How Much Is Social Security a Part of Your Retirement Planning?
Posted by Zipstser257@reddit | GenX | View on Reddit | 431 comments
My wife and I both plan to retire in the next 4 years and have been planning for it financially for many years now. Social Security is planned to be a small percentage of our financial future. Small enough to the point that if the plan runs out of funds to pay out I believe we’d still be OK financially. Medicare plays a HUGE role in our retirement planning. But due to pensions and retirement accounts we have, SS is something we fully expect to at least be reduced from the current government estimates of how much we’ll receive. Do you plan on Social Security to be a big part of your retirement income and do you believe you’ll still get close to the monthly amount the government is projecting with each annual statement?
xtalgeek@reddit
Not. But we are collecting it. If we didn't get a dime from SS we would be OK. But we did pay into it for 35+ years.
amazing-haves-34@reddit
Zero. I don’t trust what they say I’m going to get, and am mildly skeptical that I will get nothing.
amsman03@reddit
It's not planned......not is NOT true. The truth is that if nothing changes the fund will be 23% short. You might conflate the two but if you think politicians will let this happen, you don't know much about politics.
The much more likely scenario is that other taxes, including FICA payments will change to compensate, for instance it the limits on FICA were raised or the amounts were increased, this alone would cover the shortfall.
Neither party will allow SS benefits to be reduced.
Now this having been said, we are not planning on SS in our plan, even though we currently enjoy having our entire cashflow covered by SS because it allows us to simply defer withdrawals from our retirement accounts until such time as we won't be getting SS......if that ever happens!
Temporary_Nail_6468@reddit
Hoping it covers Medicare premiums.
Ghia149@reddit
0%
Fair-Wishbone-1190@reddit
I'm relying on it almost 100% because I have no savings which is my own fault and I will have no job or income at that age so I will be solely living off of that. My house is paid for so all I have to pay is the normal bills utility, etc But without social security I would probably have to sell my house, and live in an apartment for the rest of my life.
Character_Raisin574@reddit
You got your house paid off! That's your fault too. 👍
Fair-Wishbone-1190@reddit
Can I ask why me having my house paid off is bad? I thought that would be a good thing.
Character_Raisin574@reddit
? It's not bad. You said not having $ was your fault but you did pay for a house which is a huge accomplishment. Congratulations!
SubstantialAmoeba665@reddit
Ze is giving you a compliment! You had berated yourself a bit for not having savings (my own fault), but you have obviously been financially responsible enough to pay off your house, which is to your credit!
Fair-Wishbone-1190@reddit
Oh I see okay thank you! I thought it was some sort of dig at me.
Bravo-Buster@reddit
It's not the best option, but reverse mortgages are a thing, and might work for your case, all things considered. It'd keep you in the house for longer, at least, and the only thing you have to lose eventually is the house (which is sounds like you're probably going to at some point anyways).
Fair-Wishbone-1190@reddit
My dad had a reverse mortgage on this house, and when he died I was stuck with the balance. Which was $47,000. I had to either pay that back or sell the house and move out somewhere else. We totally got scammed I think because we didn't even get that much for the loan plus all the fees they charged it was a complete joke. I would never wish a reverse mortgage on anyone. I made that clear to the second mortgage officer I spoke with today and he said it wouldn't be like a reverse mortgage basically he said I could take out $50, 000 for the loan and pay $332 a month back, and it would be a 30-year loan. That seems to be the best option so far that I've looked into.
SubstantialAmoeba665@reddit
But it's only a good option if you invest that money such that you earn more thanb $332 off the investment. Talk to a financial planner before moving forward with this. Make sure your eyes are wide open or you may end up like your father with the reverse mortgage.
Fair-Wishbone-1190@reddit
Yeah, you know I've been thinking about it all afternoon that it's an online company I've never heard of, and I think it would be best if I went to a local bank to do this, only because it's almost sounds too good to be true. I've given it some more thought and I might not even do it at all now. It was just a fleeting thought I had to get some extra money kind of easily for my retirement but I don't think an anonymous lender is the way to go.
SubstantialAmoeba665@reddit
Definitely not! Local and in-person is the way to go; quick & easy is NEVER the way to go. Find a well-recommended financial planner and see if you can set something up that makes sense. Otherwise-- you are in good shape. You paid off your house, which is GREAT.
Another thing to consider if your house is big enough is renting part of it out. A room mate, or with a little investment, it's possible to wall off part of a house into an efficiency apartment and get regular rent that way.
Fair-Wishbone-1190@reddit
Ya there's a basement with a separate door entrance that would work as an apt for somebody. I'm just not sure if I'd like that because it's a fairly small 3 bedroom home. But it's definitely an option to keep in mind. And I'm definitely not going to go with an online deal, if I do decide to do it I will go through a local bank. But I'm starting to second guess this all together.
Still-Syrup-438@reddit
talk to a financial planner about getting another mortgage on your house and investing the money for extra income and growth so you don't have to move when you retire.
Fair-Wishbone-1190@reddit
What exactly is the second mortgage? Does that mean I get the full amount of the house?
Still-Syrup-438@reddit
Your best bet is to talk to a pro to find out the best option is and learn about the risk involved. My sister took out a mortgage on her house a couple years after she paid had paid off the original loan so she could have money to start up a business.
Fair-Wishbone-1190@reddit
Yeah I just called a second mortgage loan officer and they told me the details basically of how it works, that if I take out a $50,000 loan I have to pay $332 a month. Does that sound like a rip off to you or no? He said it would be a 30-year loan. Which is crazy because I'm 53 now and I'm not going to see 83 I'm almost positive of that.
Still-Syrup-438@reddit
The $50,000 goes to you. You invest it to make $X per month which would more than cover the $332 per month loan payment plus that $50,000 grows about 15% per year until you die. You can sell the investments at anytime or have your family do it after you die to cover the remainder of the loan. They could also just sell off other assets like your car, or you can get a life insurance policy. Talk to a pro who has the time to give you more details if you don't understand the strategy.
Fair-Wishbone-1190@reddit
When you say invest it, exactly what does that mean you mean like buying stocks or something? I'm really not familiar with how that kind of financial stuff works. I do already have a life insurance policy that is worth $50,000 so that'll go to a relative that I've already named as a beneficiary. But I guess I just don't quite understand how I would invest it and that would make my $332 month payment.
Is that something I would need to talk to someone else about or can you explain it in quick layman's terms,? Like I said I'm very naive when it comes to this stuff sorry.
Still-Syrup-438@reddit
When I say invest I'm thinking of what are ETFs which are a group of stocks bundled together to meet a certain goal like more income, growth, or to follow an index like the S&P500 or country. You would want to talk with a pro so they can look at your specific situation and explain everything. 1st meeting with a financial advisor is usually free because you are interviewing them to see if they are a right fit and they can determine if they can meet your goals. You can pay a flat rate to have them develope a plan or pay a percentage for them to manage your account. You can also try a software manageg account like Fidelity Go Accounts but I don't know if it would generate the income you would want. Some brokerage firms will give you access to a free financial advisor or planner when you open an account if you meet their minimum. You can learn more about investing for income at r/dividends , r/Fidelity , r/TheRaceTo1Million , etc.. but really do your own research because not all free advice is good advice.
Fair-Wishbone-1190@reddit
Thank you for explaining that! I understand what you're saying and quite frankly it sounds overwhelming. If I decide to do it though I think I'm going to go with a local bank rather than an online person that I don't even know. I live in a small town and the bankers know who I am so it might be just easier to deal with them. I do appreciate your advice and I'm going to look into that.
SignificantTear7529@reddit
Yeah. We'll have to rely heavily on it or keep working. We just finished 8 years of college tuition...
UKEE93@reddit
None. It’s a bonus at this point (I’m 57 and Fired fully in June 25.)
Mikethemechanic00@reddit
PatternMediocre2357@reddit
I retired early and took social security out of my equation. I didn’t want to depend on it. I use it for unforeseen expense or future inflation mitigation. Inflation will rot your socks if it goes up again
robinorbit65@reddit
Mine would be 1400/mo if I wait until 70, so…not relying on it at all.
Mysterious-Way-5000@reddit
im 47 and assuming those funds will be gone before I retire. I think anyone not taking their benefits as early as possible risks getting screwed.
Last_Ad4258@reddit
I’m still under 50 but my husband and I would like to retire young. Health insurance is our main hurdle, we are considering a move abroad during the pre Medicaid years. I’m not even thinking about SS, I assume the amount will be small enough not to matter
endofsep@reddit
We are planning on SS to be a decent sized chunk of our retirement by waiting until 70 to take it. I retired last year at 65 and my wife turns 65 this year and is planning to retire later this year. I am on Medicare now and she is covered by her company for the rest of the year. I went back to work part time as a consultant in February so between that and my wife still working we have this year covered without having to dip into retirement. We plan to live off a three legged stool of 401k, savings, and stock holdings to get us to SS. IRMAA is a concern so we will be doing some Roth conversions each year and continuing after SS starts as we get closer to RMD at 75.
Beast_001@reddit
47 now, I never PLANNED on US social security. But I will appreciate everything I earned. Left, and plan on establishing social security with another country that takes its responsibilities seriously. Many only require 15 years of work to provide any benefits.
That being said, we'll be fine with our retirement savings, it will more than likely outlive us.
Formal_Appeal_5977@reddit
I retired at 60 and my wife at 54. We have more than enough w/o it but it would be a nice perk to bolster our travel funds.
I fear for my kids and grandkids though, they will pay in and probably won’t get anything!
MeowMobile999@reddit
For me it's icing on the cake. I can absolutely manage without it. But it will definitely be a nice extra slice of income.
bikeg33k@reddit
Planning on it being non-existent
InitiativeWorried840@reddit
You are aware your Medicare premiums are taken out of your social security?
bikeg33k@reddit
Whats your point? You are aware that that is typically the case, but they do bill people directly from Medicare, right?
Are you saying that Social Security will never disappear because it has to pay for Medicare? Are you somehow thinking that they will not be able to figure out a way to bill people for Medicare if Social Security is gone?
