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Old 04-07-2013, 08:07 AM   #41
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Although I very much appreciate the extreme cynical view of some on this board, I do believe a piece of it will be there for me (GenX). I also discount the amount I'll get by about 25% based on future predictions and the tendency of our electorate to kick the can. I would expect that our fearless leaders will look soon to remove the SS income cap (direct tax on the wealthy), move to the chained CPI, increase FRA, increase benefits taxing, etc, or at least some of the above. I've been expecting them to remove the cap for some time, seems like low hanging fruit and the 99% would love the idea.

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Old 04-07-2013, 08:13 AM   #42
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Originally Posted by NoOneGetsIt View Post
While we are not counting on it so our plan is without it...but what is the general consensus on whether SS will be available to those of us retiring in the next year or so at 50
I did a poll on this question in July 2011. The results would probably be about the same today.

We had 183 responses. The most common responses were pretty much in line with the SS actuaries' reports. 100% for the near term, eventually 75%.

Many people here are concerned that they might be "high asset" or "high income" retirees and hence get caught with some sort of means testing, so we had some responses that are more conservative.

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Old 04-07-2013, 08:14 AM   #43
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I plan on 50% of projected SS benefits, though 70-75% seems to be the consensus (and therefore what I might wager on), and a higher % seems entirely possible. IMO 100% is wishful thinking and 0% is highly unlikely unless there's a complete financial collapse (which we can't plan for anyway). OP notwithstanding, I'm suspicious when anyone asks if SS will be there at all...

I am way more concerned about Medicare, a far more daunting fiscal threat ahead. And I wonder why questions RE: Medicare's future aren't asked far more often than RE: Soc Sec...
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
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Old 04-07-2013, 11:06 AM   #44
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There is no way I could plan for zero SS for DH and I and still retire. (DH is already drawing SS in fact). Well, I guess we could retire but our lifestyle without any SS would be far below the lifestyle we want to have. So, yes, in planning for retirement we include SS as otherwise we would have to work far longer than we want to work. Now, yes, I have run scenarios of what would happen for example if SS was reduced by 50%. And I've determined that if that happened we could still make it in an acceptable manner (cutting discretionary spending I would prefer not to cut but could live with cutting).

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