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Don't you get annual statements from SS ?
I get one every December and it's clearly stated on there for 62, 65 and full retirement age.
Not anymore you don't. The Social Security Administration has stopped issuing those statements due to budgetary constraints. People now have to go online to get that info.
Not anymore you don't. The Social Security Administration has stopped issuing those statements due to budgetary constraints. People now have to go online to get that info.
While I agree that counting on Social Security alone is a very poor retirement plan, there is nothing wrong with the orginal poster looking up the details of Soc. Sec. benefits as one part of retirement planning. Indeed, the age at which one retires is one rational factor in such planning, for reasons of Social Security and for other reasons too.
You're entirely correct, and after re-reading my original comment, I was a bit snotty. My apologies.
However, I retired at 53 - because I (we) were sensible about debt, saved 19-15% of our incomes, and were lucky. The latter allowed me to retire several years ahead if schedule.
If and when I collect on SS, I'll consider it 'found money.' An unexpected bonus. I believe that for those who were born after 1955-1965, it's unwise to assume that SS is part of your retirement income. Born after 1966? Don't include it at all.
Negative? Yes. Skeptical? Sure. Safe in the knowledge that I didnt depend on SS to help cover my basic expense for retirement? Priceless.
You're entirely correct, and after re-reading my original comment, I was a bit snotty. My apologies.
However, I retired at 53 - because I (we) were sensible about debt, saved 19-15% of our incomes, and were lucky. The latter allowed me to retire several years ahead if schedule.
If and when I collect on SS, I'll consider it 'found money.' An unexpected bonus. I believe that for those who were born after 1955-1965, it's unwise to assume that SS is part of your retirement income. Born after 1966? Don't include it at all.
Negative? Yes. Skeptical? Sure. Safe in the knowledge that I didnt depend on SS to help cover my basic expense for retirement? Priceless.
I am 67. I am not as pessimistic as you regarding Social Security for those of you coming after me, but I see nothing wrong with your approach. Congrats on your excellent management of your money.
I think people need to watch the trustees reprot if they want to know what is coming without change to teh program.The present date of the fund not meeting required revenues in like 2026 and they estimate payments automatically going to 77% of normal across the board. They say its all set in law as to what happens.I febuary the presdient will be wrned as the last two have been and must submit a proposal to congress. Congress has to consider it but can do nothing on it.We will proably see a commission like last time with nothing coming of it;like last time.The longer it is ****ff the harder to solve and more costly.
How does this compare to life expectancy? Even if the average age of retirement is increasing, aren't people living longer too? Doesn't it make sense to work longer if you are living long as well?
It depends. For males who do manual labor jobs, expecting them to work until they are 70 is a death sentence. For females doing desk jobs, 70 is not unreasonable.
Well expecting the governamnt SS to be there for years the average perosn now lives to at 62 or 65 is not realistic. That means that people need to expect to rely less on SS or pay alot more into it as the Breaux Commission pointed out.Loo around and you willsee many people owning businesses work to beyond 70 in office jobs and even working equipment that has replace those back breaking jobs of the past.Two of my neighbors work heavy equipments and say they have seen anyone breaking their back on any job in years.He said next time you see a crew working you can tell by their bodies that is true.
Well expecting the governamnt SS to be there for years the average perosn now lives to at 62 or 65 is not realistic.
If we use our voting power effectively it is realistic. Our national priorities must be reset. It can't all go to the special interests at our expense anymore. We must not stand for it.
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