InitiativeWorried840@reddit
I’m just saying that people should prepare to pay huge medical insurance if they think social security is going away. HUGE like $5000/month or more. We paid that for COBRA, 8 years ago & we are healthy
Betterway50@reddit
You can retire on less than $2-3M in your 50's. There are many factors that determine success or failure
bikeg33k@reddit
Agree-investing while your younger is critical because the bills are likely going to be high. Can’t rely on the government for any of this. I’d much rather have more money saved than needed than have not saved enough
InitiativeWorried840@reddit
Right & don’t be delusional.
InitiativeWorried840@reddit
My MIL is 101. Her caregivers/medication, etc is $300,000/year. She has it. Bless her.
Practical_Wind_1917@reddit
I have 20 years left till I retire. I bette have SS. I have been paying into that system since I was 17. I deserve to have money from it
Betterway50@reddit
15, here
Homebody_Ninja42@reddit
Same. 18 years till retirement. I know they’ll have to make changes to the system over time, but I’ve been paying into SS my whole life. Hope I get something. A three-legged stool with only two legs isn’t much of a stool.
Retiree66@reddit
0%. I have a state pension. Never paid into Social Security in the first place. I retired 4 years ago. All is good.
Betterway50@reddit
How healthy is that state pension, really? With all the questionable milking of these systems, I suspect more that not state pensions are ticking time bombs
BilboBagholder420@reddit
30% if it's gone, we'll survive but have a lot fewer adventures. But it is definitely part of the picture
DiligentPeak1929@reddit
Zero. If it's there, great. But seeing as Congress keeps spending it. And Millennials/ Alpha aren't having kids to fund it, we can't count on it.
SubstantialAmoeba665@reddit
And millions who have been paying in are being deported... https://itep.org/undocumented-immigrants-taxes-2024/
Betterway50@reddit
The entire conversation around immigration (illegal, undocumented, etc) is a huge mess. Ideally, smart government involvement can help the process for things like this, but unfortunately fat, inefficient government usually shows up and takes over
Informal_Cloud8740@reddit
Crazy, so many of you expect it to be gone but refuse to vote for the party that will save it. I guess protecting billionaires is more important to you
Impossible-Key-2212@reddit
Not the sharpest knife in the drawer. Grow up.
Repulsive_Injury3298@reddit
That's the spirit! Name calling and insults! That'll show 'em!
Impossible-Key-2212@reddit
I think it did show them. They deleted the comment. Seems like a win to me.
ChaosReignsNow@reddit
The last time a proposal was put forward to save SS was GW Bush's 20 years ago and the Dems plus a handful of the GOP made sure it wouldn't pass.
deleted_by_reddit@reddit
[removed]
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No Politics - Political posts or comments of any sort are not permitted. If you wish to have political discussions, you may do so on our other sub r/GenXPolitics.
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TheFonzDeLeon@reddit
To save it? That's some interesting revisionism. They were trying to partially privatize it, that's why the Dems plus a handful of the GOP voted against it.
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KookyPiccolo1661@reddit
Don't count on it except to maybe pay for property taxes as we know those will keep going up even if a home is paid for.
harmlessgrey@reddit
I originally crunched the numbers without accounting for Social Security, and we were fine.
But when I redid the numbers with Social Security included, we were bangin.'
Bossanova72@reddit
I don't count on it and I haven't thought about it much in 15 years. When I was younger and working hard it was cool to see that my pay finally went above the SS max, so it was like a small raise.
I'm afraid our social "insurance" has been squandered and I'm saving and planning on taking care of myself and my loved ones.
ScotiaG@reddit
No Social Security, no retirement. No full retirement anyway, I could probably swing a few months off every year.
Pristine_Main_1224@reddit
Assuming there is still SS to be had…I’ll take it at 60 and let it work for me.
sitewolf@reddit
early is 62 btw
Powerful_Tip_7260@reddit
And there is a penalty if you make over $23k while working.
sitewolf@reddit
by penalty are you meaning it's taxable?
Powerful_Tip_7260@reddit
They reduce your Social Security amount
sitewolf@reddit
they reduce your benefit amount if you start collecting prior to your full retirement age, but the penalty you're referring to is temporary
Grand_Taste_8737@reddit
I decided long ago NOT to rely on social security for anything retirement related. I've lived below my means in order to provide myself with an adequate retirement. I figure anything I receive from social security will be a bonus.
deleted_by_reddit@reddit
[removed]
GenX-ModTeam@reddit
No Politics - Political posts or comments of any sort are not permitted. If you wish to have political discussions, you may do so on our other sub r/GenXPolitics.
Breaking this rule may result in bans, either temporary or permanent.
Before you make the claim: No, providing respite from political discussions does not infringe on your rights.
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PrimalSixFive@reddit
It's not a part of my retirement. When I take it, it will only be extra spending money.
Powerful_Tip_7260@reddit
It's big especially if you are married because there are two payments coming in. It's over half our income.
RCA2CE@reddit
Huge. We don't "need" it - but it will be tight without it and it completely changes the plan if we don't get it. We technically will have enough to scrape by without it, but we will live comfortably with it. I'm hoping I can use the next few years of work (god willing) to bolster our money so that it becomes less important.
Still-Syrup-438@reddit
I didn't factor in social security at all because I wanted to retire early, while I was still young and healthy enough to enjoy it. I have about 7 years to go before I can collect and still manage my money like social security benefits won't exist in the future.
Secret_Computer4891@reddit
There's a lot of bad information in the responses. SS is not going away. It is projected to go insolvent in around 2032 and projections are that money coming in will cover about 75% of benefits. We were here before, in the 1980s, and at the 11th hour our dear leaders took action and SS did not go insolvent. Though a combination of reduced benefits and increased taxes the SS issue was kicked down the road another couple decades.
This is a political nightmare to fix. It will be more of a political nightmare if it isn't fixed. So, most likely it will once again be fixed in the 11th hour by whichever dear leaders have the misfortune of not being able to kick the can anymore by, most likely, another combination of reduced benefits and increased taxes.
Now, to answer your question. It is a big part of our financial plan, but more so as an insurance policy for my 4-5% withdrawal rate not working out as I hoped.
My wife will start drawing at 62 or 65. I will defer until 70 if at all possible to ensure my (larger) benefit is maxed out for whichever of us outlives the other.
ZaphodG@reddit
I’m 67 turning 68 next month. I’m delaying collecting Social Security until age 70. My wife started collecting at age 64. In June 2028, our combined Social Security benefit will be around $90,000 per year plus the 2027 and 2028 COLA adjustments. Even if Congress does nothing, it’s still $70,000 per year when the “trust fund” is exhausted.
If you look at the actuarial tables, a couple at age 65 has a 50% chance that one of them will live to age 89. Adjust for socioeconomics and for us, it’s more like age 91. Without Social Security, 2/3 of Gen X will eventually be homeless and eating dog kibble.
I designed things so 100% of my cash flow is covered by Social Security. Housing and health care combine for around $25k.
stannc00@reddit
Between now and 2032 they need to increase the caps on the payroll taxes. That will have no impact on those with lower incomes and help sustain the trust fund.
bp3dots@reddit
"fixed" by continually reducing it. I guess it's not zero, but it also doesn't seem safe to account for as anything but a bonus. (Especially if you're trusting the current leadership to pull off an 11th hour save.)
Bravo-Buster@reddit
I don't include it at all. I know in the back of my mind there will be something coming from it, but that's the "extra" and I'm not expecting it. I figure even if it's only enough to cover the medicare coverage, then it's a nice little bonus. With the current state of things, we're preparing as best we can without considering it will be there at all.
lastbeat-331@reddit
I'm planning for SS and Medicare/supplements to be a wash.
_Losing_Generation_@reddit
40% - 50%
Rough_Condition75@reddit
It’s currently 1/3 my plan and will be the difference between being ok and having extra. I’d like to invest more in my retirement but I have 2 AlphaGens living with me and their prospects aren’t good. As long as they need my support I can’t invest as much as I’d like
UnrealizedDreams90@reddit
Zero. I'm going to take it as soon as I can, and just invest it until/if I need it.
Hifi-Cat@reddit
Taking it at 70. I expect to I'll be putting it to housing.
Groove4Him@reddit
Zero. Just bonus money.
John_the_IG@reddit
It’s gravy. Not planning to take it until 67, and then really do my wife gets a bigger amount when I’m gone.
The_Machine80@reddit
Its not!
happy_traveller2700@reddit
Not much
Ok-Actuator8579@reddit
10 percent
open_road_toad@reddit
SS is all I got coming to me.
QueenLuLuBelle@reddit
I think there is a risk in Gen X continuing to proclaim they were never banking on it anyway. That idea goes mainstream and it’s far easier for politicians to take it away while keeping all the goodies for themselves. I’ve run the numbers both ways. I’d be a lot happier with it and I’ve paid a shit ton of taxes over the last 42 years, it better be there.
jessewalker2@reddit
Ohh don’t get me wrong, if they take it away I’m going to be really really criminally angry.. If it takes a crime to get 3 hots and a cot, I’m willing and able to. Sure it’d be nicer outside of prison, but hey sometimes you gotta do what you gotta do.
Aggressive_Depth_961@reddit
Right. I paid into it and I want it back when I'm ready for it.
H-is-for-Hopeless@reddit
You'll never get back what you paid in unless you are still alive well past 100.
rainbikr@reddit
And the poor will be f"*$&d.
nadiaco@reddit
All.
AntaresBounder@reddit
0%. I’m, sadly, not banking on it being there (or existing in a greatly diminished form) when I am of age. It’ll be a bonus, not a necessity.
abetterlogin@reddit
This is not going to happen.
Eligibility age may go up a year or two though.
Old people vote and politicians like their cushy jobs and payoffs. SS isn’t going anywhere.
SuddenlySimple@reddit
It's ALL of it. I'm a fool, never knew anything about it. I thought you got whatever you were making at your last job.
I was really out of touch because I was making 6 figures when I applied to disability.
I am also a live in the day person and spent everything I had on my house and cars for me and my kids and anything I wanted.
