 |
|
What percentage of your retirement income is Social Security?
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.
|
|
|
 |
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!
|
|
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.
|
|
|
|
10-28-2022, 01:42 AM
|
#3
|
|
Thinks s/he gets paid by the post
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.
|
|
|
|
|
10-28-2022, 01:47 AM
|
#4
|
|
Thinks s/he gets paid by the post
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.
|
|
|
|
|
10-28-2022, 03:44 AM
|
#5
|
|
Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Limerick
Posts: 4,963
|
No more than 10% before Medicare and taxes are taken out.
|
|
|
|
|
10-28-2022, 03:57 AM
|
#6
|
|
Administrator
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
|
|
|
|
|
10-28-2022, 04:16 AM
|
#7
|
|
Full time employment: Posting here.
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
|
|
|
|
|
10-28-2022, 04:32 AM
|
#8
|
|
Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,081
|
 Quote: +1
__________________
"The mountains are calling, and I must go." John Muir
|
|
|
|
|
10-28-2022, 04:51 AM
|
#9
|
|
Thinks s/he gets paid by the post
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.
|
|
|
|
|
10-28-2022, 05:11 AM
|
#10
|
|
Thinks s/he gets paid by the post
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.
|
|
|
|
|
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
|
|
|
|
|
10-28-2022, 05:24 AM
|
#12
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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)
|
|
|
|
|
10-28-2022, 05:27 AM
|
#13
|
|
Moderator
Join Date: Nov 2014
Posts: 7,449
|
Quote:
Originally Posted by HarveyS
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
|
|
|
|
|
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
|
|
|
|
|
10-28-2022, 05:33 AM
|
#15
|
|
Full time employment: Posting here.
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 685
|
SS and pension is about 50% of our AGI but around 70% of our spending.
|
|
|
|
|
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 />"No matter where ye go, there ye are!
|
|
|
|
|
10-28-2022, 06:14 AM
|
#17
|
|
Thinks s/he gets paid by the post
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.
|
|
|
|
|
10-28-2022, 06:16 AM
|
#18
|
|
Thinks s/he gets paid by the post
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
|
|
|
|
|
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.
|
|
|
|
|
10-28-2022, 06:21 AM
|
#20
|
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 46,605
|
Quote:
Originally Posted by SecondAttempt
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.
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
| Thread Tools |
Search this Thread |
|
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
