How much at retirement?

[jIM_Ohio]

Steve: Although you are correct in your outlook about social security, you also can't discount it either. I'm with you. Save as much as you can. In my husband's and my situation, he pays 15.3% social security and so do I. We're within 7 years of our retirement, that's why I said it depends on where you are.

By the same token, you don't want to save so much that you don't enjoy some of your life now. There will be those who didn't save early on that will have to catch up. I don't know very many people who can retire at 62. That's just me and a lot has to do with health insurance.

I see using SS as detailed planning. 7 years from retirement requires detailed planning. How much income? from what sources? estimated RMDs? account types? tax types of account types? and the list goes on.

10+ years out is general planning. Need a goal (like 25X income), meed a method (save X % of current income) and incremental measurement points along the way (to measure progress).

[Aleta]

The closer that you are to your your retirement age, the more you have to start including your social security as part of your overall package.

The other neat side that I had seen advised was to see if you could pretend that you were in retirement now. Could you live on what you have now? It's like a rerun before you do it. I think it is wise for anyone to see how long their money will last them even if they aren't retired. There was another financial expert that had a similiar teaching on seeing how many years from now, could you live off from what you have now.

[disneysteve]

We're within 7 years of our retirement

That's a whole different story. You will receive the promised benefits barring some catastrophe.

I'm 42. That's puts me about 25 years from full SS retirement age, so I need to plan differently.

[LuxLiving]

I'm some little bit older than you disneysteve - at what place would you put the magic cut off date? 22 years? 20 years? 15 years?

[disneysteve]

I'm some little bit older than you disneysteve - at what place would you put the magic cut off date? 22 years? 20 years? 15 years?

I'm hoping to be able to retire from full-time practice at 62. Of course, there are many variables that can affect that, like health insurance, whether or not my wife works in the coming years, market performance, inheritance, etc. We can never plan with any certainty, but that's what I'm shooting for.

[LuxLiving]

I was asking - do you think those that will be eligible for SS in 20 years are out of luck? At 15 years out they should be okay? Or some variation in between?

[jIM_Ohio]

I was asking - do you think those that will be eligible for SS in 20 years are out of luck? At 15 years out they should be okay? Or some variation in between?

I am 30+ years to collecting. I will collect it, but it may trigger Roth withdraws to be taxed, or I might be paying tax on 100% of SS.

The government will find a way to keep system afloat- reducing benefits and raising retirement ages along the way.

[disneysteve]

I think the system will remain but will be modified. Being 25 years out, I expect there to be changes between now and then. Probably some combination of reducing benefits, raising taxes and raising retirement ages.

[LivingAlmostLarge]

I'm 30+ years out and I'm guess it will be means based or something the draw, though I pay into it. DH and I are under 30. So for us no way. Right now the earliest we could draw is 62, but I bet by then even "early drawing of SS" will be 67 and normal might be like 70 or 72.