Poll

Do you assume social security benefits as you plan for retirement income?

This poll has expired. Voting is no longer possible.
73 votes were received.

Yes, but I also save otherwise, but not as much as I would if SS did not exist.	30		41%
Yes. Social Security IS my retirement plan, you insensitive clod	5		7%
No. I don't trust it/am not counting on it/am saving as though it won't be there but I'll cash the checks if it is	30		41%
M A V I C (a.k.a. "Other" -- answer below)	3		4%
N/A. I am not eligible or have another sort of pension	5		7%

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The retirement calculator question below got me thinking about this. When I factor in my expected social security benefit, it potentially meets a respectable portion of my expected spending needs. Well, enough to keep me out of poverty anyway--but I certainly will want additional income.

However, it seems to be an afterthought in many retirement calculators.

How do you factor SS into your plans?

yes. if SS tanks i am so screwed.

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If you want to fix our country, work with us in the states. statesproject.org

"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama

There's "Plan A".. everything works. "Plan B" a few things work.

and "Plan .44 mag" if nothing works.

SS will never tank. Solvency forever is simply a matter of political will.

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Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.

Even political will can't trump math.

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Speedy
SS will never tank. Solvency forever is simply a matter of political will.

What Speedy said. SS tanking is nothing but a fact-free political talking point.

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"In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion." (1987) -- Carl Sagan

I've never figured it in, not that it would make a difference. I've made way too little money for too long for it to be useful. I've always joked with my parents that if SS survives until my retirement age it will only mean I get to eat a better brand of dog food.

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I'll see you again... when we are both like golden clouds on the wind.

Even if no adjustments are made to Social Security the trust fund will pay full benefits for the next 20 years. After that, the system could pay worst case 75% of benefits for a long time.

What is interesting is that recently some pols have started talking about increasing benefits. It turns out that the current Defined Contributions system means many folks have nothing saved, and there are fewer pensions for people. I doubt increases are in store, but it will be interesting to see whether it changes the debate.



Edited 1 time(s). Last edit at 12/09/2013 02:02PM by numbered.

Before retiring I saved and invested as though SS wouldn't be there at all. Heck when I started working didn't even know much about SS other than I had to pay into it. I admit I saved and invested Much more than 6.4% of my income, makes a big difference how much you make a year. So now I have the SS, my retirement plan from work, and my own personal savings and investments.



Edited 1 time(s). Last edit at 12/09/2013 02:05PM by riley5108.

Yes, but I also save otherwise (without your qualifier.)

I'm in the same position as riley5108:
a) Soc Sec
b) pension (Federal)
c) savings

The only difference (thanks, supreme being) is that my wife is still working, and she's a federal employee, also with a pension.

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richorlin

SS and investment. We will be fine, debt free is THE key.

I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

Friend retired after 17 years with NYC police dept. - $6,000 tax free per month (17 years because he was involved in 9/11).

Neighbor retired military officer - big bucks!

Friend, retired navy captain - very BIG bucks!!

Relative, retired military, wife retired state worker - very big bucks!

I could keep going with people I know who retired from some kind of gubmint work - ALL of them retired way better than anybody else I know, except a very few very well to do friends, but they are few.

Maybe this should be a new poll? Gubmint retirees income compared to the rest of us schmucks.

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That old man - he don't think like no old man...
Now I wouldn't want to be within 400 - 500 yards of one of them nuclear bombs when it goes off! WW1 Vet Old Man
"He's pinned under an outcropping of rock. Lucky for him, the rock kept the dirt from burying him alive."
If idiots could fly, this place would be an airport. And I'd be a TSA agent.
A bonified member of The Mystic Knights of The Sea, George P. Stevens, President. Andy Brown, Treasurer, Algonquin J. Calhoun, Legal Consultant.



Edited 1 time(s). Last edit at 12/09/2013 02:39PM by GuyGene.

5. Public School Employees.

(They make great volunteers, though, because they retire young while they still have some kick.)



Edited 1 time(s). Last edit at 12/09/2013 02:43PM by Acer.