10 years ago so now the disability payments are higher for the new people applying than mine. Lol
I do ok. I have a house and 2 cars but I literally can't do anything extra.
dying-of-boredom1966@reddit
I turn 62 in 2 years. I'm thinking I should start collecting SS while it's around and before the age is raised, and then planning on working part-time as much as SS allows before it impacts my benefits amount. That's the plan at least.
Fickle_Tap7908@reddit
It has not been a big part of our retirement planning, but I will be MAD AS HELL if I’m not paid every penny I’m owed. I will not take it lying down.
TTboy696969@reddit
Been with SSA for 25 years. I work at an inner city office and for at least half of my retirement beneficiaries, it reflects half or most of their income. I still get the “how am I supposed to live on this??” It was never intended to be the only income at retirement age. So many people have to work to make ends meet. If benefit are cut or stopped there would be complete anarchy. If they would only raise the cap, the trust would be flush moving forward. Why do we not hear this as a solution? Because the politicians don’t want blowback from their wealthy constituents.
BlueisGreen2Some@reddit
Because then it’s just a tax. 176k cap is not wealthy in high cost of living areas and taxing these mid to upper middle class more means they can’t save that money for their retirement in their 401k because that money is now supporting someone else instead of themselves. Lifting the cap kills the mid to upper middle class, not the upper class.
childs-is-human@reddit
I would advocate for keeping the cap but adding in a small percentage over 500k for example.
One_Dogarm@reddit
I don't think I can emphasize this enough, but those who say they expect to see nothing out of SS are contributing to its demise. The more it gets discounted, the easier it will be to dismantle. And I say this as someone who doesn't strictly need it to cruise into old age gracefully, but who strongly believes SS's impact and continuity IS VERY IMPORTANT! We may be a somewhat cynical generation, but the burden of keeping aloft these powerful safety nets for the elderly may soon fall on us, and let's be ready to step up for those who truly depend on it.
childs-is-human@reddit
Agree. Not sure how people agree to pay over 12% tax to it their entire careers but expect nothing. I'll be demanding my check at the earliest possible age.
childs-is-human@reddit
I expect SS to cover about 40% of my retirement budget (according to the ssa.gov site). SS will not "run out" but be depleted so its current payout will be running at loss compared to incoming funds. Congress can just fund the shortfall another way (most likely) or pay out 70% benefits (highly unlikely), or make adjustments to incoming taxation.
Candleforce-9728@reddit
They won’t cut it for those currently 50 or over. The bigger problem is tanking the dollar.
redhawkdrone@reddit
I worried about the alternatives that are on the table. Worst case, it goes to zero but that seems nearly impossible…there is a tax base paying into the fund today.
Then, cuts could be made to payouts based on means testing. That seems unfair as people paid into the program and so did your employer. I would argue, those employer payroll taxes are deferred compensation and are mine as well. This seems like a nearly impossible task for the government from an administrative standpoint.
The final option is what will really happen if the program runs out of money. Payments will be only 70% of what was promised. Most predictions have the surplus eroding in 7-10 years and once that happens they can only fund about 70% of the obligations.
ResearcherHeavy9098@reddit
Sadly it was part of the plan and Medicare a huge part ( husband is a cancer survivor). Now it looks like we won't be retiring any time soon (62 &64)
HoosierLarry@reddit
I look at it as a bonus. I never expected SS to still be around in its current form when I retire. If it is, good. If it's not, well hopefully I've done alright on my own.
ZEBRACOD@reddit
You’re funny…..
JayRIborn@reddit
I’m hopeful but still dumping as much as possible into my retirement. I’m almost 60. I don’t understand how the gubment can keep telling us that SS will run out and also keep passing cost of living adjustments for current recipients. That and too many people own guns for the gubment to think they’d get away with eliminating SS.
Quack68@reddit
1/3 like it’s supposed to be.
mtcrick@reddit
I have always, back to when I first started working at age 15, considered Social Security to be "extra". I never counted on it. I'll take it of course, in whatever form it's in when I turn 62 (and please don't lecture me on how much better it is to wait to take it. I had a very close friend who retired at 55 so she could go do her horse things, and died at 60 of a glioblastoma. I'm taking it as soon as I'm eligible).
squirtloaf@reddit
There is some good math about how taking it at 62 is a sound decision, especially if you don't expect to live to 90 or whatever.
Basically, taking at 62 you gonna get $1400 per month. If you wait until 67, then you get $2000 per month.
The trick is, if you take it early, you will get $84,000 by the time you are 67. At $600 extra per month, it would take 140 $2000 payments to make that money up.
So, if you take it at 67, it would take 12-ish years to catch up to what you would get starting at 62...so somewhere around the time you are 79.
However, if you can keep making income and put that SS money in a high return ETF like QQQ, you could make 50-80% on that money in 5 years. (I am not doing all of the math. I know it would build over time at roughly 15% per year)
So....yeah. If you think you are going to live to 90 or whatever, then taking it at 67 or 70 makes some sense? But if you expect a normal 80-ish years, you won't make up the money.
mtcrick@reddit
Well, in addition, my spouse and are are both fortunate enough to be on the state pension retirement, with a guaranteed 3% increase annually. So SS is truly extra for us, along with his military retirement from being in the national guard.
squirtloaf@reddit
Must be nice! I just have my inadequate 401k and some personal savings. I think living in a cheap state and eating cat food are in my future.
AnarchicDeviance@reddit
I've paid for Social Security my entire life. I expect it to be there when I'm ready to retire and begin collecting in a couple of years. It would constitute about 40% of my income, as they recommend you calculate. My lifestyle will not be extravagant, but with my and my partner's IRAs, 401(k)s and other savings--including a paid off house--we should be all right.
If Social Security is not there in some form similar to what we have been promised, then the U.S. economy will be in such bad shape that it really doesn't matter what we've saved in other assets.
Comfortable-Past7766@reddit
Exactly right. So many doom and gloom here. It will be there. If not the country is non existent
velociraptoraccident@reddit
Zero. I don't expect to ever be able to retire anyway so it kind of doesn't even matter
H-is-for-Hopeless@reddit
I don't expect to ever see a dime from Social Security. I just assume it's a total loss.
LonelyMachines@reddit
I was told from an early age not to count on Social Security. If it's still solvent when I retire, it'll be a nice supplement to my savings.
Hot_Alternative_5157@reddit
$0 for SS and 0% for Medicare. I’m 44F
Historical_Bath_9854@reddit
Planned on it being gone, hope to at least get Medicare, though not holding my breath.
tannick@reddit
Not at all.
Pointless_Lawndarts@reddit
lol, none.
tictacksmuggler@reddit
I’m hopeful to get it at all
heatherplants@reddit
I’ll never be able to retire.
Uncle_Brewster@reddit
I have seven figures in 401k and I also have 2 pensions. I hope social security will be there, but I think I'll manage without it.
bbush36571@reddit
I save and invest like it's not going to be there. Been doing that as long as I can remember. If it's there, great! Extra income, if it isn't, that sucks but I had no intentions of planning on it being there in the first place.
The govt fu**** us tax payers over royally.
platypus_farmer42@reddit
My wife and I are planning on it not existing.
Fish-Weekly@reddit
It’s a big part of my planning. I paid in for 37 years and I expect to get something back out. I could probably squeeze by without it but I don’t see how it could be fully eliminated with nothing in its place without a major blowback to anyone in political office if it were to happen that way.
I do think there will be changes, there has to be, but I think people close to claiming age will be less impacted than those farther away. A lot of us were in that position for the last reform effort in the early 80s; I hadn’t even started working full time yet.
jessewalker2@reddit
Lots of people say they’ll never see retirement, but realistically I couldn’t afford to. The money I’m putting in a retirement account won’t even cover a year. I’m 50. I could potentially put enough away for a second year (and will attempt to) but what happens if I lived 3 years? Social security at 70% payout and expected Medicare increases will wipe it out. Add kids and college on top of that. Now show me how I’m going to retire.
mis_1022@reddit
I told my kids they need to pay for their own college. We just are not in a position to pay for it. But if you already said you would pay just make sure they are picking careers with high paying careers and the cheapest college.
BenefitVegetable694@reddit
Third leg of a three legged stool. That’s how much.
StatementSensitive17@reddit
My parents, Baby Boomers, are pensioners. They only get a few hundred dollars a month in SS from the low paying jobs they held before their career professions.
Zipstser257@reddit (OP)
Are they doing OK by having the pensions?
StatementSensitive17@reddit
Yes. They are pretty comfortable. Not pulling out of savings other than major expenses.
Upstairs-Hope4392@reddit
It will be there, people with the sky is falling attitude! That is not the way to live life.
spintool1995@reddit
Exactly. They will do what they did in 1983, which was raise contributions by 1.9% (half from workers, half from employees) with no benefit increase, raise the retirement age for people who were under 30 at the time the law passed, and lower the annual inflation adjustment. Subsequently, they made benefits taxable for people with enough other income they didn't need it.
If they reduced benefits for people near or in retirement, millions of seniors would converge on Washington DC and burn it to the ground.
Upstairs-Hope4392@reddit
One_Dogarm@reddit
The comments I hear from savvy folks is that they'll introduce means-testing. As in it will look more like welfare for elderly, with all the baggage that comes with for our generation. It could be an acceptable compromise to both fiscal hawks and progressives while making modest cuts and pissing off relatively few.
BoogerPicker2020@reddit
I did not include it into my retirement planning and is counted as supplemental.
I started retirement investments very early, mostly because of seeing older relatives rely only on SS and were broke.
WileyCoyote7@reddit
Beer money.
One_Dogarm@reddit
That's a lot of beer! Invite me over on those days you get checks 😉
Finding_Way_@reddit
A large part, as we really want to live on what we hope will be "guaranteed income" (SS and pensions). Ideally, and on paper it seems clear, that all of our needs will be met by these sources.
That being said, we do have 401k, IRAs, etc. So we could make it without it, and meet our needs, but are wants would suffer greatly.
By the way, I have relatives who live only on Social security and are doing fine. They live basic lives, but have safe housing and have fulfilling lives to the degree they would like with lots of free activities at libraries, community centers, and churches... They use antennas instead of streaming services and cable, and hobbies are more related to book clubs and volunteering. It can be done... I'm seeing it happen.
inafishbowl17@reddit
SS will be half of our retirement. My wife will have a state pension equal to her SS. I'll have SS and about 900K-1M in the 401k.
