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View Poll Results: My retirement expense is xxx% of my SS income.
100% 1 1.59%
101 - 125% 4 6.35%
126 - 150% 3 4.76%
151 - 200% 4 6.35%
201 - 250% 7 11.11%
251 - 300% 13 20.63%
More than 301% 25 39.68%
No SS for me (infinity) 6 9.52%
Voters: 63. You may not vote on this poll

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Re: "Retirement expense" over "SS income"
Old 10-27-2006, 06:12 PM   #21
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Re: "Retirement expense" over "SS income"

There are three calculators from simple and less accurate to complex and as accurate as the data you enter. Take your pick.
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Re: "Retirement expense" over "SS income"
Old 10-27-2006, 06:15 PM   #22
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by youbet
Did you get enough credit for Medicare?
Nope, not enough credit for anything. I have insurance through a state plan I was allowed to enroll in. When I get old enough, I'll be able to get Medicare through my wife's time.
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Re: "Retirement expense" over "SS income"
Old 10-27-2006, 06:21 PM   #23
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Re: "Retirement expense" over "SS income"

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Originally Posted by Patrick
Nope, not enough credit for anything. I have insurance through a state plan I was allowed to enroll in. When I get old enough, I'll be able to get Medicare through my wife's time.
There ya go......that's all ya need.
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Re: "Retirement expense" over "SS income"
Old 10-27-2006, 09:30 PM   #24
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Sam
Thanks astromeria. I didn't know that.
About your DS: The 11%, is that his contribution, or 5.5 of his and 5.5 match by the state? If all his, does he get any matching from the state?
11% from my son, none from the state, a little from his school district (something like 2%).

My husband, on the other hand, puts 6% into his state pension fund, and the state matches with another 6%. But DH (and his employer, a state college) also contribute to Social Security in the usual manner.
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Re: "Retirement expense" over "SS income"
Old 10-28-2006, 06:13 AM   #25
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Re: "Retirement expense" over "SS income"

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Originally Posted by youbet
What made you think Sam was asking you? Or were you just jumping at the chance to get that out in front of us, young lady!
Ah, so that's the real reason
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 10:42 AM   #26
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Re: "Retirement expense" over "SS income"

Thanks all for participating. So far we have 43 votes, excluding the 4 "No SS for me" votes.

101 - 300% = 24 votes, 56%
Over 301% = 19 votes, 44%
Looks like the median is 2.75 times SS incomes.

I am not surprised at all for getting zero vote for 100%, considering the forum we're in.

The most interesting data is the number of votes, only 47. This poll is for everyone, already retired, or planning to. The other poll, "Retirement Budget" is limited to retired people only, garnered 69 votes. What gives? Is it because some people don't know what the SS income is or will be?



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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 12:17 PM   #27
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Sam
Thanks all for participating. So far we have 43 votes, excluding the 4 "No SS for me" votes.

101 - 300% = 24 votes, 56%
Over 301% = 19 votes, 44%
Looks like the median is 2.75 times SS incomes.

I am not surprised at all for getting zero vote for 100%, considering the forum we're in.

The most interesting data is the number of votes, only 47. This poll is for everyone, already retired, or planning to. The other poll, "Retirement Budget" is limited to retired people only, garnered 69 votes. What gives? Is it because some people don't know what the SS income is or will be?
I think it is because most retirees here are not counting on SS to be crucial. It is a nice contributor but minor in the scheme of things. That was my reaction even though I did vote (over 301%).

I suspect that your median would be higher if more of us voted.
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 12:50 PM   #28
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Sam
The most interesting data is the number of votes, only 47. This poll is for everyone, already retired, or planning to. The other poll, "Retirement Budget" is limited to retired people only, garnered 69 votes. What gives? Is it because some people don't know what the SS income is or will be?
Perhaps people are sick of polls??
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 01:50 PM   #29
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by AltaRed
Perhaps people are sick of polls??
I wonder how many?
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 01:53 PM   #30
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Re: "Retirement expense" over "SS income"

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Originally Posted by honobob
I wonder how many?
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 01:55 PM   #31
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by AltaRed
Perhaps people are sick of polls??
Yep, very possible.
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 02:06 PM   #32
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by kcowan
I think it is because most retirees here are not counting on SS to be crucial. It is a nice contributor but minor in the scheme of things.
More than 50% of the votes are in the 101-300% range. I would say that SS is crucial.
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Re: "Retirement expense" over "SS income"
Old 10-29-2006, 09:03 PM   #33
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Re: "Retirement expense" over "SS income"

OMG! Someone just voted 100%. Who are you, and what are you doing in this forum?
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 09:50 AM   #34
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Sam
OMG! Someone just voted 100%. Who are you, and what are you doing in this forum?
come on moderators....look 'em up and post their username so we can all make collective fun of them give them advice
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 09:56 AM   #35
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by bosco
come on moderators....look 'em up and post their username so we can all make collective fun of them give them advice
Sorry, as far as I can tell the board software doesn't track who answered what to the polls and they're the next-best thing to anonymous. You can make an educated guess if you're watching the poll and it updates between refreshes, but even that doesn't work if the person doesn't post in addition to taking the poll.

Sheesh, that should open Pandora's Box...
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 10:06 AM   #36
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Re: "Retirement expense" over "SS income"

High social security benefits? Low retirement expenses? LBYM very well? Pension and/or Medical expenses covered beyond MEDICARE? I am not the one but, I would think it commendable if one lives the way one wants to and is able to do it within thier level of SS.
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 10:11 AM   #37
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Old Army Guy
High social security benefits? Low retirement expenses?
Very true. The maximum SS benefit today is 24K/year/person. Or 48K per couple. Should be sufficient.

Quote:
Originally Posted by Old Army Guy
LBYM very well?
Possible, but unlikely. LBYM would have resulted in saving, so 100% would be wrong, unless they still want to save in retirement.
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 10:11 AM   #38
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Re: "Retirement expense" over "SS income"

Quote:
Originally Posted by Sam
OMG! Someone just voted 100%. Who are you, and what are you doing in this forum?
I can easily envision 2 people, each collecting $20k/year in SS, living on $40k--or collecting $20k and $10k in SS and living on that $30k. I bet there are lots of couples like this (mostly not on this forum, true).
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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 10:17 AM   #39
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Re: "Retirement expense" over "SS income"

I agree. There are plenty out there, and they appear to be doing just fine.

But that means no early retirement, unless you count 62 as early. Hence my OMG joke/comment relative to this ER forum.

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Re: "Retirement expense" over "SS income"
Old 10-30-2006, 03:55 PM   #40
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Re: "Retirement expense" over "SS income"

I stumble onto this report

http://www.403bwise.com/pdf/retirementcrisis_tiaa.pdf

On page 7:

The importance of Social Security is further demonstrated in Chart 4. The chart shows that for roughly two-thirds of the elderly, Social Security accounts for 50 percent or more of their income. For approximately a third of the elderly, Social Security accounts for 90 percent or more of their income. Finally, for 20 percent of the elderly, Social Security accounts for 100 percent of their income.

Chart 4, on page 8, summarizes the results.

Not supprisingly, the result provided by members of this board is much brighter.


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