SS could cover all of our needs if we downsized our housing and downshifted our lifestyle.
That is where my estimates put my SS. I don't intend to take it until age 70 in
2029. I have almost maxed my 35 year record and my annual SS is slated to
be ~$40K + inflation in 2029. That may very well be trimmed by funding
shortfalls to ~$32K per year (or
).
Could I live on $32K per year ? Sure
Do I want to live on $32K per year ? nope
The original intention of SS was to replace ~40% of a workers earnings, on
average. It replaces more than 40% of a low earner and less than 40% of a
high earner. In my case, SS will replace about 15% of my final career yearly
salary *if* I wait 9 years of ER to start it. So anyway you crunch the numbers, it
is going to take some frugality compared to your working years to get by on
SS alone.
To the OP: The math behind SS benefit calculations are a bit of a puzzle, but
worth the exercise to figure out if you're truly interested in what your individual
outcome could be. Just don't depend 100% on what you calculate, because it
is certain that things will change.