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Old 08-10-2020, 08:23 AM   #41
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Thank you for this. I'd read something similar before I retired. I am even more concerned now because I keep reading in the news the past couple of days that the Social Security "haircut" could be a lot worse if the payroll tax is cut...

The "news" hasn't been an informed source about anything for a long time. You keep wanting to steer this in a political direction. Do you have any room to cut back in your budget. If you are worried about staying retired share some general numbers. your AA, anyway you might cut expenses and so on.

Focus on what you can do instead of a bunch of slanted news stories. It will make you feel more in control of your own life..
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Old 08-10-2020, 08:37 AM   #42
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The "news" hasn't been an informed source about anything for a long time. You keep wanting to steer this in a political direction. Do you have any room to cut back in your budget. If you are worried about staying retired share some general numbers. your AA, anyway you might cut expenses and so on.

Focus on what you can do instead of a bunch of slanted news stories. It will make you feel more in control of your own life..

Nope, not political in any way. Just financial, truly.

I am trying to focus on what I can do, but I need to know what will be around in order to do it. Just asking for information and advice.
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Old 08-10-2020, 09:07 AM   #43
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Nope, not political in any way. Just financial, truly.

I am trying to focus on what I can do, but I need to know what will be around in order to do it. Just asking for information and advice.
As I said, if you are uncertain you can share some of your info here and see what people think. If you want information and advice get more specific. The question you have asked is unanswerable at this time.
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Old 08-10-2020, 09:10 AM   #44
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I think as a result of this you will see a lot of folks applying for SS this year before November, even though they were waiting till 70, others will apply immediately they are eligible. Not sure if this will add the strain to the system. Personally I am more concerned about Medicare.
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Old 08-10-2020, 09:12 AM   #45
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As I said, if you are uncertain you can share some of your info here and see what people think. If you want information and advice get more specific. The question you have asked is unanswerable at this time.
I disagree...I've gotten answers, advice, and information that already makes me feel better.
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Old 08-10-2020, 09:18 AM   #46
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I think as a result of this you will see a lot of folks applying for SS this year before November, even though they were waiting till 70, others will apply immediately they are eligible. Not sure if this will add the strain to the system. Personally I am more concerned about Medicare.
Interesting...why do you think people will apply for Social Security now rather than wait? Is it because you think that people are thinking that Social Security might not be there at all, so they want to take it early to at least get something before it goes? Or do you think it's about the "haircut" - they want to get what's fully coming to them for a few years before the haircut arrives?

These are the same issues I'm thinking about, the ones that prompted me to ask my original question.

And Medicare...arrgghhh! Another thing to worry about! I'll have to go look that up...
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Old 08-10-2020, 09:27 AM   #47
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Interesting...why do you think people will apply for Social Security now rather than wait? Is it because you think that people are thinking that Social Security might not be there at all, so they want to take it early to at least get something before it goes? Or do you think it's about the "haircut" - they want to get what's fully coming to them for a few years before the haircut arrives?
probably both, but especially the second item
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Old 08-10-2020, 09:28 AM   #48
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probably both, but especially the second item
Makes sense to me...thanks!
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Old 08-10-2020, 09:32 AM   #49
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Interesting...why do you think people will apply for Social Security now rather than wait?
Probably knee jerk reactions, scared of what will happen next year. DW will take it at 62 to pay for her health care (Sad I know), I will probably take it in August of next year for different reasons, I will be 67.5.
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Old 08-10-2020, 09:32 AM   #50
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Remember that all the worries and pessimistic predictions about Social Security inevitably include the phrase "unless Congress takes some action."

I think it's probably wise to expect "some action" even if the can continues to be kicked down the road for some time yet.
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Old 08-10-2020, 09:40 AM   #51
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Remember that all the worries and pessimistic predictions about Social Security inevitably include the phrase "unless Congress takes some action."

I think it's probably wise to expect "some action" even if the can continues to be kicked down the road for some time yet.
I am hoping this is true. Up until recently I was pretty sure that the government world fix the problem before the haircut was necessary. Now I'm not so sure...sigh...

I know there are no real answers because no one can predict the future. But it sure feels good to me to be able to share my concerns here and read your responses. It makes me feel that I'm not alone in all this
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Old 08-10-2020, 09:42 AM   #52
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For the OP
This pamphlet was included with my Vanguard 401(k) statement back in 2006.
Sorry about the quality, had a really cheap scanner back then.


What changes if any, have been made to SS since this 2006 paper?
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Old 08-10-2020, 10:02 AM   #53
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The current news is unsettling, but the talk of 75% has been around for a long time. I always thought (hoped) that we won't get a 75% haircut across the board, but instead, higher SS payees will have to pay more taxes on the SS (by lowering the income limit or by making SS fully taxable or both) and of course, by continuing to raise the FRA. I cannot imagine, in any circumstance that the government will take away any SS money from people who have absolutely nothing but a small SS payment to live on with no other income.

I do include 25% reduction in SS in my planning although I'm hoping the percentage will be lower.
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Old 08-10-2020, 10:48 AM   #54
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I always thought (hoped) that we won't get a 75% haircut across the board, but instead, higher SS payees will have to pay more taxes on the SS (by lowering the income limit or by making SS fully taxable or both) and of course, by continuing to raise the FRA.
Yes I still hope for it too.
But there may be another option: raise retirement age. For example, instead of 62 make it 65 when anyone can claim SS, and make the retirement age 70 rather than 67 as it is currently set for me.
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Old 08-10-2020, 11:27 AM   #55
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...Sometimes I think all I do is worry...sigh...
Well, if it isn’t Social Security, there’s COVID-19, Murder Hornets, Solar Flares, Bomb cyclones, Supervolcano eruptions, GMO’s, deorbiting satellites, cell phone radiation, zombies, etc. - a LOT of stuff to fill your day with worry!
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Old 08-10-2020, 11:32 AM   #56
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Well, if it isn’t Social Security, there’s COVID-19, Murder Hornets, Solar Flares, Bomb cyclones, Supervolcano eruptions, GMO’s, deorbiting satellites, cell phone radiation, zombies, etc. - a LOT of stuff to fill your day with worry!
Point well taken!
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Old 08-10-2020, 11:33 AM   #57
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There is lots of ideas that Congress can do now but as we get closer the 2035 there are fewer and fewer options.
It would be interesting to know once the surplus is gone, what the SS tax % will need to be to keep paying out benefits.
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Old 08-10-2020, 11:33 AM   #58
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Well, if it isn’t Social Security, there’s COVID-19, Murder Hornets, Solar Flares, Bomb cyclones, Supervolcano eruptions, GMO’s, deorbiting satellites, cell phone radiation, zombies, etc.
Oh, please!

How could you have possibly omitted an asteroid strike?
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Old 08-10-2020, 11:39 AM   #59
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Oh, please!

How could you have possibly omitted an asteroid strike?
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Old 08-10-2020, 11:47 AM   #60
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But there may be another option: raise retirement age. For example, instead of 62 make it 65 when anyone can claim SS
I sure hope not.
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