What percentage of your retirement income is Social Security?

[street]

I'm not sure exactly what number OP is after, but SS takes care of 90% of expenses. As a percentage of income if you calculated all interest and investment growth it would be <7%. SS income percentage would be different daily in that case.

 

[MarieIG]

Thus far zero - the plan is to postpone until 70 although . . .

Also the plan is to convert as much as possible to Roths prior to starting SS. Again, we will see.

If we really, really had to, either one of us would be able to tighten our belts and live off of DH's age 70 SS payment (he's not there yet), as he had a good earning history. My biggest expense is taxes, and with less of an income, taxes are less.

 

[jldavid47]

This year 85% from SS and the remaining 15% from interest and dividends. Last year it was about 98% from SS.

 

[CRLLS]

According to my 2022 budget and expected income spreadsheets, SS covered 61% of our expenses including Medicare and taxes. We did some off-budget purchases in 2022 but that was easily offset by an unexpected inheritance. We did IRA rollovers of our pensions and 401Ks. recently our IRAs (<<3% WR not including Roth conversions) and SS are a big, big part of our incomes. Next year, SS should cover 100% of our expenses as I file for SS on my own benefits.

These last 14 years has been a income tax rollercoaster. On and off again part time work, moving from corporate healthcare to private insurance to ACA and then Medicare, Roth conversions, nothing sated constant. Each year there is a new change/challenge/surprise. I previously thought it would be smooth sailing in retirement. Not so much for us.

 

[jebmke]

I'm not sure exactly what number OP is after, but SS takes care of 90% of expenses. As a percentage of income if you calculated all interest and investment growth it would be <7%. SS income percentage would be different daily in that case.

I wasn't sure either. The subject said "income" but then there was some mumbling about expenses and withdrawals (which are not necessarily income).

 

[old medic]

At the age of 59, zero for me too.

Same age as Tom, So SS is also zero. Currently 60% of our income is from the DW working, with 25% of that going into her 401K. My take home is actually more than hers.
My SS should be a 42%- 48% increase to my pension depending on when I take it, and DW's should be very similar.
Our 401Ks and other savings/ investments are just there if or when we want or need them.

 

[cnocmmz]

I am curious what percentage of your retirement income from all sources including withdrawals is from Social Security.

Have not collected as of yet, so zero. Although when I do it will be less than 11%.

 

[ShokWaveRider]

DW collecting hers which is about 10% of our monthly income. When I get mine in 2023 they should both be about 30% of our total monthly income. The rest comes from return on our investments which are: MYGAs, CDs, MM and T-Bills.

 

[Winemaker]

DW started hers at 65, it provides 20% of our annual spend, but only 10% of current retirement income. We are at 2%WD, I have elected to take it at 70, which is 5.5 years from now.

 

[HenryD]

Nothing yet, but projecting around 40% depending on when we start taking it. We have no pensions.

 

[VanWinkle]

About 65% of my current income is from Social Security. I have not started drawing from a portfolio as income is not needed at this time. I started drawing SS at 66, and will be 68 in November. I also have an Insurance Company retirement pension that is about 25% of my income.

VW

 

[TheWizard]

I'm 72 and started SS at age 70.
For this year, SS will be about 27% of my income, excluding any Roth conversions and not multiplying by the 0.85 factor...

 

[CardsFan]

SS would cover about 2/3 of our annual spending, including all taxes, HI, etc. Due to Roth conversions it is only about 1/3 of our AGI.

 

[Car-Guy]

I thought I understood the OP's question but after reading some of the responses, I'm not sure anymore...

Anyway, since my SS is directly deposited into my checking account it is just more cash to me and I spend it as needed. It probably covers a ~third of my annual spend.

 

[Taxman59]

0% of spending now, 35% in 3 1/4 years (my SS kicks in) 55% in 6 1/2 years (DW SS kicks in).

 

[Gumby]

Given the diverse circumstances in which we all live, I expect you will get a variety of different answers, most of which will not be directly comparable. I interpret income to mean income independent of portfolio withdrawals. For the young wife and me, that consists of two pensions plus one social security. Social security is about 25% of the total. For the first two years of retirement, that income was more than our spending. However, this year we will make a small (<1%) portfolio withdrawal to help pay for the fancy Egypt and Jordan trip that we are currently enjoying.

 

[target2019]

2/3 of our average monthly retirement income is two Social Security deposits. 1/3 is pension.

If we add spillage from dividends and gains, those percentages go down a bit, but not by much.

SSA monthly seems to cover all of the regular bills for now.

At the end of this year I'll have more precise income/expense numbers.

 

[PatrickA5]

When DW starts her SS in a few years, we'll probably somewhere around 60% of annual expenses.

 

[latexman]

Now, SS is 0% of income.
@66.5, SS will be 14% of income.
@70, SS will be 44% of income. Our pensions are non-COLA, so this % will increase with inflation.

DW and I are the same age, 65.

 

[foxcreek9]

When DW starts collecting next year, our pensions + her SS will cover 100% of our minimum dignity floor and 70% of planned spending. When I start collecting at 70 our SS alone will cover our MDF.

 

[TheWizard]

Given the diverse circumstances in which we all live, I expect you will get a variety of different answers, most of which will not be directly comparable. I interpret income to mean income independent of portfolio withdrawals...

Yes, we'll get a variety of interpretations, including percent of SPENDING rather than percent of INCOME.

I take a tax focused point of view: things that contribute to your AGI are income, with the exception of Roth conversions (or possibly not).

So withdrawals from tax-deferred accounts, RMDs or otherwise, are income.

But withdrawals from a savings account or Roth account are not...

 

[Car-Guy]

I interpret income to mean income independent of portfolio withdrawals.

So would you consider RMD's from your IRA/401k portfolio as income? After all, it's your money, it just hasn't been taxed yet.


Forget how the IRS counts it.

 

[MRG]

Now it's about 10% from DW'S. When I get mine at 70 it should cover around 50%.

 

[38Chevy454]

I'm not collecting SS yet, too young. DW does get SS and it's approx 20% of our expenses.

 

[OnTheBeach]

I am 52 and do not expect SS to be there when I am eligible. I have a High Net Worth and expect at some point that the laws will change and exclude me from collecting.