401K will be used as last source of income to handle larger expenses. Hopefully market returns are average or better.
AlarmedWillow4515@reddit
We're going to retire in 10 years and we'll be ok without SS, though we'll have more leeway to travel and give to the kids if we have it
gamestar10@reddit
For FERS, it’s literally 1/3 of the plan.
jessewalker2@reddit
Yeah, and a FERS contribution that is looking more and more like it will “vanish” when the time to collect comes.
/USPS employee.
1bitchvegas@reddit
We're leaving the country where our money will go much farther. I am lucky that I know I will have an inheritance, but no idea how much. Only about 300k total in 401k for both of us, so ss is being factored in.
GboyFlex@reddit
It'll be about 35 percent of my retirement. I'm more concerned about the overall devaluation of US currency. At current rates even "comfy" pensions won't cover a wrecked currency in 10 to 12 years. If Medicare collapses we're all in deep shit.
Zipstser257@reddit (OP)
Amen to all of that, for our first few years of retirement we’ll be on the retirement plan insurance through the state government we work for. Which is still pretty expensive. If Medicare tanks that will have a much bigger effect on our retirement finances than SS tanking.
GboyFlex@reddit
Absolutely, it's not talked about enough. I had to purchase on the open market this year and it's been financially devastating. It's going to push my retirement out at least 5 additional years if things don't change.
BrilliantWeb@reddit
I'm planning on retiring overseas where social security will stretch further.
QueasyTemperature714@reddit
I planned as if I wouldn't get any. It's about. 20% of our budget and I'm glad it's there
Zipstser257@reddit (OP)
We’re in a similar boat, it’s about 15% of ours. My current fear is the Iran stuff will continue to eat away at our retirement investment accounts. They’ve decreased a considerable amount since it started. So the current administration is scaring me that I might have to work longer than I planned!
WyndWoman@reddit
It's 100% and we never spend all of it every month.
Zipstser257@reddit (OP)
WOW, that is encouraging for sure. Thanks for sharing.
AbleManufacturer9718@reddit
1/3rd
wrenchinfool@reddit
2 more years til I retire state retirement and I don’t have enough quarters in social security
TrainingLow9079@reddit
Like I could be okay without it but it's the icing on the cake
BrettNoe@reddit
Like the end of the world, due to climate change, they just keep pushing out how long it’s going to last.
squirtloaf@reddit
Planning? What is this word of which you speak?
But yeah, for me there is no retirement without SS. I am starting to look into taking it at 62 tho. I've seen some compelling math that it is a good idea...plus, I could keep working and just put it in the market for the time until I retire, and I have been doing very well in the market.
Jmast7@reddit
Expecting to get something, but not counting on it. We are still a decade away from retirement, so hard to predict what will happen by then - easier to just plan as if we won’t get anything and then be happily surprised.
251Cane@reddit
Same here. Prepare for the worst and hope for the best.
Zipstser257@reddit (OP)
We are taking your approach more and more with each passing year.
Zipstser257@reddit (OP)
We are taking your approach more and more with each passing year.
No-Profession422@reddit
It's just some extra to add to investments and retirement accounts.
Pypsy143@reddit
We are counting on SS being about 50% of our retirement income. Without it, we won’t make it, so I’m going to fight like hell to keep it!
JoePNW2@reddit
It's interesting how the responses here tell us a bit about the demographics of who uses Reddit (and who doesn't).
For Americans over the age of 65 it is a major income source, with about two-thirds of seniors relying on it for over 50% of their income. Furthermore, roughly 12% of men and 15% of women (about 1 in 7) rely on it for 90% or more of their income.
discgman@reddit
Yes, it was put there to keep the elderly off the streets.
discgman@reddit
Its not going anywhere, especially for this generation. It will be one of my three leg retirement accounts I will use. Hoping to retire at my current pay for the rest of my long long life. lol
helpthe0ld@reddit
We’re not including it. I do download our annual statements just to keep track. If we get it great, if not then oh well.
OldSlug@reddit
0%. I wouldn’t be a typical cynical Gen Xer if I thought I would get anything I was promised from the government.
minpin75@reddit
😭
DirkDaring93@reddit
I use to omit it from planning, due to windfall law. That got repealed and now have a extra $15k a year. I now include about 1/2 that amount for planning purposes.
mtcwby@reddit
It will be a nice bump at 70 considering we've maxed it since 1998. Just an extra layer to make sure we have enough
grammer70@reddit
Yes it's a part of the plan, it's not going anywhere. It's easily fixed with removing the cap or raising it. They will fix it when they have no other choice.
FrankParkerNSA@reddit
Oh how I envy your optimism..
grammer70@reddit
The level is chaos in the streets if they don't find it should scare everyone and it does. I have zero doubt that they fix it. Seriously, why do they stop taxing at 170k ?
TheRealJim57@reddit
The taxes are capped because benefits are tied to the taxes paid in, and SS is neither designed nor intended to provide for a comfortable retirement on its own. It's insurance against being left penniless if you fail to save on your own or somehow lose your savings.
grammer70@reddit
Yes, but isn't going to work out that way is it ? They will have to fix it, and raising the cap will be much easier than reducing someone benefits.
FrankParkerNSA@reddit
Simply put, half the population disagrees with you and believes that there should be limit to taxation.
grammer70@reddit
And there should be, I agree. I just stated that this is how they fix it, and they will fix it.
Kuildeous@reddit
I didn't base my retirement planning on it, but as long as what the SSA website says still holds true when I turn 62, I'll be glad that it helps me keep my retirement for longer.
Clamper5978@reddit
Hopefully it covers a few bills
lazygerm@reddit
I've never. I just assumed it wouldn't be there, like they told us when it would run out of funds.
If I get any, it'll be gravy.
Secret-Ad-5366@reddit
None
ExaminationFancy@reddit
SS is not included in any of my calculations for retirement. My spouse calls it "bonus money".
I wouldn't be able to sleep at night if SS was a big part of my retirement.
weenie2323@reddit
I'm one the rare birds that still has pension coming. I expect SS will be about 10% of my income.
stevemm70@reddit
Thank goodness my wife is one of those rare birds as well. Between that and other money we've been investing, we should be fine. Social Security will be a nice bonus that we're not expecting.
notabadkid92@reddit
None cause they said it wouldn't be there
IamNotaMonkeyRobot@reddit
We were told in elementary school that Social Security would most likely run out by the time we retired. I've never considered it at all in my retirement plans.
Erazzphoto@reddit
It’s gravy. I’ve taken the approach since I was 30, that I wasn’t going to depend on it being there. It would require a little bit of adjustment, but I was not willing to leave my future in the hands of politicians
Hatdude1973@reddit
Doom and gloom about SocSec is overblown. I fully expect it will be fully funded. Too many Americans will continue to rely on it and it would be political suicide to not fund it.
jeffe101@reddit
I agree, you know how many people would be on the street without it? There would be a massive revolt.
seattlemh@reddit
100%
Accurate_Weather_211@reddit
I hope it will cover Medicare premiums, copay’s and prescriptions. That’s all I’m planning for it.
Severe_Feedback_2590@reddit
Since we already retired early, SS is just F off money.
oddball_ocelot@reddit
Maybe beer money. Extra goodies for grandkids. I'm not really expecting much of anything from Social Security.
MusicMan7969@reddit
I will be retiring in 5-10 years. SS will be an added bonus to my planning. I expect it will be there, just not sure at what level. I may take it at 67, however I may hold out to 70. It will all depend on what the economy looks like during that time frame.
notarobot1020@reddit
I hate that we have paid into it and hence should take it HOWEVER we have been conditioned to expect it will be gone… and why ? To pay for tax cuts to the billionaires !!
nosajholt@reddit
Counting on it
notarobot1020@reddit
Yeah me too
Greatcookbetterbfr@reddit
Zero
Temporary_View_3303@reddit
Relying on it funding maybe 25%. If I retire when I want to, it would be needed to match our current income. But if it went away, we would get by.
Capacitorfailure@reddit
It’s nice to hear from the 30% proud they can live without social security but about 70% of Americans cannot. That’s no knock on then, everyone is not in a high income bracket and they did contribute to their retirement every 2-weeks for their working life, so counting on it is reasonable.
We also can live without it but can the economy? Without it you eat out less, buy less, new cars never, less shopping, travel, concert tix. The current government knows it’s not popular to cancel SS and Medicare so they take the back door approach just jack the debit until printing money and selling junk government bonds fails then say, oh we can’t afford Medicare and Social Security, so sorry it was never our intention. Then they announce a much worse fir profit (not yours) plans to be administered by Goldman and United Health.
AgPatriotAg@reddit
This here. If 70% of Americans need social security to retire, the 30% sit on a high horse. But what happens when 70% of Americans can't afford the goods, services, docs, meds, cars, etc., of the companies that the 30% rely on in the IRA's and 401k's?
FlySecure5609@reddit
They die. Nothing more complicated than that.
Crazy_sumbitch@reddit
Not relying on it. But looking at it as an added bonus
TheHandsOfFate@reddit
I think this idea that the United Social Security isn't reliable and will just be be taken away from future generations is bananas. It's a third rail issue. Can you imagine the fallout for the political party orchestrated that? They wouldn't win another election for like 30 years.
emccm@reddit
I should be entitled to the max amount if it’s still available. I’ve been planning on not having it just in case. If I do get it it will be “mad” money. I have been saving and investing for retirement for decades. I’m on track to have more at 4% withdraw than my current annual salary. I won’t have a mortgage and my expenses will be lower so I’m hoping to withdraw less. SS will be fun money.
Taskerst@reddit
I’m treating it like the cherry on top of the icing on top of the cake, but not as the cake itself if that makes sense.
TheRealJim57@reddit
Makes sense to me. I've referred to it as having extra sprinkles on top of a multi-layered retirement cake.
weelassie07@reddit
Not at all. Everything I read said not to count on it. I guess it will be a bonus if it happens.
mmrocker13@reddit
I don't include it or the small (very small) pension I have from a state job I worked at a long time ago. I am 50 now and 7 years or so out (hopefully) from something like retirement and I've never factored either of the above sources of income in at all. Now I debate with my financial adviser/cfp on when to take them, so I suppose we are accounting for them, at least tangentially as we map out the first few 10-15 years of retirement, but... it's not like I am hinging anything on it.
tbodillia@reddit
My company shows what our 401K will be worth WITH social security so a big part.
