Young and SS

[Gumby]

Originally Posted by rmark

SS estimates it can pay 74% of benefits at mid cost projections. Using SS low cost projections, 100% of benefits can be paid, with past costs being closer to low than mid costs.

Personally, I assume SS is a fixed pension after medicare B, with rising medicare B costs 'absorbing' the inflation adjustment.

The Bruce Web has several essays on SS

But that doesn't mean that everyone will get 74% of what they were originally promised. Those who have no other assets may very well get 100%, while frugal people who have saved a decent nest egg on their own may get zero. I believe that means testing is inevitable and have made my retirement plans accordingly (i.e - I assume I will get zero from SS. Anything I get will be gravy)

[ziggy29]

Originally Posted by Gumby

But that doesn't mean that everyone will get 74% of what they were originally promised. Those who have no other assets may very well get 100%, while frugal people who have saved a decent nest egg on their own may get zero. I believe that means testing is inevitable and have made my retirement plans accordingly (i.e - I assume I will get zero from SS. Anything I get will be gravy)

I suspect you're right, but I think it's a mistake to discourage people from saving for their own retirement. People are bad enough about saving as it is without the government convincing them that NOT buying that big new car or NOT taking that big, expensive vacation will mean losing their Social Security.

Better to further increase the full-benefit retirement age, IMO, gradually increasing it to 70.