Probably half of the money threads posted, make some mention of Social Security.
Comments range from "I don't count on it" to "It probably won't be there".
When to take it? Earliest? Age 70?
Just to kick this off, our own situation:
1. While DW worked, the total amount earned for SS was less than 1/2 of my SS earnings, so she gets the same amount, either way... even if she had never worked or paid in.
2.We took SS at age 62, as soon as we were eligible.
3. At today's indexed rate, we will have received well over $400,000 in benefits.
4.$25,500 per year is a major part of our retirement income.
I understand the idea of not counting on this as future income, but as a safety net, or a kind of bonus, but...
If I had it to do all over again, I would definitely include this as income, and if I was really unhappy with my profession, would take a run at retiring early.
We are (each one of us) different in our outlook for the future. Leaving a major inheritance, or living to age 100 is not in the plans that DW and I have made. That social security was there as a "guaranteed" income base, was a major reason for retiring at age 53... especially, with the idea (then).. that if necessary we were young enough to recover if we couldn't quite make it on a fully retired basis.
With a maximum 5 to 10 year horizon, it's easier to look at the future this way. Perhaps looking at 30 or 35 more years would change this outlook, but if I were 25 years younger, using SS as a planning factor, would still be a certainty.
Getting an estimated SS dollar amount should be a "must".
YMMV
I am reminded of one of my Florida neighbors, who, though he was well off financially, waited until he was 65 to retire... Moved in to the home across the street from me, and in his second month of retirement, passed away, leaving a wealthy, (if lonely) widow.
Comments range from "I don't count on it" to "It probably won't be there".
When to take it? Earliest? Age 70?
Just to kick this off, our own situation:
1. While DW worked, the total amount earned for SS was less than 1/2 of my SS earnings, so she gets the same amount, either way... even if she had never worked or paid in.
2.We took SS at age 62, as soon as we were eligible.
3. At today's indexed rate, we will have received well over $400,000 in benefits.
4.$25,500 per year is a major part of our retirement income.
I understand the idea of not counting on this as future income, but as a safety net, or a kind of bonus, but...
If I had it to do all over again, I would definitely include this as income, and if I was really unhappy with my profession, would take a run at retiring early.
We are (each one of us) different in our outlook for the future. Leaving a major inheritance, or living to age 100 is not in the plans that DW and I have made. That social security was there as a "guaranteed" income base, was a major reason for retiring at age 53... especially, with the idea (then).. that if necessary we were young enough to recover if we couldn't quite make it on a fully retired basis.
With a maximum 5 to 10 year horizon, it's easier to look at the future this way. Perhaps looking at 30 or 35 more years would change this outlook, but if I were 25 years younger, using SS as a planning factor, would still be a certainty.
Getting an estimated SS dollar amount should be a "must".
YMMV
I am reminded of one of my Florida neighbors, who, though he was well off financially, waited until he was 65 to retire... Moved in to the home across the street from me, and in his second month of retirement, passed away, leaving a wealthy, (if lonely) widow.
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