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Just curious how many people planned and saved for retirement and did NOT factor in Soc Sec.
I (single) -- have friends my age (a couple, 57) -- who will have a million bucks by retirement. And I admit I'm not sure whether it's THEY who want to have enough without factoring in Soc. Sec -- or their financial planner has for years suggested they invest and save to have enough as if they'd never see a dime of Soc. Sec. Which in my mind, of course, means you'll have to have more of your own money.
Now, granted neither one of them has a pension coming. And I have no idea how much they've already been assisted by inheritances. (They have. I just don't know how much)
I just ask because I had my mom's CFP glance at my future retirement situation. (when I was thinking about getting LTCI. So he wasn't actually MY CFP. I asked him to look into LTCI for me, he said let's see how you're set for retirement, before you get that with money you may never see again....so he looked over all my figures, charted various growth projections, etc.)
And -- including Soc Sec. he said I will be fine. And even if, in some scenario where my benefits are reduced even by 25% -- and an increased in Medicaid costs of 25% -- I think I should still be fine, just with less wiggle room. I'll also have a pension and my own money, of course. But it sure as hell won't be anywhere NEAR a million dollars.
So while I hesitate to say I'm "depending" on Soc. Sec., it sure as heck IS in my projections.
Was receiving Soc. Sec. figured in your retirement panning finances?
Thanks.
I am 58. I have been on military pension since 2001. I have not really thought much about drawing SS.
In 1994 among my assigned duties I helped some co-workers to file the forms with the SSA to revoke their SS policies. At that time I attended some training workshops on the topic. Given how much I had paid into SS at that time, I very nearly revoked my SS policy. But I didn't, I kept it. I am not sure if I made the right decision.
In my case, SS could disappear and it would not have much effect on us. We are okay now, we would be okay then.
I saved through my 401k, plus I had a 28 year pension that I took the lump sum and invested, and I received my very first social security payment today. Retirement is good indeed.
Was receiving Soc. Sec. figured in your retirement panning finances?
Thanks.
I receive two pensions. If I live 20 years (presently 62), they will be worth just shy of a million dollars. In addition, I have been saving in 403B accounts---3 of them, since my early 30s. Believe it or not, I did that after listening to the wisdom of the teachers talking in the faculty room. I retired early, at 59, started the pensions, and supplemented it with some monthly money from one of the 403B accounts. So far, I haven't started the SS. I'm doing fine without it and from what I understand, it increases each month it is delayed. The monthly SS payment goes up to the tune of about $13.00 a month for me. I have figured that for every year I do not take the SS payment, it will take me 6 years to recover the money I forfeited. So if I wait until 66, full retirement age, it will take me 24 years to get the money back that I didn't take. I probably will not wait that long. I'll probably start next year.
Just had a call with our financial planner last evening to review our projections and SS is most definitely a part of the planning. The only issue we have is whether to start collecting at retirement or deferring until we are 67 or 70 years old.
That won't be decided until we're much closer to the target date.
I know that financially, waiting to start collecting Soc. Scty. makes good sense and people are living longer these days. But there's a caution there. My dearly beloved wife was 68 and died three days ago. That's proof positive that we cannot count upon living a long life. She drew SS for six years. Had she waited she'd have drawn somewhat more each month but only for a year.
I guess that just shows you how negative many people are on the country at this time. They actually feel that the US Government is going to pull the rug out from under all the people who will depend on Social Security in their future.
LOL what?
Her point was even when they were a younger married couple they thought SS would go away.
Many middle-aged people who have been paying into SS for years tell me they think that it will be gone in the next few years. They say that Congress will just pass a law eliminating it as a deficit elimination plan. (Even though it pays over 50% of retirement costs for about 60% of the people over 65.)
I ask them if their Congressman had voted for a bill that abruptly ended Social Security, would you vote for him or her. "Well of course not," they said. I think that says it all.
Who are these "many middle-aged people"?
Stop hanging around with Democrats. Nobody is going to end Social Security - abruptly or otherwise.
If ANYTHING, there's proof that "many" Democrats wanted to convert citizens' 401 K into GOVERNMENT controlled investments.
Just curious how many people planned and saved for retirement and did NOT factor in Soc Sec.
I (single) -- have friends my age (a couple, 57) -- who will have a million bucks by retirement. And I admit I'm not sure whether it's THEY who want to have enough without factoring in Soc. Sec -- or their financial planner has for years suggested they invest and save to have enough as if they'd never see a dime of Soc. Sec. Which in my mind, of course, means you'll have to have more of your own money.
Now, granted neither one of them has a pension coming. And I have no idea how much they've already been assisted by inheritances. (They have. I just don't know how much)
I just ask because I had my mom's CFP glance at my future retirement situation. (when I was thinking about getting LTCI. So he wasn't actually MY CFP. I asked him to look into LTCI for me, he said let's see how you're set for retirement, before you get that with money you may never see again....so he looked over all my figures, charted various growth projections, etc.)
And -- including Soc Sec. he said I will be fine. And even if, in some scenario where my benefits are reduced even by 25% -- and an increased in Medicaid costs of 25% -- I think I should still be fine, just with less wiggle room. I'll also have a pension and my own money, of course. But it sure as hell won't be anywhere NEAR a million dollars.
So while I hesitate to say I'm "depending" on Soc. Sec., it sure as heck IS in my projections.
Was receiving Soc. Sec. figured in your retirement panning finances?
Thanks.
I'll demonstrate how much fear money breeds.
SS is my retirement, nothing else.
I am very happy with that, have a very nice house and no worries about anything.
Financial planners breed fear. They are salesmen, fear is how they insert themselves into the chain.
I know that financially, waiting to start collecting Soc. Scty. makes good sense and people are living longer these days. But there's a caution there. My dearly beloved wife was 68 and died three days ago. That's proof positive that we cannot count upon living a long life. She drew SS for six years. Had she waited she'd have drawn somewhat more each month but only for a year.
Just something to think about.
Its a fools economy to wait for SS, the Gvmnt knows full well most people never break even.
They appeal to human greed.
I just read quite a few pages here, I am sc#*wed... my SS check is 759.00 a month.
Looks like i will be living in a van or RV on BLM land and eating ramen.
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