TheRealJim57@reddit
Your employer has no way of knowing what your SS benefits will be when you collect, and your 401k balance has zero connection to your SS benefit.
If your employer is mentioning SS at all when discussing your 401k balance, then it would be to remind you that your 401k is just one component of your retirement plan.
foosballallah@reddit
For me, SS is 3/4 of my monthly income, the rest is me scooping interest off of my investments. The wife will retire in a couple of months, and SS will be 1/3 of her income. She definitely saved more than me throughout our marriage while my income paid the bills. What is our saving grace was our residential situation; we bought a house on a lake 25 years ago and watched its value skyrocket. We sold the house (a tad too soon) and bought a smaller house using cash. Took the rest of that money and paid off all other debts, so we can coast into retirement debt free.
SrirachaPants@reddit
Why do you say that you sold the house too soon? Just curious as I’m in my 50s and a relatively new empty nester thinking about this stuff.
foosballallah@reddit
The housing market had a major uptick right after we sold it. Probably lost out on another 200k. but it's okay, we are still happy.
SrirachaPants@reddit
Ohhh gotcha. Glad you all are happy though, good to know.
NCRider@reddit
Not at all. How do I determine how much it will be?
SRMPDX@reddit
They have an estimation tool
https://www.ssa.gov/retirement/plan-for-retirement
chimpyjnuts@reddit
Retired at 57. Not counting on it because politicians.
Nightgasm@reddit
Minimal. I have a govt pension that will pay me about $6000 a month til I die (current amount, we usually get a small COLA every year). SS is a nice bonus but irrelevant next to that.
OliveBadger1037@reddit
I'm 58 and my wife is 57. In terms of financial planning for retirement, we are planning to receive nothing from SS. However, in reality, I do expect to get something, even if just a little, because any political party that completely kills SS will be committing suicide. So, anything we do get from SS will just be a little bit extra than what we planned on.
I am actually more worried about the national debt becoming an issue and the possibility of default by a future US government. If that happens, even a partial default, everyone's savings will be wiped out by hyperinflation and SS won't matter anyway.
Beachwoman24@reddit
I feel the same way, 47F. Not sure if SS will be around for us or not. It could be reduced for sure. We have not taken SS into consideration for our retirement and if it is there, then great! If not, we will still be good to go to retire in 8-10 years. Not super early retirement, but early nonetheless.
starksfergie@reddit
SS is a pretty big part of ours, not for anything big, but just to keep us going. I will be able to pay off condo with my savings/401k, but I still have HOA dues, taxes and insurance and SS is to pay for that. If something else happens and SS won't be there (and our our marriage gets nullified/ignored - gay here), likely we won't either - good chance we will leave the country for good (I'm a dual and we are working on dual for my husband as well) - and then we'll likely just rent for the remainder of our life (which is cheaper than owning due to our HOA dues/taxes/insurance)
TheRealJim57@reddit
Wife and I planned for retirement without counting on getting SS, because GenX grew up being told it was going broke and to plan accordingly.
We figured it was better to plan for retirement without it and be pleasantly surprised if it still exists when we're able to claim it, than to plan on having it and then have it cut or even abolished once we were older.
Now, we're both in our early 50s. I'm retired, and my wife technically no longer needs to work but she intends to keep working until 62 to finish out her career (she loves her job and makes good money). We're still putting away ~25% of our gross income, adding more to our financial security base.
Maybe we went extreme on planning for SS not to exist, but the expected ~25% SS benefit reduction coming by 2034 if no changes are made won't negatively impact our retirement, and we're quite happy having that peace of mind.
IcyCryptographer5919@reddit
$0
BeeJ1013@reddit
This is my answer too.
MattDinOC@reddit
Definitely relying on current projections to hold up in the “pessimistic assumptions” scenario (i.e., terrible investment returns, terrible inflation). If we get average market conditions, then it’s not so critical. Still a few years away from deciding if we’re OK to actually stop working.
But as others have said, Social Security is a lifeline for MANY retirees in the USA. If benefits were cut for existing retirees or those nearing retirement age, that would likely have a large negative effect on the overall economy (and the election cycle). A more likely “fix” would be things like raising the income cap for payroll taxes, pushing out the retirement age again for future retirees (born after ~1980?), or reducing benefit amounts for future retirees.
PhilAndHisGrill@reddit
We're still almost 20 years out from retirement (late Xer for me, early millennial for her). We're not planning on Social Security to be a significant portion of our retirement. I expect there will be something there for us, but there's no telling what it will be. I figure in another 10 years we'll probably start nailing things down- figure out a timeline to retirement, what that path looks like, and what kind of income mix we might need.
No_Survey_5496@reddit
Zero. I was told SS may not be there when I retire. So, I planned my life without it. Since the benefits are still about, it looks like retirement will be much sweeter.
hapster85@reddit
We both have pensions and retirement accounts, so social security is a factor, but not central to our plans. I'm 59 and retired about 19 months ago. She's 58 and plans to retire next year after turning 60.
One of my retirement hobbies is tracking our retirement finances in an ever-expanding spreadsheet.
nIxaltereGo@reddit
I don’t expect it, but it miraculously makes it to some sort of solvency and I am finally old enough to get it, then bonus for me.
Just not counting on it
formercotsachick@reddit
We plan to retire at 66 and live off our 401Ks/IRAs until 70, when we can pull the max amount. At that point we are estimating SS as 25% of our income. We could survive without it, but are counting on it as a buffer.
303FPSguy@reddit
I’ve been told since I was a wee lad that the Boomers were going to take SS away because they would use it to pay for war.
Still expecting that money I’ve been paying into it to keep the Boomers solvent will no longer be there for me, and at the very least, the money I get back from my lifetime of work will be worthless and I will get nothing.
OKImfinallyin@reddit
2034 is the year to keep in mind. Per my SSA income statement (on pg 4), they project it will be fully funded until 2034, at which point it'll be 81% funded. This projection may influence my target retirement date, so I plan on keeping an eye on these statements and projections.
Unknown_Geek027@reddit
This is the answer. Plan on 20% reduction in 2034, but expect that Congress will act to restore full funding before then.
OKImfinallyin@reddit
Must be nice to have hope, because I expect nothing but dysfunction from Congress, unfortunately.
SolomonGrumpy@reddit
It could be as much as 35% of my retirement spending. I am banking on it being only 20%
However, I suspect that the government will not make people close to retirement suffer a change in their benefits, so each year that goes by my hope that my personal benefits will go up increases.
Rushedhomeroughyn@reddit
Zero
slartibartfast64@reddit
My wife and I call SS our "fun funds".
We have all our needs met through carefully built IRAs, and we strictly budget that and always discuss big purchases and jointly agree on them.
But I blow money from my SS on whatever stupid thing I want, and she does the same with hers. 🤘
If SS dries up we'll be fine but bummed.
Listen-to-Mom@reddit
We were told in high school to never count on SS when we reach retirement age. We’ve invested and saved and won’t rely on SS at all. It will be a nice bonus, I guess.
Beneficial_Equal_324@reddit
Interesting that people say this. I literally never heard anyone say this growing up.
oneknocka@reddit
Was told the same. I’ve never included it in my calcs
maxny23@reddit
None. Whatever I get will go to paying for healthcare / insurance premiums.
rabidstoat@reddit
I factored it in at 70 percent.
If it goes away, I will still be fine for living comfortably but I won't be traveling much or buying luxuries.
If Medicare goes away I'm screwed and would have to move to a foreign country with cheaper medical care.
OldFitDude75@reddit
none at all. I've always been military. I think I can actually get SS now so it is just gravy
demona2002@reddit
I factor it in but don’t rely on it. Having it only contributes to how much I will leave behind for heirs.
Super-Judge3675@reddit
i have a pension that would cover about 60% of my current income and social security would cover about 30%. for people panicking…. it is not going to disappear, but count on it being maybe 20-30% less than what you have been promised.
grateful_john@reddit
This is reality. The SS benefits will be reduced, not eliminated.
Ceorl_Lounge@reddit
Or you know... they could fix the taxation
grateful_john@reddit
There are lots of things they could do. But I’m realistic - SS benefits will be reduced because fixing the tax rates is hard work.
Ceorl_Lounge@reddit
Cutting SS benefits will be hard too. Just watch.
grateful_john@reddit
But it’s been done before. Fixing the underlying issues has never been done.
cdlauro@reddit
It’s probably not totally necessary for me, but I am planning on it because we paid into it. I hate how passive people are and talking about Social Security. This is our country and government, regardless of administration.
colcatsup@reddit
If I factor it at 100%, we'll be fine. I think it's more likely projected to be 75%? When I factor that in... things get a little tighter. This also assumes I'll be 'working' for the next 5-6 years at least - turning 54 this year. I would *like* to be working, but my industry is going through a lot of upheaval - I'm already *essentially* in 'part time' work for the last year, and it's still bringing in more than we spend, so we're still accumulating, but not much.
AdditionalTip865@reddit
I've always felt the claim that "we won't see a dime from Social Security" was an attempt at a self-fulfilling prophecy. If you think it's going to go away, if it's characterized as a "Ponzi scheme" on the verge of collapse, you'll resent having to pay in and maybe want to make it go away.
That said, my plans certainly don't rest on it. Medicare, though, is more important.
Betterway50@reddit
Unfortunately, Medicare is in worse shape than SS
AdditionalTip865@reddit
Yes, because health care costs have increased way over the general rate of inflation.
Oates1997@reddit
We’ve planned as if it will not be there. If it is, then bonus travel fund etc. We’re both mid-50s planning to retire by 60-62 based on strategic planning since our late 20s and living below our means.
