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

[Carpediem]

Just curious to see how many folks are counting on SS being available in one form or another when they retire. For us, it would definitely cause the WR to move to the 1-2% range when SS came online.

 

[bradaz2488]

Nope.. Too much can change in the next 14 years. This is one of my "buffers" in our ER plan. Our WR rate is trending to 3.63% at age 67 (FRA). If we do end up getting the full amount for SS then WR will be around 2.6%... Will need to spend more if this happens. Nice problem to have...

 

[Chuckanut]

I ran Firecalc with SS reduced to 70% of the current benefits prediction. This is in line with the supposed cuts that will have to be made if our leaders continue to kick the SS can down the road.

I am fine with that though it leaves fewer dollars for a weekend 1st class flight to Brae restaurant (Birregurra, Vic.) for a meal.

 

[Koolau]

Have done fine without SS for 12 years in ER and just started SS. I'm sure I would be fine without it. BUT it's really nice to have as the Port. will now grow OR we will loosen the purse strings (maybe first class instead of cattle car, etc.) YMMV

 

[aja8888]

SS IS our only pension(s), but we have a nestegg too. Therefore, SS is critical, at least to support our current lifestyle.

 

[neihn]

I paid for it - it is mine. I would be upset if I don't have it (even how little that would be, I still want to have it) - so yes, it is critical for my health (keeping me from upsetting).

 

[Sniggle]

It is a considered leg in the stool, for sure. I do not plan to 'need' it, but it will mark the point where I start systematically transferring money to my son (assuming he is a responsible adult).

 

[Nightcap]

Yes. The lack of it would turn a modestly comfortable ER to a rather straitened one. As Neihn said, we worked hard for it, and I'll be the first to man the barricades if anyone tries to renege on that promise.

 

[Blue Collar Guy]

I am not counting on it. I want it. Id like to see what the 226k me and my employer contributed would have been worth in a 50/50 portfolio. I ran my numbers with ZERO soc sec.

 

[TrophyWife]

Not counting on it. Pension covers spending and then some

 

[David1961]

It's an important part, but would not say critical. Getting it would help, though.

 

[tdv2]

I wouldn't be happy if I got nothing, but could manage fine without it.

 

[Midpack]

Even worst case we shouldn't need it, but then we planned for about 200% probability of success overall.

 

[Walt34]

I just started SS last year and although we did plan on it we could get along without it but that would mean some belt-tightening. After taxes and Medicare it is a hair over $2k/month for us. DW will apply for hers at FRA in about five years.

 

[2017ish]

Over 30 years of not planning on getting it. I might be getting a little extreme in still using $0 for both of us in our planning. If we do get something, it will be nice for any grandkids that we end up with.

 

[MichaelB]

Social Security means we are eligible for Medicare, and that is a critical part of our retirement plan. The pension itself will not be a significant source of funds because I paid in just a bit more than the minimum, but by delaying it as long as possible it will be some extra insurance for DW.

 

[FUEGO]

I voted "can live comfortably with out it". Retiring in my early 30's means if I've financially survived to 67 then I'll probably be able to survive forever. That said, it'll become an increasingly important part of my overall financial plan in another decade or two as I get closer to SS age. Having that as a floor on spending means I could get more aggressive with spending more in my 40's and 50's.

 

[grasshopper]

SS pays for our travel, that's all.

 

[Fermion]

As long as they invent time travel before our FRA so we can go back and get a job with a pension, then I am fine with big cuts to SS.

But until then, SS is our longevity insurance.

 

[Just_Steve]

It's an important part, but would not say critical. Getting it would help, though.

^This^

 

[Alan]

We didn't plan on it or the UK SS but we will both be collecting on both so the combined sums will cover a significant part of our spending.

 

[USGrant1962]

In FIRECalc I've always planned on it with a 25-30% haircut.

But this thread caused me to rerun FIRECalc with SS zeroed and it drops me to 98.7% success over 40 years. So I guess I just convinced myself that it is not "critical".

 

[gcgang]

I paid for it - it is mine. I would be upset if I don't have it (even how little that would be, I still want to have it) - so yes, it is critical for my health (keeping me from upsetting).

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?

 

[scrabbler1]

For the last 8.5 years, I have been living just fine using only the taxable account part of my portfolio. My reinforcements, which begin when I turn ~60, include unfettered access to my IRA, my frozen company pension, and SS. If SS turns out to be a bust, I'll still have the other two reinforcements to supplement my taxable account. I'll be fine.

 

[Car-Guy]

Never thought I'd see a dime from SS nor did I plan on it in my retirement planning. But when I turned 62 I started taking it the first month I could. (Get it while you can syndrome).

Now-a-days, the way I look at it, is it's free medical for life (since they take my Medicare payments out before I see anything). The rest of it just goes into my checking account and isn't earmarked for anything special. If the payments stopped coming, it wouldn't change my lifestyle at all.