Planning on social security?

[creditcardfree]

I'm 33 now, but I was told in my teens that social security won't be around when I retire. Obviously, this remains to be seen.

I'm curious how many of us are planning on it as part of our retirement and how many will just consider it gravy if we do get it?

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

[Broken Arrow]

Hahahahah!

I am 100% on board with you.

I plan on managing my money as though Social Security does not exist.

That way, whatever it is that I do get, it'll just be gravy.

[PauletteGoddard]

Yes, we're planning on receiving no benefits from the government although SS is SUPPOSED to be around by the time we retire, but as long as Americans keep voting in administrations that borrow borrow borrow against SS, as Americans have done for the past thirty years, we can count on the well being dry by 2018.

You can see on table six of the Retirement Security Project PDF, particularly the Under 35 Age of Household head, that <a href="http://www.retirementsecurityproject.org/pubs/File/2004SCF20060504.pdf?PHPSESSID=3baefa6c594189ff6f08 1b0ddea3d32a">lots of people are saving for retirement</a>, probably because they don't expect Social Security to be there for them.

It'll be gravy for me. I'll probably spend it on medication, bifocals, incontinence pads or the fifth generation of easy listening mp3s.

[autoxer]

I'm 27 years old and I've got my own plan, so I'll consider it gravy.

[Ima saver]

I plan on getting it, but it won't be much. I am saving as much as I can and will probably sell my house and downsize. So far, I don't need medication, bifocals, incontinence pads, and I don't like easy listening music or even know what a mp3 is? My favorite songs to dance to are old time rock and roll and my #1 favorite is WIPE OUT!!!!

[PauletteGoddard]

I don't need medication, bifocals, incontinence pads, and I don't like easy listening music

I hope I won't need them either, but I imagine they'd be hot commodities to resell on the black bluehair market for the cashstrapped seniors. "Oh, you want these but don't have the cash? Make me an offer. How about a week in your FL condo in January?"

[Ima saver]

I am stocking up on toilet paper to trade!!

[sweeps]

I don't think social security will go away. The benefits might be cut by 25% -- maybe even 50% -- but it'll still be there. But I agree, best to plan without it and let it be a pleasant surprise.

[Ima saver]

Even if it is still there it is not enough to live on. I am going to get $400-$500 a month. That is ok, because I never paid in a lot. I never made ove $8000 in one year.

[Snoopy2645]

Well I am 29 I got a letter this year that said basically the good news is I have now worked enough to recieve SSI the bad news is in the year whatever like 2027 or something ssi wont be around or cut a whole lot!!! So I guess I will live also as though it dont exsist dh has 401 k & I will soon get one & I am planning on paying the house off this year & after that max IRA contributions each year & some other things to save for my retirement!!

[kealina]

i'm 24 and i'm not depending on it at all... like you guys said, "it's all gravy"...

[creditcardfree]

You think, at some point Congress will just increase the percentage they take out of each paycheck we each earn?

I glad to see most of us aren't even considering it in calculating our retirement.

[safari]

I am not counting on social security at all. Who knows what the laws are going to be in 30+ years when I'll be retiring. I hope I'll get back some of the money that I've been paying in my social security taxes, but if not, I'll have my own retirement savings. I also got a pension plan at work, which pays depending on how long one had been with the company. I did an estimate just for fun; if I stay with my company until age 65 and my salary is increasing 2% (in reality it should be 3%-4%) my pension would be about $7,100 a month, which I guess is pretty good, but I am not counting on it either. If I quit my job today, I am guaranteed to be paid $670 a month when I turn 65, but that's so little money that it doesn't affect my retirement goals. So to summarize, I am only counting on myself.

[meaghanchan]

Agree with all previous posts. I'm not counting on social securty. It would be a nice bonus, but I'm not expecting a dime.

[Bookie]

Good topic and timely as well.

I'm old enough to draw Social Security, although with a reduced benefit because I'm not at full retirement age. I don't need the money at the moment My resources are more than sufficient to my needs. I had planned to wait for the full benefit.

Should I pursue that path or not? I'm getting mixed signals. Some of my contemporaries recommend "getting it while the getting is good." since the benefit could be cut. Others think that waiting for the full benefit is the way to go.

What do you all think I should do?

[PauletteGoddard]

Some of my contemporaries recommend "getting it while the getting is good." since the benefit could be cut. Others think that waiting for the full benefit is the way to go.

What do you all think I should do?

I'd wait for the full benefit.

[disneysteve]

I'm another not counting on it. I do all our retirement planning and projections without SS included. Whatever we get will be extra padding on top of what we save for ourselves.

[rob62521]

Originally Posted by Bookie

Good topic and timely as well.

I'm old enough to draw Social Security, although with a reduced benefit because I'm not at full retirement age. I don't need the money at the moment My resources are more than sufficient to my needs. I had planned to wait for the full benefit.

Should I pursue that path or not? I'm getting mixed signals. Some of my contemporaries recommend "getting it while the getting is good." since the benefit could be cut. Others think that waiting for the full benefit is the way to go.

What do you all think I should do?

I think it depends on how you feel. Are you in good health? Do you need the money? If you need the money I would take it now. Or, if your health is bad, you might take it now as well. My dad took it at 62 (this was in 1982) because he was in poor health and needed to stop working.

[disneysteve]

Originally Posted by Bookie

I'm old enough to draw Social Security, although with a reduced benefit because I'm not at full retirement age. I don't need the money at the moment My resources are more than sufficient to my needs. I had planned to wait for the full benefit.

Should I pursue that path or not? I'm getting mixed signals. Some of my contemporaries recommend "getting it while the getting is good." since the benefit could be cut. Others think that waiting for the full benefit is the way to go.

Wait for the full benefit. There is virtually zero chance that benefits for current retirees will be cut. Any cuts would only affect future retirees. I would wait a couple of years and then take the full amount.

[rob62521]

I'm a public school teacher so I'm not eligible for social security -- I pay into a teacher's pension, but with the way our governor is spending pension funds, I may be in the same boat as many of you in social security. I am putting money aside to supplement my pension. Not enough, however. I need to do more.

Those of you who are not counting on social security are very wise. My folks didn't know better. They were born during the "notch" years and received less benefits. When it came to retirement, they depending wholly on social security (remember, this was in the 1980s). They were living at poverty level then. My mom still is considered at poverty level. My dad died in 1998 and although my mom receives his benefits, they are still small. So, those of you saving and considering s.s. as gravy, way to go!