Quote
GuyGene
I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

Don't forget the added "perq" of full retirement after 20 years service. Which can be as early as their late 30's.

Join the military at 18, finish 20 years at 38. Plenty of time to start a second, civilian career* while receiving full retirement benefits.

*Using the training you received for free in the mil military; think electronics technician, or large engine mechanic etc.



Edited 1 time(s). Last edit at 12/09/2013 02:52PM by DeusxMac.

Quote
cbelt3
There's "Plan A".. everything works. "Plan B" a few things work.

and "Plan .44 mag" if nothing works.

cbelt3-

thank you for offering up my "smile of the day".

i owe you one.

ymmv

be well.

rob

Quote
GuyGene
SS and investment. We will be fine, debt free is THE key.

I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

I think it varies a lot. Police and firefighters generally have really good pensions. My wife has worked for city governments all her career and her retirement is pretty mediocre. On the other hand, corporate upper management retirement packages blow all of those public service packages out of the water. Wanna be rich in retirement, be a senior VP of a major US corporation.

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"In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion." (1987) -- Carl Sagan

SS would be a nice benefit if it happens, not exactly counting on it, or expecting to be around to collect. It will all be a nice surprise in the end!

I was only SS eligible for a very little part of my career. I think I have enough quarters to get something, but I'm guessing it is insignificant. Opted out of the state retirement system to roll my own, but doesn't look like that's going to work out for me at all.

The one note many don't address is corporate / union pensions.

Because most of them are deader than the dodo.

I'm fortunate to still be paying into a pension fund that has over 100 year track record, and have benefits coming to me when I hit 65 for a fund that was spun off and has been managed pretty well when a company went 'poof'. Which is still amazing to me. Most of 'em got stripped. It was a Swiss corporation.. they treat that kind of stuff as sacred. I wish the US followed that thought process.

No.

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Your boos mean nothing to me, I've seen what you cheer for.

Insisting on your rights without acknowledging your responsibilities isn’t freedom, it’s adolescence.

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We are a government of laws, not men.

Everybody counts or nobody counts.

When a good man is hurt,
all who would be called good
must suffer with him.

You and I have memories longer than the road that stretches out ahead.

There is no safety for honest men except
by believing all possible evil of evil men.

We don’t do focus groups. They just ensure that you don’t offend anyone, and produce bland inoffensive products. —Sir Jonathan Ive

An armed society is a polite society.
And hope is a lousy defense.

You make me pull, I'll put you down.

I *love* SIGs. It's Glocks I hate.

I suspect that gov't employees are the only ones other than the auto workers with such great retirement benefits. The unfortunate part is that no one will ever negotiate those benefits down from here on in.

its entertaining to see what it would add but its best not to rely on it although i suspect we'll do our best to make sure it will remain there.

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I wasn't, but as of 2008, I am now.

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The Phorum Wall keeps us safe from illegal characters and words
The doorstep to the temple of wisdom is the knowledge of one's own ignorance. -Benjamin Franklin
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I should have stayed working at the Veterans Hospital, but no I had to go private hospitals.

I now get $221 a month from a 10,000 + retirement plan.

IRA's, 403bs, etc.

Friend worked for LA DEPT of GAS and H20 gets big big bucks a month, retired 10 years ago. Travels

Way out of my class now... Never see him.

Defined Benefit Plans were the BEST. But no more are companies marrying their employees.

My wife retired as a Teacher (State Teacher Retirement System). She does get a little Social Security for the other jobs she worked. It is just enough to pay her part B Medicare. and then $38 left over a month.

If any people above have the PENSION in their description of benefits, they are the lucky ones.

After market performance in late 2008, I thought I would be panhandling for my retirement. Fortunately, the market has recovered nicely since early 2009.

I'm counting on SS being there, but am using only 75% of my projected benefits due to SS only being able to pay 75% of the benefits starting in 2033.

