What percentage of your retirement income is Social Security?

[SecondAttempt]

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

 

[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.

 

[Major Tom]

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.

 

[skipro33]

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.

 

[Dash man]

No more than 10% before Medicare and taxes are taken out.

 

[Alan]

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

 

[racy]

DW's and my net SS (after Medicare, IRMAA & withheld taxes) is 49% of our annual average spending.

 

[DrRoy]

so far, zero.

+1

 

[gauss]

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.

 

[dixonge]

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.

 

[FLSUnFIRE]

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.

 

[Midpack]

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.

 

[Jerry1]

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%.

 

[finnski1]

zero for 3 more years

 

[jfn111]

SS and pension is about 50% of our AGI but around 70% of our spending.

 

[Merlin]

SS is 26% of our retirement income. Wife has not started receiving SS yet.

 

[mpeirce]

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.

 

[Golden sunsets]

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

 

[FANOFJESUS]

90% of expenses because we are frugal by habit.

 

[W2R]

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.

 

[savory]

SS is about 35%. Pension about 55%. Interest, dividends, and IRA distributions are about 10% with remaining reinvested. That may increase a bit in the future.

 

[athena53]

28.5% of annual spending, 31% of AGI. Remainder is a couple of small non-COLA pensions ($1,800/month total) and withdrawals from after-tax accounts.

 

[jebmke]

< 10%

 

[audreyh1]

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

0% and has been for a long time while retired. No pensions either.

When we finally do draw SS it will be a small % of our income.

We live off our investments and our retirement “income” is the x% we withdraw from our retirement portfolio each year. It is not related to any investment cash flows.

 

[Vincenzo Corleone]

Neither my wife nor I are collecting SS yet. If we follow the conclusion of OpenSocialSecurity, whereby I claim at 62 and my wife claims at 70, approximately 42% of our retirement income will come from SS.

If I consider a 25% cut in SS at some future point, approximately 31% of our retirement income will come from SS.