I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
A pension plan can become insolvent. The thread topic doesn't ask how well funded people's pensions are or if we think Social Security will be around, means tested or what we would do with the money. The question is do or will we have "a pension of any sort?" A few people included their Social Security in their answer but most didn't, and I was just wondering why.Michael B: I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".I'm one of the guilty ones on this (presently 52). My analysis since the 1980's has been consistent: that SS could well be means tested and either bar us, or give us minimal payments. I haven't seen anything yet to assure me that this won't be the case (nor, given the precedent in this area of law, is such assurance ever going to exist).
Thus, we still don't include it in our calculations. IF it is there for us, we'll strive to maximize our take and use those funds to finance our anticipated grandchildren's educations--basically give our kids back some of the tax burden that they are going to bear for supporting our generation.
Why: Tunnel vision? I'm another who didn't mention it either.A pension plan can become insolvent. The thread topic doesn't ask how well funded people's pensions are or if we think Social Security will be around, means tested or what we would do with the money. The question is do or will we have "a pension of any sort?" A few people included their Social Security in their answer but most didn't, and I was just wondering why.
Rachel said:Current age 55.
Retirement age 55 (9 months ago!)
Worked 29 years (I counted internship, residency and fellowship as working, as I earned a pittance, but it was still money coming in!)
No pension.
I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
Likewise, I forgot to list SS because in my environment, we are all supposed to be getting it. It is a given. This is the tunnel vision of my environment. I consider it different than the classic "db pension", but you are right, it is a type of pension.
Certainly a fair observation.I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
MichaelB said:I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".