Planning on social security?

[creditcardfree]

Bookie,

If you really don't need it, I'd wait until full retirement age. Just my opinion. Either way will be fine.

[Bookie]

Thanks to everyone for the feedback.

My health is good, and (with the help of this forum) my finances are in order. I think I'll wait for the full benefit.

Thanks again.

[getforfree]

I see you all not counting on Social Security.
But
THEY ARE TAKING MONEY OUT OF MY PAYCHECKS!!!!
Is there way to demend it all back in case it won't be around 40-50 yrs from now? Because I feel like I wasting my money on nothing. If I would take that 6% and put it in my IRA acct, at least I would get almost as much as I am making now. Again, is there a way to get them stop taking money from my paycheck, I just don't want to throw it away.

[Saving in So Cal]

I pay into both social security and a public pension, but I am not allowed to have the full benefit of both. I don't have the specific figures, but I think I get my full pension and 2/3 of my social security.

On the take now or wait issue, my parents are of the belief that you should take it now because you will get more money over the long-term than if you waited. I haven't done the math, but you may want to before you decide.

[greedy4chips]

Originally Posted by creditcardfree

Personally, I'm attempting to plan and save for my own retirement without reliance on the government. How about you?

What a novel concept! Shouldn't we all have that motivation on a daily basis.

[LuxLiving]

Bookie - if your finances are in good order it likely means that you are good with your money decisions, impulse control and discipline. Have you crunched the numbers using your current return on investments? What if you took your SS benefits now (before they start getting cut and while you can get any benefit from COLA's) -- and make that money...

g r O W!!

I'm thinking something akin to Dollar Cost Averaging - I say Take It and start investing it TODAY.

Just my two cents.

-LuxLivingFrugalis

[JBinKC]

I think it will always be around but the benefit will probably be means tested and those who will get it will have even less purchasing power than today's system.

[pearlieq]

I'm not planning on it at all, but I plan to aggressively oppose means testing and to claim what is rightfully available to me when the time comes.

[Ima saver]

I am planning on taking mine early and investing it all in a mutual fund.

[Diolla]

Originally Posted by getforfree

I see you all not counting on Social Security.
But
THEY ARE TAKING MONEY OUT OF MY PAYCHECKS!!!!
Is there way to demend it all back in case it won't be around 40-50 yrs from now? Because I feel like I wasting my money on nothing. If I would take that 6% and put it in my IRA acct, at least I would get almost as much as I am making now. Again, is there a way to get them stop taking money from my paycheck, I just don't want to throw it away.

Just like taxes there is no way to avoid paying it. I am not happy about the way they spend most of my money but about all I can do about it is vote, and that doesn't seem to do much good.

I expect it will still be there but I don't expect to get much of it so I don't plan on it. Right now I am doing okay and plan to retire and transfer into my dream job in about 8 years or so.

[greedy4chips]

I think the only ones who will get it are the poorest people. I think they will find a way to reduce payments to those who earn X amount and no payment to those who earn XX amount.

There seems to be no mathematical way to overcome the baby boomers at current projections. So either raising the age at which you can begin to receive payments or by reducing the amount you can collect are the only real viable options.

Increasing contributions is not an option either.

[disneysteve]

Originally Posted by greedy4chips

So either raising the age at which you can begin to receive payments or by reducing the amount you can collect are the only real viable options.

I think we will see a combination of these two changes. The age for full benefits has already risen. It is 67 for me, not 65. And I expect it will rise farther. With people living longer and longer, they either need to raise the age, limit the benefits or cap the benefits somehow.

[scrava]

I'm not counting on it.
But, I agree with the posted above.... I want them to stop sucking SS out of our paychecks.
It sux! Don't expect me to spend 47 years contributing to something that I'm not
going to get.

[k-man]

Originally Posted by disneysteve

I think we will see a combination of these two changes. The age for full benefits has already risen. It is 67 for me, not 65. And I expect it will rise farther. With people living longer and longer, they either need to raise the age, limit the benefits or cap the benefits somehow.

The other possibility besides raising the age limit (which they'll likely do again soon), and decreasing benefits (again, likely for higher wage earners), is raise our taxes.....

The system is just so incredibly flawed. SS was designed in the 1935 to get older working men to retire so that hoardes of unemployed younger men would have jobs. And so they retired at 62.....and guess how long the average man lived back then? 62 years old. Nearly everyone smoked...and so the government picked up the tab for retirees for a *very* short period of time. Now, men live 17 years longer than they did back then on average. The system was never designed to handle that. And yet, not only do most Americans fully expect to be retired by age 65, many expect to retire *early*. This represents a huge disconnect between the fantasy of early retirement and what lies ahead for most Boomers and Gen Xers. Most will be forced to work into their 70s...no doubt about it.

Three legs held up the Retirement Stool in years past. Company pension plans were one leg.....we know what's happening there. Social Security is another leg.....again, facing major trouble. And finally, personal savings is the third. Again, since we actually spend more than we earn as a nation, we can't depend on that either. People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future.

[creditcardfree]

"People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future."

Oh, I agree. I started the thread to get people thinking. In general, many of us have the thought that there is always social security, so why save and invest, lets spend our money!! Hmm...what if it isn't there? Or what if it is, but it isn't enough? These are real possibilities as it stands now.

If we could all save more now, the less likely they might increase the taxes later. Wishful thinking I know.

Is anyone thinking that they won't claim social security if their nest egg is large enough without it? I know some want what they put in back, but doesn't that get greedy. Why not leave it there...for those that really do need it to live on. I know this won't be the majority, but it's something I've thought about. As of now, I'm undecided anyway...since I don't know what the future holds.

[k-man]

Originally Posted by creditcardfree

"People in this country need the mother of all wake-up calls....because they clearly don't understand what will happen to them in the future."



Is anyone thinking that they won't claim social security if their nest egg is large enough without it? I know some want what they put in back, but doesn't that get greedy. Why not leave it there...for those that really do need it to live on. I know this won't be the majority, but it's something I've thought about. As of now, I'm undecided anyway...since I don't know what the future holds.

Our nest egg will be large enough that we won't need SS, but there's no way that I'll not take whatever they decide to give me. I will not throw my portion of money into the pool because most of my peers decided that they'd spend every cent they make and my government mismanaged the system....sorry. I'll get much less than I've been told I'm getting all along....that's my contribution to the pot. I'll gift what I get to my younger family members before telling Uncle Sam that he can keep my share.

[creditcardfree]

Originally Posted by k-man

Our nest egg will be large enough that we won't need SS, but there's no way that I'll not take whatever they decide to give me. I will not throw my portion of money into the pool because most of my peers decided that they'd spend every cent they make and my government mismanaged the system....sorry. I'll get much less than I've been told I'm getting all along....that's my contribution to the pot. I'll gift what I get to my younger family members before telling Uncle Sam that he can keep my share.

I like that you would give it away. That isn't greedy at all. Thanks for a different view point.

[tabbycat31]

I am 26 and I don't plan on it being there at all.

I think this solution can be fixed by changing the cap (around 90K) to make it 90K or 50% of your paycheck, whatever is higher.

[sakigt]

23 here, not counting on anything.

Would be happy to take whatever they give me

[Ima saver]

Well if anyone thinks they can live on social security, they have another think coming. I have heard of people that said they did not need the social security money, but they get it anyway. I guess I will take my $400 a month and be thankful!