Why bond funds? you have to worry about everyone else selling . buy individual bonds and just worry about your selfI am 56 and have been living just fine off my taxable investments for the last 11 years. I consider SS to be one of my 3 "reinforcements," with unfettered access to my tIRA and my frozen company pension the other 2, available at various times starting at age 59.5.
If somehow SS isn't there or gets reduced by the time I am old enough to be at FRA (age 67), I will still have the other 2 reinforcements ready to supplement my already good financial situation.
First off, Social Security was NEVER meant to be the only resource in retirement.
First off, Social Security was NEVER meant to be the only resource in retirement.
I think it is up to everyone to set up their finances so anything from Social Security is fun money.
First off, Social Security was NEVER meant to be the only resource in retirement.
I think it is up to everyone to set up their finances so anything from Social Security is fun money.
100% agree with the 1st sentence, totally disagree with the 2nd sentence here. While not ONLY resource, at $58k per year FRA income (considering no reduction is made), that would be a good supplement to retirement and since this has been something within our "3 legged stool" plan touted for 35-40 years of my life, I think I should be able to count on it.
I’m 62, so not part of the “will it be there” discussion, but just want to add that SS estimated predicted amounts at FRA when you are in your 40,s and early 50’s are likely WAY off. The amount of COLA adjustments and rises/changes to max income taxed are never accounted for in the predictions, much less an increased rate. My predicted FRA IS now steady, but at 62 and over 35 years max premiums paid in, it should be. But my age 45 estimates were over $1800/m lower and even age 55 was around $1000/m lower, even taking inflation in to account! My plan was based on those numbers, so I am in better shape than planned, but not as much as it could have been because it turned out my pension formula had a reduction as part of the calibration based in the company’s calculation of my PIA based on my salary. It was still net positive gains, but my pension prediction at 45 was over $7k/yr higher than it turned out to be.
this has been something within our "3 legged stool" plan
SS is our $$$. It is not an entitlement as some politicians say. It would be political suicide to reduce $$. If congress does not fix potential short fall just watch how fast they will be voted out of office ...- replaced by politicians committed to fixing the short-fall problem so that We The People have our promised benefits- since we paid this $ into the system.
Why bond funds? you have to worry about everyone else selling . buy individual bonds and just worry about your self
Agree[MOD EDIT]. Have put 100's of thousands into it.
And do expect something back in return.
100s of thousands is a lot to personally contribute to SS! Figure you must have been self employed for the vast majority of your working years to contribute that much, especially retiring at 51, 7 years ago!
I was actually surprised that SS tells you what you and your employer contributed. When I retired at 43, I remember the combined number was over $250k which just seemed like a crazy amount especially given so many of my coworkers likely didn't have that sitting in their 401k.
I am 50'ish and do not consider SS at all. If it happens will be bonus spending money. I feel fortunate to be in this position.
100s of thousands is a lot to personally contribute to SS! Figure you must have been self employed for the vast majority of your working years to contribute that much, especially retiring at 51, 7 years ago!
I would count the amount that the employer pays - they only pay it because you are working for them, I’m sure it is taken into consideration when they look at how much they can offer you in salary (along with benefit costs)