We're fine. The second scenario was with both of us receiving zero... That dropped success to 80%... Then I put in both our SS's with a 50% haircut - we're back to 100%.

So - unless it goes away completely - we're ok. Even if it goes away completely we could trim our budget and be ok... but less travel and less fun.

 

[523HRR]

I see SS as just gravy. Now 54, but will probably wait until 70 to collect SS.

 

[Blue Collar Guy]

No. I paid into it, but in the ultimate Ponzi scheme, funds were immediately paid to beneficiaries. There is no " lockbox". It's just another tax, and a regressive one at that.

But how many of those for whom it is not essential would support reductions?

i didnt even get cheated out of my promised amount yet, and i already feel i got beat

 

[HadEnuff]

I won't starve without it, but I'll probably have less fun.

 

[W2R]

When I was planning for retirement, I assumed I would not get SS because of all the intense scare stories that were going around about SS running out of money.

Now that I am retired, and have been amazingly fortunate in sequence of returns, FIRECalc gives me 100% if I spend what I have been spending for the next 30 years, but without SS.

I have no LTC insurance so some of it may need to go for that.

 

[Fermion]

If ER.org represents possibly the top 10% of savers in the USA and half of ER.org needs SS, then probably 95% of the USA needs SS.

Conclusion: SS ain't going away

 

[Ted_Shepherd]

Some earlier comments about social security prompt me to write. Those comments say things like "I paid in to SS so I have a right to my benefits." We have that moral right, if you say so and more to the point, if Congress says so. We have NO legal right to any social security pension benefits however strong our moral claim might be and however much or little Congress may chose to stiff us. My references are Supreme Court decisions: 1937, Helvering v. Davis (301 US 619) and 1960, in Flemming v. Nestor (363 US 603), q.v.

SS is about 10% of my allocation to spending currently. Losing that would count as a nuisance, not a catastrophe for me personally. YMMV. Since I'm taking only minimal required distributions from my IRA, I could instead give myself a larger current income (for a long while) to make up for possible and legal SS cuts. I choose instead to leave the money in the IRA for the benefit of my much younger spouse.

 

[Blue Collar Guy]

Some earlier comments about social security prompt me to write. Those comments say things like "I paid in to SS so I have a right to my benefits." We have that moral right, if you say so and more to the point, if Congress says so. We have NO legal right to any social security pension benefits however strong our moral claim might be and however much or little Congress may chose to stiff us. My references are Supreme Court decisions: 1937, Helvering v. Davis (301 US 619) and 1960, in Flemming v. Nestor (363 US 603), q.v.

SS is about 10% of my allocation to spending currently. Losing that would count as a nuisance, not a catastrophe for me personally. YMMV. Since I'm taking only minimal required distributions from my IRA, I could instead give myself a larger current income (for a long while) to make up for possible and legal SS cuts. I choose instead to leave the money in the IRA for the benefit of my much younger spouse.

If i get stiffed out of my promised social security , im going to ask my wife to divorce me, take everything, make me pay her 100 % of my pension. then ill be broke and i will get my promised amount. Then on spite i will file for food stamps, medicaid, wic, heap, welfare, reduced bus fare card, free phone, job training, disability, ssi, housing assistance, section 8, welfare,farmers market food, and im going to go back to school and get free college, im sure i missed a few things but im all steamed up now.

 

[rodi]

Good luck on that wic, BCG. Lol.

 

[Blue Collar Guy]

Good luck on that wic, BCG. Lol.

hahah, i was free thinking of programs hahah

 

[Fedup]

If i get stiffed out of my promised social security , im going to ask my wife to divorce me, take everything, make me pay her 100 % of my pension. then ill be broke and i will get my promised amount. Then on spite i will file for food stamps, medicaid, wic, heap, welfare, reduced bus fare card, free phone, job training, disability, ssi, housing assistance, section 8, welfare,farmers market food, and im going to go back to school and get free college, im sure i missed a few things but im all steamed up now.

And you would vote for Corbyn, who's smiling like a Cheshire Cat. Sorry a bit of British Election humor.

 

[Blue Collar Guy]

And you would vote for Corbin, Cheshire Cat. Sorry a bit of British Election humor.

i dont know what that means exactly, but if it gets me my promised social security ill vote for them twice.

 

[Fedup]

i dont know what that means exactly, but if it gets me my promised social security ill vote for them twice.

He is the Bernie Sanders of U.K. I'm watching U.K. Election on the TV now.

 

[aja8888]

If i get stiffed out of my promised social security , im going to ask my wife to divorce me, take everything, make me pay her 100 % of my pension. then ill be broke and i will get my promised amount. Then on spite i will file for food stamps, medicaid, wic, heap, welfare, reduced bus fare card, free phone, job training, disability, ssi, housing assistance, section 8, welfare,farmers market food, and im going to go back to school and get free college, im sure i missed a few things but im all steamed up now.

I think you missed free state park fees and free midnight basketball court time in Harlem.