Planning on social security?

**Broken Arrow** · 08-25-2006, 11:51 AM

Re: Planning on social security?

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** · 08-25-2006, 12:02 PM

Re: Planning on social security?

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** · 08-25-2006, 12:04 PM

Re: Planning on social security?

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

**Ima saver** · 08-25-2006, 12:07 PM

Re: Planning on social security?

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** · 08-25-2006, 12:16 PM

Re: Planning on social security?

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** · 08-25-2006, 12:24 PM

Re: Planning on social security?

I am stocking up on toilet paper to trade!!

**sweeps** · 08-25-2006, 12:57 PM

Re: Planning on social security?

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** · 08-25-2006, 12:59 PM

Re: Planning on social security?

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** · 08-25-2006, 01:13 PM

Re: Planning on social security?

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** · 08-25-2006, 01:15 PM

Re: Planning on social security?

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

**creditcardfree** · 08-25-2006, 01:23 PM

Re: Planning on social security?

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** · 08-25-2006, 02:08 PM

Re: Planning on social security?

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** · 08-25-2006, 04:01 PM

Re: Planning on social security?

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** · 08-25-2006, 04:07 PM

Re: Planning on social security?

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?

Planning on social security?