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"Many workers aren't factoring Social Security into their retirement plans, fearing a massive cut to benefits, but how likely is such an event, and what would it mean for retirees?"
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"Many workers aren't factoring Social Security into their retirement plans, fearing a massive cut to benefits, but how likely is such an event, and what would it mean for retirees?"Brian -
Yeah, I'm definitely among that crowd... I'm 26 right now, and have every expectation that SS will see significant cuts in various ways (COLA reductions, means testing, minimum age increases, outright benefit reductions, etc.) over the next 40 years. I find it simpler to assume that I can't rely on it, and plan around the idea that I have to save everything that I'll need to retire on. Anything that SS is able to provide at that point is gravy. -
I don't include SS in my planning. DW and I are 49 and 48. I fully expect that SS will still exist and that we will receive benefits. I just don't know how much so I don't count it. Whatever we get will be great but my goal is for us to be prepared with or without it.Steve
* Despite the high cost of living, it remains very popular.
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I have plans for social security at my "retirement." I will take any amount offered as soon as it is offered and put it into Vanguard. I think I can accrue more in less time than the payments will increase. I did some speculative spreadsheets, and as long as I get about 7% or more, I will definitely come out ahead this way.
All the planning of "when should I start to draw benefits" only matters if you plan to spend the money on necessities. I don't plan to do so.Comment
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