Social Security - Available in 2029?

[Clone]

I would plan on some reduction in SS to help your planning be more robust.

I doubt that the government has the guts to change the payout radically. It is too easy to kick the can down the road.

I have greater concerns about massive inflation or some epidemic. Look at the studies showing how much most Americans have saved for retirement. If SS gets drastically changed, the greater concern is that we (most of the members of this board, in broad general terms) become the 'rich folks with the goods'. When it comes to torches and pitch fork times, the masses will be coming for us.

 

[donheff]

A little sexist there with "wifes benefit". My wife made 5x what I made.

Ha, I was about to say the same (except my wife's income was more like 3X). Unfortunately I can't get the SS spousal benefit due to the Government Pension Offset provision - a provision I think makes sense despite the fact that my ox is getting gored.

 

[donheff]

I doubt that the government has the guts to change the payout radically. It is too easy to kick the can down the road.

I don't think it would take guts to change the payout radically. It would be dumb. SS shouldn't be slashed. The majority of Americans rely on SS to fund a decent lifestyle in old age. Now, what would take guts would be serious bipartisan cooperation to shore up the system effectively.

 

[SheitlQueen]

It was designed to be like welfare (an income re-distribution system) except that everyone qualifies for it.
You can't inherit it, because it's not a savings accumulation system. So each person really doesn't have an account with their contributions sitting in it waiting to be drawn.

I know, which is why I have always believed it should be an individual account. If they are going to force us to save money, I should have a say in what it is invested in and it should be my money to do with as I wish. Firm believer in privatizing social security if we have to have it

It's a crock like fire insurance, I am thinking I'm probably not going to have my house burn down, so I wasted my my money insuring it..

At least the government is not forcing you to pay over 15% of your income to insure your house.

Social security is another form of tax and redistribute. At least I'm retired now and I don't have to pay it anymore!

 

[CaliKid]

I plan on zero although I probably should plan on 50-75% as being more realistic. If I end up getting zero then it probably means everything is really bad. However, if I was 25-30 I would plan on zero and be saving like crazy!