txtig
Full time employment: Posting here.
I’ll reach FRA in six months. That’s when I plan to file for SS and I fully expect to get all of my promised benefits . . . at least for the first 10 years or so.
I am counting on it being there, but can survive without it.
I figure it will be reduced and/or highly taxed by the time I collect anything.
As I read these forums I see a lot of talk about nest egg size and withdrawal rates.
Are people not counting on SS? I rarely see SS included in their formulas. I've run the numbers and with my SS + spouse SS + small pension, all our basic living expenses are more than covered. Withdrawing 3-4% on our retirement saving would be an extra 30-40K a year, giving us plenty of cushion.
I don't mean to start an argument, but I don't think someone needs a huge nest egg to early retire (say 62) if they live in a relatively low cost of living area. Especially if they can stay under ACA subsidies limits.
I figure it will be reduced and/or highly taxed by the time I collect anything.
Yes, but "somewhat" is the key word. If the SS actuaries expect unemployment at 5%, and it actually is 4%, that increases this year's revenue by a little over 1%. The program needs a revenue increase of 33%, year after year, to be viable in the intermediate term.One thing I was thinking, (Bet you were wondering what the noise was) I would have thought SS would be getting somewhat of boost because of the current ultra low unemployment stats. Would this not mitigate the gradual depletion somewhat?
A few days ago, DS (who is 29) was explaining to me how he will never see any of the SS deducted from his paycheck. It's no consolation to him when I explain that I thought the same thing at 29, and thus never planned for it. He says it's different now. And maybe it is.
Then I joke about how his Mom and I are going to blow our SS windfall on sports cars and fine wine. He said the noble thing would be to pass it on to heirs and that could be his SS "payoff." To which I replied, "You'll probably get the sports car, but not the wine."
One thing I was thinking, (Bet you were wondering what the noise was) I would have thought SS would be getting somewhat of boost because of the current ultra low unemployment stats. Would this not mitigate the gradual depletion somewhat?