Emergency-Big-1503@reddit
None as it's not going to be there anymore.
relltj@reddit
That’s not exactly true. It will be there but may be reduced or retirement age might rise. It will be there though you may not get as much out of it as you were thinking. Do some research and don’t believe the doomsday scenario. Might make you feel a little better about it. But…especially if you are young become an aggressive saver so you don’t have to worry about it so much. That’s what I did. 61 now, retired and in good shape with or without SS.
Tinsie167@reddit
Just now starting to run the numbers. It will probably be 50% for me. I’m still 7 years out. I am hoping something gets done in time to prevent any drastic payment reductions, but I’m realistic that it might not.
Hot_Willow_5179@reddit
Ive always saved as if it wont be there. 60 this month. Kinda still feel that way
DrumsKing@reddit
80%
FancyButterscotch686@reddit
Finally, the average Joe responds. I'm with you by the way. From Google AI - For many, it accounts for a significant portion, representing over 50% of income for lower-income households and roughly 27% to 75% depending on earning history
Marigold1976@reddit
It will be an added bonus. It’s not a main driver in our retirement plan.
FancyButterscotch686@reddit
If AI looked through this sub, it would determine that we are all fine and SS isn't even needed. Good for all of you guys. However I am counting on it to be 60-70% of my retired income. I know that's expecting a lot, however it's probably lower than what many others are expecting. The average 401K at retirement is close to $299K, but that's inflated by the rich. The median 401K at retirement is $95K.
Overall-Avocado-7673@reddit
We are planning on SS taking care of our health care, utilities and food. As long as it can cover that, we will probably be living better in retirement than we did working. Of course the big question mark here is the health care as it all depends on our health. Take care of your bodies young people!!
Staran@reddit
None. I am Canadian.
pmbpro@reddit
Same here. I’ve been in Canada for 52 years, but I will be leaving to return to my home country. The money will carry further there (even though some things can be expensive there, still better there), and fortunately I wouldn’t have to worry about heavy healthcare expenses as much there either (socialized healthcare).
Lrxst@reddit
Hijacking this comment to point out for the benefit of my fellow Americans that we should be educating ourselves about Parliamentary Democracy, which is practiced by our neighbo(u)s to the north, and most of the rest of the western world. That is what we should be pursuing in our own country, instead putting a band aid on a broken system that obviously lacks accountability.
Staran@reddit
Well….not to be a Debbie downer here but the path from where you are now to a parliamentary democracy would be shockingly bloody and damaging.
Lrxst@reddit
You are probably correct. It would need to happen first in individual states.
evilJaze@reddit
I feel really bad for our American cousins. Meanwhile, our government foresaw the impending baby boomer drain on our CPP so it took measures to make sure it remains solvent for future generations. Also, it's illegal for our government to use the funds for government spending. Which, if I'm not mistaken isn't a provision in the American government.
Jillredhanded@reddit
I'll be pulling SS from the States as well as CPP here in Canada. Thankfully I won't need to worry about health insurance.
Zipstser257@reddit (OP)
Lucky, and apologies I should have specified that this question is directed primarily to Americans and others where the country might have a similar program.
Staran@reddit
Canada has the Canadian pension Plan but I opted out until 65 because my work pension has a bridge benefit. This is to max it out later on.
migraine24-7@reddit
We want and expect to get everything we put into the system back, but we're using that in our retirement plan #'s because it's not a guarantee.
tambor333@reddit
So I have about 9 years left to work, my intention is to downsize into the house that I intend to live in until I die. When I retire I will be debt free with about seven figures in the bank I will take Social Security and I intend to arrange my living expenses in such a matter that Social Security will cover all of that. According to my last statement it'll be somewhere just over $5,000 a month that I would receive as a benefit the rest of that money will be used to set up my dream shop and do some traveling and leave a legacy for my kids.
oboingadoing@reddit
We are taking it at 62. It will be reduced already, but it should be about a third of our retirement. No way it disappears completely. Millions of seniors would be homeless without anything. No politician is going to want that on their hands. They will do something right before it becomes insolvent.
WasLeftUnsupervised@reddit
Social security checks? I'm having them deposited directly at the tavern down the street for my bar tab.
MarquesTreasures@reddit
planning? I use it. if I lost it, I still have military pension and VA disability which pays the bills. plus I have plenty of investments if I need to liquidate.
but the number one factor is simply not having any debt. otherwise I'd be worrying about IRAs, 401ks, and second careers.
IgnoreThisName72@reddit
You should be aware that Tricare for life at age 65 can have much higher premiums than you are currently paying. I'm a decade into a second career and the annual Tricare premium is close to what my colleagues pay in monthly. The pension is clearly the best benefit, but Tricare is an incredible value.
MarquesTreasures@reddit
I don't even use Tricare. VA covers everything for me. however I do have it for my wife and it's a fraction of what she would pay on her own...and she is in medicine!
IgnoreThisName72@reddit
Similar- but I have kids too, so it just isn't feasible for me to use the VA and getting a separate insurance for the wife and kids though.
RadioactiveLily@reddit
As a Canadian, I'm hoping it will just be that little extra safety net on top of my RRSP's and investments. Same with my public sector employee pension. I won't have paid into it long enough for it to be much of anything, but it'll still help.
drunkenknitter@reddit
We're not really factoring it in at all. If it still exists, it's bonus money.
Hey-buuuddy@reddit
Born 1976, my current estimated AIME is $11k, so at 65, SS benefit is about $4k/month.
I’ve worked my ass off my entire life and will not stop working at 65 anyways. I have a workplace pension (these still exist in corporate America) and the seperate 401k has been doing incredible- 20% return last year.
Ray_The_Engineer@reddit
Pensions may exist for some folks that worked for big companies; I've worked for smaller companies for my whole career, have NEVER had a pension.
Hey-buuuddy@reddit
I hear you and I also worked for small businesses through 2007.
respectandmanners@reddit
Nada. Can’t depend on it, so it’ll just be an extra
rodeler@reddit
Same. Nice to have, but don’t need it.
DonnyDiddledIvanka@reddit
I've seen estimates that anywhere from 40-70% of GenX is fully relying on SS in retirement. Meaning they have little or no other retirement savings. We are relying on it to the extent of when we retire but as OP states Medicare is the big one. Without it we probably never fully retire in order to keep medical benefits from an employer.
Betterway50@reddit
I cannot imagine being dependent fully (or even close) on SS. No way is that a way to live...
MusicalMerlin1973@reddit
It’s a portion. But I expect 80% of projected. And if that cap goes through I may or may not be impacted further.
I’m definitely saving. And planning.
Realistically we won’t know the landscape until ‘31-‘32. Pols can still get elected worms dealing with it until then. Until then still the third rail.
belligerent_tortoise@reddit
Retirement? What’s that?
Defiant_Network_3069@reddit
Exactly 💯😅
Betterway50@reddit
I plan on full SS benefits and going with the 62/70 but can change.
They said, we are fortunate to not depend on SS if all goes to shit. What really helps is having modest pensions but also relatively low expenses.
justpuddingonhairs@reddit
Zero. It will probably be my casino and golf money at most.
largos7289@reddit
LOL It's the main source, I mean it really depends on my parents to be honest thou. If they kick off soon i'm great the way my dad is going thou, he'll out live me, my, kids and their kids. Stubborn lives forever and it would cost him money so he won't do it.
Betterway50@reddit
?
marcduberge@reddit
Not much
PashasMom@reddit
I'm planning on retiring in 5 - 6 years and my financial projections include getting 70% of what I am actually supposed to get per my current benefits statement. I should be just fine with 70%, and okay but not great with zero Social Security.
violetauto@reddit
No, not really. We are thinking the payment will be so low, it will basically be useless.
blooobolt@reddit
I won't be retiring. Even if SS exists in 20+ years when I reach full retirement age, I'd never be able to survive on it. I'd get like $600 a month or something stupidly low.
I have no retirement accounts to speak of. I just plan to work until I drop.
I do own a house and could always rent it out while living in the casita in the back if it became difficult for me to work, but I don't think that'll happen until I'm in my 90s, and who knows if this planet will even be habitable by then. The folks in charge are doing their best to destroy it, so whatever man.
SouthOrlandoFather@reddit
Social Security should at least cover the HOA fees and electric bill for us. I plan on wife taking hers at 62 and I’m taking mine at age 70.
Betterway50@reddit
We also plan on the 62/70 approach but will be evaluated as time progresses
Rambling-Holiday1998@reddit
We rely on it. I'm not too worried about my husband's pension and/or SSI while he is on this side of earth, but I fear that when I need survivor benefits they might not be there. I have no idea if my fear is reasonable or not, but it is there.
I don't know if we made the right choice having one parent be home with the kids. It seemed right while we were raising them but at 60 I'm pretty nervous about my future now.
Betterway50@reddit
Hey, having a parent raising the kids is a blessing if you are able to swing that. Don't ever regret that decision, it's a fool's game. Parenting is the most important thing you do as an adult.
SnowblindAlbino@reddit
How much? I mean, of course it's part of the plan and we fully expect to receive what we're due. But we'll be OK without it, should the US continue its slow collapse. But yes, we're planning on getting what we're owed, in part because GenX is so small and Millennials/Gen Z will continue working and paying into the system as the boomers die off.
Betterway50@reddit
It can change as time progresses, but we plan on 62/70 ourselves... That 2nd phase is for insurance on longevity costs
BerryLanky@reddit
I have a large pension and a 401k that I’ve been contributing to since 1990. Social Security was never in my retirement plan due to years of people saying it won’t be there. Plan on retiring at 62 with the pension. Will let SS sit until 67.
butterflyksses@reddit
We can survive without it, but may need to work a couple more years to enjoy surviving without it. That being said, I don’t believe it’s going away totally. Right now, they are floating an idea around about it maxing out. I have also heard that in my working lifetime they may need to increase the retirement age. I fully expect one of those to happen or some combination of them.
brockclan216@reddit
75%
usingbadnamesabunch@reddit
Zero. That'll be happy bonus money.
retrokezins@reddit
0% part of it because of the risk that it will no longer exist in the future. I just don't think it's something we can bank on anymore.
BitterPillPusher2@reddit
It's a part, but not a huge part. We have saved pretty well for retirement. We have about 3 more years of college left for the kids, then we will start funneling all the money we're spending on college now to retirement, so the amount we've save will go up a pretty decent amount. We do have 529 accounts, but we're also supplementing expenses somewhat.
