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View Poll Results: Is social security a critical part of your retirement plan?
I can live comfortably without social security 109 40.22%
My plan is dependent on receiving my full SS amount - no haircuts 37 13.65%
My plan is dependent on SS but would be okay with a 25% haircut 112 41.33%
What is social security? 13 4.80%
Voters: 271. You may not vote on this poll

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Old 06-11-2017, 02:31 PM   #121
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Batsman died Saturday. Not Sunday.
lol, that ruined my Saturday.
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Old 06-11-2017, 06:45 PM   #122
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But what may change is who gets the redistributed (taxes collected from some and given out to others) funds.

SS may become more like Medicaid. Everyone pays in but only the lowest income qualify to collect.

I doubt we'll see FICA taxes raised on the lower and lower-middle classes and those dollars, in part, redistributed to the upper-middle and upper classes.
So one might reason that the people in this thread who say they are counting on SS will get SS and the people who say they can live without SS will end up getting their SS cut.

That works for me. I want to be in the group who is counting on SS rather than work 10 more years and then be in the group who gets their SS cut because they have saved more.

But those of you who want to do OMD(ecade) just so you can thumb your nose at SS, have at it! Enjoy that commute too!
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Old 06-12-2017, 06:51 AM   #123
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I revisited my thoughts on this subject a bit. Losing all of our SS would mean increasing our WDR close to the "standard" 4% if we wanted to maintain our "profligate" life style. So since my roughly 30% equities would not support the 4% withdrawal (for 29 more years) I would have to completely redo my portfolio. THAT would be a pain. 25% haircut wouldn't require much if any portfolio change, so I guess I should go with that option (25% haircut is okay - just not desirable.) Still, that word "comfortable" means different things to different people. So maybe I won't change my input. I guess it's possible to overthink this topic which leads to second-guessing. Maybe I'll worry about this tomorrow. YMMV
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Old 06-12-2017, 07:45 AM   #124
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I include it when I run firecalc, so we are depending on it. I think we have enough buffer for a 25% reduction, but I haven't run that scenario.
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Old 06-12-2017, 11:38 AM   #125
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you know what I find interesting?? some times we have threads or post where we claim most of Americans have not saved for retirement then we turn around and claim most retirees are "well heeled". go figure.

I think more and more seniors absolutely are depending on ss to live, so whether or not the youngins like it, ss is here to stay. yes Baby boomers are eventually going to kick the bucket but they are living longer so for the next decade at least they will be a force to contend with. as others have said most politicians aren't going to touch that live wire. they might not increase FICA but they could very well eliminate various tax credits and fund ss other ways. tomatoe/toemato either way they will be paying more
The oldest Baby Boomers are just hitting 70. The youngest are not yet 60. Can we make that at least 20 more years?
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Old 06-12-2017, 01:34 PM   #126
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The oldest Baby Boomers are just hitting 70. The youngest are not yet 60. Can we make that at least 20 more years?
Must be some assumption that people over 70 don't vote
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Old 06-12-2017, 05:01 PM   #127
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As a young one, I would very much like SS destroyed and replaced by Universal Basic Income, allowing me to move up my retirement date and my semi-retirement date.
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Old 06-12-2017, 05:16 PM   #128
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As a young one, I would very much like SS destroyed and replaced by Universal Basic Income, allowing me to move up my retirement date and my semi-retirement date.
I dont know what that Universal stuff is , but it sounds like to me , that some how you want me getting stiffed out of my promised social security> This is what im hearing, i could be wrong. You might be saying that you want them to back date my 226k that me and my employer paid over the years and throw it into a 50/50 fund.The excess it generated if any can then do nice things besides pay me what i was promised.
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Old 06-12-2017, 05:45 PM   #129
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The oldest Baby Boomers are just hitting 70. The youngest are not yet 60. Can we make that at least 20 more years?
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Old 06-12-2017, 06:00 PM   #130
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As a young one, I would very much like SS destroyed and replaced by Universal Basic Income, allowing me to move up my retirement date and my semi-retirement date.
If you're a high earner with a long work history, I don't think you'd like how this would work out. It would mean that no longer what you and your employer paid in, you couldn't get more than the max. In order for it to be feasible, the max would have to be at some non-luxurious level- maybe $25K/couple? And, depending on how it worked, you could be shut out completely if it took other sources of income into account such as investment earnings. If it were reduced for other sources of income, I could see it discouraging savings, which would be terrible public policy.
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