Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
What percentage of your retirement income is Social Security?
Old 10-28-2022, 01:20 AM   #1
Full time employment: Posting here.
 
Join Date: Aug 2019
Location: Anytown
Posts: 943
What percentage of your retirement income is Social Security?

I am curious what percentage of your retirement income from all sources including withdrawals is from Social Security.
SecondAttempt is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-28-2022, 01:30 AM   #2
Full time employment: Posting here.
 
Join Date: Jul 2016
Location: gypsy traveller
Posts: 520
so far, zero.

As clarification, you asked retirement income. Is that what you want to know, or is it retirement annual spending or retirement annual budget. Most here do not spend all their income.
HarveyS is offline   Reply With Quote
Old 10-28-2022, 01:42 AM   #3
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,081
At the age of 59, zero for me too. However, I am looking forward to either getting a raise when SS comes along, or using it to be able to withdraw less from my portfolio.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.

Major Tom is offline   Reply With Quote
Old 10-28-2022, 01:47 AM   #4
Thinks s/he gets paid by the post
skipro33's Avatar
 
Join Date: Sep 2011
Location: Placerville
Posts: 1,729
My retirement income right now is 30% from SS for DW and I. The other 70% is pension. We don't draw on our IRAs.
We spend about 70% of our income, banking the rest for BIG projects we do around the house. Most recently a pavilion and paver patio with a stone wall.
__________________
skipro33 stands for Ski Pro 33. A ski pro is like a golf pro, 33 is my locker number.
skipro33 is offline   Reply With Quote
Old 10-28-2022, 03:44 AM   #5
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 4,963
No more than 10% before Medicare and taxes are taken out.
Dash man is online now   Reply With Quote
Old 10-28-2022, 03:57 AM   #6
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 32,240
Once I start drawing my SS in 2025 it will be about 33% of retirement pension income. (DW is already receiving hers). It will be pension number 8 as we already have 2 private US pensions, 2 private UK pensions, 2 UK SS and 1 US SS.

No future forced RMDs as we are now 100% Roth
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 10-28-2022, 04:16 AM   #7
Full time employment: Posting here.
racy's Avatar
 
Join Date: May 2007
Posts: 834
DW's and my net SS (after Medicare, IRMAA & withheld taxes) is 49% of our annual average spending.
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
racy is offline   Reply With Quote
Old 10-28-2022, 04:32 AM   #8
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 4,081
Quote:
so far, zero.
+1
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 10-28-2022, 04:51 AM   #9
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 3,325
With the latest N-AWI figures, DW and my SS at age 70 is up to over $91,000 in today's dollars.

As such, I could see this funding upwards of 100% of our spending once it starts.

Note that I answered the question wrt spending and not income. Income will be tougher to predict due to 1) Market returns on investments and 2) Non-Cola pensions with unknown inflation.
gauss is offline   Reply With Quote
Old 10-28-2022, 05:11 AM   #10
Thinks s/he gets paid by the post
dixonge's Avatar
 
Join Date: Mar 2008
Location: Jalisco, Mexico
Posts: 1,590
Interesting question! Right now it is around 30% - will be going up to 42% next year after mine kicks in, and will slowly climb from there as our pensions are not COLA'd.
dixonge is online now   Reply With Quote
Old 10-28-2022, 05:13 AM   #11
Full time employment: Posting here.
 
Join Date: Feb 2019
Location: St Pete
Posts: 832
Zero now. Very rough projection (a lot can happen in 22 years) is that my first SS payment in 2044 when I am 70 will cover about 40%... I bet it will be much less due to expense creep/inflation and potential changes in the law over the next two decades. I don't exactly count on it but it serves as a safety net for me if my planning was off... as I get closer I'll view it as "real money" and manage my finances accordingly.
__________________
FIREd 7/2021 at age 47
FLSUnFIRE is offline   Reply With Quote
Old 10-28-2022, 05:24 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 19,140
None yet, but about 20% before taxes projected. DW and I are respectively 4 and 2 years from starting SS, so not too far off.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 40% bonds / 10% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 10-28-2022, 05:27 AM   #13
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 7,449
Quote:
Originally Posted by HarveyS View Post
so far, zero.

As clarification, you asked retirement income. Is that what you want to know, or is it retirement annual spending or retirement annual budget. Most here do not spend all their income.
Good point, income does not usually equal expenses. Though in my case, I think starting January 2023, it will be very close. DW and I will start receiving our SS in January. That, coupled with my pension will be very close to our spending. We may even save a little (income greater than expenses). SS will be about 70% of our income and the pension will be about 30%.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is online now   Reply With Quote
Old 10-28-2022, 05:31 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Aug 2012
Posts: 1,616
zero for 3 more years
finnski1 is online now   Reply With Quote
Old 10-28-2022, 05:33 AM   #15
Full time employment: Posting here.
jfn111's Avatar
 
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 685
SS and pension is about 50% of our AGI but around 70% of our spending.
jfn111 is offline   Reply With Quote
Old 10-28-2022, 06:00 AM   #16
Dryer sheet aficionado
 
Join Date: Feb 2004
Posts: 36
SS is 26% of our retirement income. Wife has not started receiving SS yet.
__________________
Merlin<br /><br />&quot;No matter where ye go, there ye are!
Merlin is offline   Reply With Quote
Old 10-28-2022, 06:14 AM   #17
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Northern Ohio
Posts: 2,929
Nada. This is a retire EARLY forum after all.

I’ve got almost 10 years before I will get any SS. It’s been more than 10 years since I FIREd. SS had, and will have, little to do with it.
mpeirce is offline   Reply With Quote
Old 10-28-2022, 06:16 AM   #18
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 2,453
For 2022, SS represents 17% of AGI and 26% of expenses. In 2023 we expect it to represent more like 30% of expenses.

Sent from my SM-T510 using Early Retirement Forum mobile app
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 10-28-2022, 06:18 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
90% of expenses because we are frugal by habit.
FANOFJESUS is offline   Reply With Quote
Old 10-28-2022, 06:21 AM   #20
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 46,605
Quote:
Originally Posted by SecondAttempt View Post
I am curious what percentage of your retirement income from all sources including withdrawals is from Social Security.
I haven't needed or taken portfolio withdrawals in several years, but if I decided to go ahead and withdraw 3.5% of the January 1st value of my portfolio (as originally planned), then hypothetically SS would be 16% of my income.

The real percentage (% of spending) is 58%, since I don't take those portfolio withdrawals except for a small amount to meet RMD requirements.

These are 2022 numbers, not 2023 so they do not include the big SS raise we will be getting.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
W2R is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retirement income as a percentage of NET working income? Perryinva Life after FIRE 67 07-25-2017 06:31 AM
What percentage of your total expenses is covered by Social Security Ready FIRE and Money 41 06-20-2016 04:02 PM
What percentage of your working income do you spend in retirement? KisKis FIRE and Money 29 07-06-2011 12:59 AM
What percentage of your gross income do you save? SLC Tortfeasor Young Dreamers 152 11-03-2005 08:12 AM

» Quick Links

 
All times are GMT -6. The time now is 06:27 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.