Aside from saving pretty well, we have very little overhead. Our house will be paid off shortly, we have one small car payment, and that car will be paid off next year. We typically drive cars into the ground, and none of them have very many miles on them, so it'll be probably 10 years before we buy another one. We have no other debt.
So what we will need to live each month in retirement will be pretty low. If we stay in the city we live in, we'll stay in our house. There's a chance we may move back to the city I am from, in which case we'll downsize. But that's a higher cost of living city, so we wouldn't pocket a lot of money from the sale of our house. We'd basically just spend the money on the new place, but would still be mortgage free.
Early-Tourist-8840@reddit
In junior high in the 80s teachers told us it likely would not be available for us. They said to plan accordingly. Great advice I actually followed.
Ray_The_Engineer@reddit
First off, be aware that being 65 with Medicare isn't a free ride in the health care system. You'll want to look into supplements to make sure you have the coverage that you need.
I'm going to collect SS at 62 (2-1/2 years from now). Barring unforeseen catastrophes, it should be "icing on the cake" money. I'll keep working in some way or another (I enjoy it), but not the BS corporate thing that I did for 3-1/2 decades, I can't take that crap anymore. We have decent investments, and with that and some part time work doing something I enjoy (I have plans), SS will help to "top things off."
I've never planned with SS in mind specifically; honestly I wasn't sure it would exist at this point.
Mark_Underscore@reddit
My strategy is to do "early retirement" in cheap Europe (the balkans). 55 to 59 will be part time work and piling up cash for "full retirement" at 59 1/2. I can live in europe for half the cost of the USA and hang out on beautiful beaches and hike in some gorgeous mountains.
Portugal and Spain both have better cheaper insurance for retirees so I don't trust social security or medicare to be solvent when I need them.
I'll draw SS as soon as I'm able to that I can at least get something before Uncle Sam declares banktupsy or (more likely) inflates their way out of the coming debt crisis.
Wishing those of you who remain in the USA the best of luck.
WingZombie@reddit
I've been told my whole live that SS wouldn't be there by the time I was able to retire so I've never planned on it. I'm looking to be work optional in 2030 and it's going to be another 7 years before I can start claiming SS. It will be the cherry on top if it's there, but we will be fine if it isn't.
Medical coverage is another issue.
DonutCapitalism@reddit
Your Social Security will not get cut. Older people are the strongest voting block. Politicians can't cut current or incoming retirement people without getting killed at the polls. The cuts will hit those that are under 50 and at different degrees.
As someone who turned 50, I highly expect SS to be their when I retire. And even though I know it will be their I don't plan my retirement around it. My goal is to have enough in retirement that it will take care of all my needs. SS will just be extra income that can help with my wants in retirement.
gangofone978@reddit
I think older people being the strongest voting block may be a thing of the past soon. Gen X is too small to wield the type of power our parents and grandparents had.
Sentient_Sawhorse@reddit
And “voting” is largely being made to be as irrelevant as possible in the game of thrones.
Sentient_Sawhorse@reddit
It may not get cut, but the money you get will buy less and less
soleiles1@reddit
Very little. As a state public employee, I don't pay into the system. But I do have my 40 quarters before this career. It maybe will pay my Medicare premium.
RoyalPuzzleheaded259@reddit
I’m a younger X. I’m not planing on retiring. It’s just not feasible. No pension. Not enough 401k to retire on. I’ll just work until I die at my desk or am forced out then I’ll work at Walmart as door guy.
Justice_4_Scott@reddit
I had to come to terms a couple of years ago that I will not have the luxury of retiring. I planned and worked hard so I could, but ended up with significant medical bills that I will be paying on until I die.
Sean_theLeprachaun@reddit
It means ill get to switch to part time some day.
user710827@reddit
Zero. I was in middle school when I was told it might not be there when i got to retirement age so I’ve saved assuming it wouldn’t. I started putting away when I was 18 and working my first “real job”. If it’s still there when I retire, great! If not, I’ll still be fine.
DasArtmab@reddit
Exactly this, I also have a pension I didn’t think would be funded
blondydog@reddit
Pretty much looking at it as a maybe nice-to-have. Its going broke. I graduated in 1992.
In high school economics we learned that social security would be bankrupt before we retired and therefore not to rely on it.
What's amazing to me is that kids born later seem to not have gotten this obvious lesson, even though it was obvious earlier. They think they're getting it. We are teaching our kids different but the general lack of awareness is scary.
ComprehensiveShip720@reddit
It will not be bankrupt. Congress will most likely fund it somehow and It will have reduced benefits. Largest voting block with impact will be seniors.
blondydog@reddit
It will be functionally bankrupt for many of us who will see little or none of our soon to be "means tested" benefits.
Sitcom_kid@reddit
There's something else? I was just going to keep working. Since age 24, I've been spending it all on the medical-industrial complex. The complex is doing great.
Throwaway7219017@reddit
As a Canadian, I’ll get slightly less than an American (today, not necessarily in 10 years). I just looked into the numbers and was quite surprised.
Thankfully, it’s only a small part of my income. I’ll have a small pension from work and my meagre investments.
Left_Guess@reddit
SS would be a nice bonus, if it happens.
RedEvil7@reddit
Zero impact from SS whenever I do decide to retire. I have been working hard building my own retirement accounts so if I do receive any SS then it will be nice but not necessary to exist until death.
ONROSREPUS@reddit
Zero. My whole life I was told do not ever plan on it being there when you retire. Since I was 17 with my real paycheck job, money has been being put aside for retirement.
sane-asylum@reddit
None, I’m never going to be able to retire
Ruenin@reddit
This right here. Even having what I once would have considered a tidy sum in an IRA, I'm well aware it won't be near enough to retire, especially with the economy being so volatile.
Bitter-Assignment464@reddit
I probably won’t retire retire until 67. 10 years left. SS will be part of it. Will continue side hustles and real estate investments and 401 for the rest. We will also downsize.
CK1277@reddit
Based on the pace of my retirement savings, I could retire with a monthly income of around $10k at 62 WITH social security or 67 WITHOUT social security.
As far as cost of living goes, I currently support of a family of 4 with a lower middle class lifestyle on $8500/month take home. And $2500 of that goes to expenses that I won’t have in retirement (mortgage and student loan payment). So aiming for $10k/ month in retirement isn’t lavish, but it’s sustainable.
I’ll be pissed if they manage to kill it, but I won’t be destitute. If they kill SS and trigger another Great Depression, then I’m screwed.
Agent7619@reddit
Why are you planning for your income to go up to $10k but expenses go down to $6k? What are you doing with the other $4k?
CK1277@reddit
Most of the financial advice is to budget 80-90% of your current income. My current gross income is about $13k/month, so 80% of that is just over $10k. As I understand it, the advice to plan to be able to replace 80-90% of your current income is based on the assumption that you lose some expenses but you also gain new ones.
By the time I’m retired, I won’t have a mortgage, student loans, kid expenses, disability insurance premiums, or 401(k) contributions. But I will have increased medical expenses.
Mostly I’m anticipating medical and long term care costs both for me and my husband.
Provolone10@reddit
Does not factor in at all.
Hoping it will be gravy.
steveo242@reddit
Same here, it is a line item in the income area but not really planning on it since it doesn't pay much until after 70 anyways. It'll be nice if it's there, but making sure not to need it through the other mechanisms.
ChrisRiley_42@reddit
0
Social Security is American, and I have no desire to move to the US just to retire.
JackFromTexas74@reddit
Retirement?
lol…
LadySiren@reddit
Right? I am probably gonna drop dead somewhere after asking to check someone’s receipt.
tc_cad@reddit
None of it. I’m in Canada and I’ve seen the amount they gave my Mom. Yikes.
LocksmithGlass717@reddit
Zero. If I get it that’s great but I’ve always planned on not getting anything. I’m retiring in June at 60. I don’t plan on drawing until I’m 67. This is purely based on my wife drawing the bigger of the two checks when I die. I will have her start drawing at age 62.
MarkItZeroDonnie@reddit
I view it as a bonus , very Clark Griswald’ish , might get that pool or might get Jelly of the month.
IWantTheLastSlice@reddit
Mark, it’s the gift that keeps on giving!
MarkItZeroDonnie@reddit
In all seriousness, its insolvency would be absolutely catastrophic. They’ll push ages and slash benefits but if it went away there’s no point in preparing otherwise
IWantTheLastSlice@reddit
I don’t think there’s any way it would go away completely and I’m actually doubtful that they’ll slash benefits. I think (hope)some solution will be put together that keeps current benefits whole. There are people that rely solely on Social Security so so they have to do something.
Personally, I’m trying to make it a portion of my retirement process, but not planning on relying on it completely,
MarkItZeroDonnie@reddit
I agree it can’t go away . So many people have nothing else and the strain would be unbearable to the point where it’s in the wealthys best interest to fund it through taxes increases
ContributionDry2252@reddit
With social security, do you mean pension?
100%.
Zipstser257@reddit (OP)
Yes, a government sponsored retirement plan, I should have addressed the post to Americans and others where there is a government pension plan.
ContributionDry2252@reddit
Got it. In Finland (and generally in the Nordics) the system is quite different. We have a mandatory earnings-related pension system that covers basically everyone, so for many people it is the main part of retirement income, not just a supplement. The pension isn’t tied to a single employer but accumulates over your whole career.
Healthcare is also publicly funded and available to everyone, so we don’t need to plan separately for something like Medicare in the same way.
Because of this, private retirement savings play a smaller role for many people compared to the US.
NeoPrimitiveOasis@reddit
I plan on 2/3 of currently promised benefits being part of the picture. That seems like a reasonable assumption despite [looks around].
Extreme-King@reddit
Retirement?
Sintered_Monkey@reddit
It will be a nice bonus. 30 years ago, I was told it wouldn't exist by now, and I took that quite literally, so I planned accordingly. It seems to still be here at the moment.
planetin45@reddit
Yes, I always planned on not having it, so it will be bonus money. Healthcare, I forgot to plan for, so I need Medicare to be a thing.
