Should I count on social security?

[genchan]

I'm trying to do some retirement planning as part of my New Year resolution. When I calculate my retirement income, should I count on social security benefits? Should I assume the system will be broken by then and there won't be anything left for me? Should I use the social security numbers or hedge my bets and use lower numbers?

[kmacserv]

That depends. What is your year? When do you plan to retire (age)? What type of other retirement plans do you already have in place?

I like to figure retirement income not including SS, because there is no guarantee that it will be there and if it is, it will provide you with extra income to fulfill some of your dreams that may not be availble with just your other retirement income.

If you have the time and ability to put more away in standard retirement accounts do it.

[Momtwo]

When we ER'd early, we never counted on it. We have about 5 years before we can even collect the reduced amount at 62. But I am not counting on seeing any of it.

[genchan]

I should retire in another 25 years or so. It isn't something that is just around the corner. Would it be best to plan for retirement without social security included and count it as a bonus if I do get anything from the system?

[Tree0164]

I personally would consider social security just the topping on the cake. Who knows whether it will be around or not.

[terry1156]

If you can, leave social security out of your plans. There will in most liklihood be something there when you retire, but in what form is anyone's guess. if you don't have the finances to not count it, use a low estimate of what you'll receive.