Sintered_Monkey@reddit
Medicare is a completely different can of worms I'd rather not think about. Taking care of my parents, I was surprised at how well it worked, but I don't expect that to last.
beaushaw@reddit
I agree 100% with this and I am happy with the number of people saying the same.
I am always shocked with the number people in this sub saying "I never saved anything, I will work until I die." You had to have heard the same things we did for decades.
thequiethunter@reddit
I plan on getting be very nickel I can back from those thriving bastards. We work for a lifetime while they squander and waste everything.
threedogdad@reddit
I'll retire early soon and I haven't factored it in at all since I don't control it. Whatever I get from it will just be a bonus.
No_Maintenance_9608@reddit
I'm planning on the assumption I will never get any. Our generation was always told we will never get social security once we reach that age. Unfortunately politicians of all stripes don't have any backbone to fix it, and anyone who does have a halfway workable idea is shouted down and demonized especially around election time. Politicians know the elderly is a powerful voting block, so they'll continue to kick the can down the road.
monstertruck567@reddit
I’m counting on it. And I’m expecting to get 2/3-3/4 of the expected benefit.
Iwentforalongwalk@reddit
Not much. It's a nice bonus.
librarykerri@reddit
I have not contributed enough quarters to qualify for any SS, since I have worked for 2 municipalities that opted out of SS in the 80s. I am collecting a pension from one and contributing to a 2nd pension with my current employer.
I honestly have no idea how much my husband will get in SS. We have our retirement accounts, and since I started collecting that first pension, we have a high rate of savings, so I am fairly confident we'll be ok, but I really need to run the numbers.
Affectionate_Bid5042@reddit
Be sure to look at spousal benefits! If you don't qualify for your own, you will likely qualify for half of the amount of your spouse's amount (even if you end up no longer together depending on length of marriage, etc.) Don't assume you qualify for nothing!
Retire_better@reddit
I count of it a lot. I use a retirementiq.app planner. Covers it all (SS and much more) for a tiny fee without subscription. You can really see how SS fits and supports your life retirment. Their blog is also nice as it addresses some truly critical issues such as tax torpedo and sudden changes in one’s circumstances.
Unlikely-Section-600@reddit
I will get a small check, but I will use that to start a Roth for my HS aged kid.
Whodean@reddit
I doubt they change anything for our age
biscuitsmomma@reddit
We are not factoring it in. It would be nice, but we're not counting on it.
BarefootMarauder@reddit
We never considered SS in our retirement plan since I/we have zero control over it. Do we hope it's there? Yes. Do I think it will be there? Yes. But I have no idea if benefit amounts will be reduced in 2033 as they are predicting. I've been hearing similar predictions since I was a kid and I remember my parents talking about there's NO WAY social security is going to be around, blah, blah, blah. Well... So far, they were wrong. If we get any SS at all, it will be delicious gravy on top of our already solid retirement plan.
OddSand7870@reddit
SS is not going anywhere. It is a pretty easy fix (lift the cap or put a small tax on investment income). Medicare is the huge issue going forward. I am more worried about that than SS. I don’t plan on any SS income in my retirement planning. Mainly I won’t be able to claim it until full age due to owning a farm and the income is too high for me to claim SS.
econkle@reddit
0%
TJH99x@reddit
I don’t think it will exist so I don’t count it at all.
TheOtherElbieKay@reddit
I am trying to plan without it because I don’t trust that it will be there.
I hope it will enable me to help my kids since their generation has so fewer boosts than mine did.
No_Hovercraft_821@reddit
I retired a year or so ago but don't qualify for SS for another \~3 years (early filing age). I accept that there is some risk of benefits being reduced but expect that to not be a major issue as the political ramifications of a benefit reduction would be huge. Those benefits are not critical to my financial stability, but I absolutely plan on that substantial income to support a comfortable lifestyle.
JJQuantum@reddit
People saying the fund will run dry and we will get nothing don’t know what they are talking about. There could be a reduction for sure to maybe as low as 75% but I seriously doubt any lower than that. If anything, the government might fade it away over generations but simply stopping it for people who have paid into it over a lifetime of work just won’t happen.
My wife and I could live comfortably with what we’ve saved but the SS money will make it possible for us to do more of the travel we want to do.
Kimber80@reddit
None at all. I will never collect it.
OTOH, it is everything to my 86/85 year old parents. They collect the max, which combined is almost $5k a month and live comfortably.
devildoc8804hmcs@reddit
It will be nice to have money. I fully planned SS wouldn't be available because the government sucks at managing it, so invested in retirement accounts and a nice pension.
wormfighter@reddit
Zero. I’m not planning on it. Its icing on the cake that’s it.
Sore_Wa_Himitsu_Desu@reddit
It’s part of our planning. My wife and I are both in an old school pension plan, with each of us having 25+ years in it. That will be our largest income in retirement. We’ve also put a lot in our 401ks. We’re still planning to draw SS, and keep the 401k as a supplemental as needed.
JacobLeatherberry@reddit
I don't plan on retiring anytime soon. By the time I'm of retirement age I'm sure SS will be reduced or cut entirely. I'll most likely be working until I die in a robo walker.
blueblocker2000@reddit
Will have very little in retirement, so hoping against hope it's still there.
Shorty-71@reddit
Planning around it. I’ll treat it like finding a $20 in my dirty jeans.
Prudent_Resolve_975@reddit
For me its the base plus my TFSA and if all else fails my condos equity as a reverse mortgage as I got no family or dependents to leave my estate so its all going to be donated. I intend to die with zero!
Frigidspinner@reddit
Social Security is a massive part of my planning, but then again I have also modelled living to be 90 which feels unlikely
I account for a 23% reduction in SS, and I plan to withdraw it age 70 to get the highest amount
I could have worked for another 5 years to make the numbers work without social security, but why?
RedHeadedStepDevil@reddit
I lived in poverty for so many years, Social Security plays a primary role as part of my retirement, if I ever get there.
lsp2005@reddit
I am still in my 40s, so I am unsure the full amount will be there by the time I am 67. Come back in 20 years to ask me.
willfull@reddit
!remindme 20 years
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Turbulent_Tale6497@reddit
Zero. I don't count on the US government for anything at this point
CryptographerOk3814@reddit
Pizza money
MountainAlive@reddit
I plan to work another 9-10 years and I’m counting on SS to be a part of my retirement income. I’m one of those “maxed out” SS payees meaning I’ve paid the maximum into it for decades so in theory my monthly numbers for SS are not an insignificant amount, assuming the system doesn’t collapse by then.
Minute_Plastic_350@reddit
0
temerairevm@reddit
I am planning for it but being in the age range where it could get cut if it’s not shored up, I’m definitely accounting for that possibility.
My bigger worry is that Medicare will be somehow enshittified. I suspect at some point everyone will be forced on to crappy “Medicare advantage” plans. I’ve already spent enough time arguing with United healthcare and have no desire to do it in my old age.
ratsta@reddit
I was able to withdraw my (401k equivalent) and use it as a deposit on my first home. So now I have a house and a mortgage which I'll be servicing until I die but at least I'm no longer beholden to landlord whim.
So yeah, I'll be working until I die or am incapable of working. If the latter means I lose my house, I'll probably call it a day. I'll burn that bridge when I get to it.
ImmySnommis@reddit
Zero. Was told since I was a teenager it wouldn't be there and planned accordingly.
Fortunately I can also keep my health insurance. (Won't be cheap but at least I'll have it.)
The issue now is my goalpost keeps moving. I had targeted $1.7 million. Now I'm thinking more like $2 million. Should still be tracking for next year though when I'm 57.
Dan-68@reddit
It's not. At this point I'm surprised it's still around.
HermioneMarch@reddit
About half the plan. Well, more than half, because we have a disabled child who will always live with us, so we are counting on his as well. I plan to work until I absolutely have to stay home and care for either him or my husband. Because retirement as my parents enjoy it is probably never going to happen for me. I do have retirement savings of my own but not enough to do more than survive.
w3woody@reddit
I'm treating social security as 'found money.' That is, I really would like it to be there--but I'm expecting to be disappointed when it's not there.
iknowyouneedahugRN@reddit
We have thought of it as extra income, if it doesn't collapse. Various pundits have all sorts of opinions about its stability, but we decided it was best to prepare. We both were raised in families where prior generations either had a pension or were not eligible for pension and did not save anything and things were very tight.
Woodwork_Holiday8951@reddit
I’m not counting on it being at 100% for us. Also not planning to take it until 70, mostly to maximize the survivor benefit. Whether SS is at 70% or 100% is not a go/no-go for our retirement budget, assuming that things don’t “completely fall apart around here.” We don’t have a pension (neither of us) so it’s all savings until we get to claiming age, which is most of a decade.
Few_Whereas5206@reddit
Very little. I will retire at 60 and collect SS at 67.
Alternative-Law4626@reddit
I think we’d be fine with a reduction. Not sure we’d be fine with no SS. I’m also sure we’re no where near average or median. So, most people would be screwed and there would be a serious uprising if the govt goes cut or delete.
I remember the last two tussles on SS and cut was never seriously on the table. Especially if you were already on it or close.
Personally, I think more indexing for life expectancy could be done. Taking caps off contributions could also be done.
Absotivly_Posolutly@reddit
I plan on working for another 9 years, 3 months and 17 days… and I’ve planned our financial future as if Social Security would not exist.
We were always told by the fear mongers that Social Security would be broke by now. I don’t know if it will or won’t, but I’ll be able to live either way.
ArtistJames1313@reddit
1%
HenryLoggins@reddit
Social Security is not a retirement plan, nor is it guaranteed. Personally SS is not part of my retirement plan. Will I receive it, most likely. Do I want to save or invest less now in hopes that it will be enough, no.
Nuclear_N@reddit
My retirement without it is 94% and with it 100%.
Demostecles@reddit
Little to no part of planning.
If it is there, then that is a bonus in my book.
fridayimatwork@reddit
I don’t think it will be reduced in our lifetimes. But it’s not a bad idea to save as much as humanly possible.
HousesRoadsAvenues@reddit
I personally haven't thought about it.
Back at my old job, I remember people calculating their retirement income down to the last penny. Social Security fitted into their calculations.