No one mentioned age yet. For us geezers, SS should be fine, and probably many of us have to depend on SS as our main retirement. I've been paying into SS since 1961 - I was 12, had to get SS card for a paper route and started paying SS then and still am! Haven't started taking it yet. My goal is to hold out 1 year from now. I'll keep working too, trying to save a bit more. Unless I kick off first.

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That old man - he don't think like no old man...
Now I wouldn't want to be within 400 - 500 yards of one of them nuclear bombs when it goes off! WW1 Vet Old Man
"He's pinned under an outcropping of rock. Lucky for him, the rock kept the dirt from burying him alive."
If idiots could fly, this place would be an airport. And I'd be a TSA agent.
A bonified member of The Mystic Knights of The Sea, George P. Stevens, President. Andy Brown, Treasurer, Algonquin J. Calhoun, Legal Consultant.

Age? -- OK sure.

47 and have no career. In 2009 left a company that had a "good" retirement thing for 55+ (fully vested and something-something) ... looking at them again is of course on my radar.

Managed to create and cultivate debt when working, invest nearly nothing and that includes retirement. I may need to borrow cbelt3's widow maker. But I hate debt and once working again aim to kill debt if I can do that + add to retirement.

Like most Dems I don't actually think Baby Boomers will PERMIT it to fail, have nevertheless known decades ago that SS wasn't "retirement".

Probably apropos of nothing applicable today but my folks always struggled with cash as teachers. When my grandmother died in the early '90s they got some cash that helped. My parents both took an early retirement in the late '90s from teaching middle school/high school. Their pensions and a Medicare plan that's unavailable today have literally saved their lives -- not SS by a long shot, and this despite them paying into it forever.

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DeusxMac

Quote
GuyGene
I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

Don't forget the added "perq" of full retirement after 20 years service. Which can be as early as their late 30's.

Join the military at 18, finish 20 years at 38. Plenty of time to start a second, civilian career* while receiving full retirement benefits.

*Using the training you received for free in the mil military; think electronics technician, or large engine mechanic etc.

Just remember that the pay they got while working was lower, the military "employees" were on call 24/7/365 for all 20 years. Voluntarily leave the service 1 day before your 20 is up and they don't get a penny of retirement.

The typical government employee worked for low pay and poor benefits to earn that retirement.

---

“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late

I figure my retirement in several ways...

ideally I get SS, pension and my investments. However I also project my retirement with no SS or no pension, or neither. My personal investments are enough to carry me but if all three are there I'll likely never need to touch the principle of my investments.

Essentially plan for the worse, hope for the best.

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“No persons are more frequently wrong, than those who will not admit they are wrong.” -- François de La Rochefoucauld

"Those who cannot accept the past are condemned to revise it." -- Geo. Mathias

The German word for contraceptive is “Schwangerschaftsverhütungsmittel”. By the time you finished saying that, it’s too late

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Ombligo

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DeusxMac

Quote
GuyGene
I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

Don't forget the added "perq" of full retirement after 20 years service. Which can be as early as their late 30's.

Join the military at 18, finish 20 years at 38. Plenty of time to start a second, civilian career* while receiving full retirement benefits.

*Using the training you received for free in the mil military; think electronics technician, or large engine mechanic etc.

Just remember that the pay they got while working was lower, the military "employees" were on call 24/7/365 for all 20 years. Voluntarily leave the service 1 day before your 20 is up and they don't get a penny of retirement.

The typical government employee worked for low pay and poor benefits to earn that retirement.

Plus they get to dodge bombs and bullets.

---

Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.

Quote
Speedy

Quote
Ombligo

Quote
DeusxMac

Quote
GuyGene
I've noticed the people who do best in retirement are those who retired from some form of tax funded retirement:

1. Military
2. State/city
3. Post office
4. Government worker

Don't forget the added "perq" of full retirement after 20 years service. Which can be as early as their late 30's.

Join the military at 18, finish 20 years at 38. Plenty of time to start a second, civilian career* while receiving full retirement benefits.

*Using the training you received for free in the mil military; think electronics technician, or large engine mechanic etc.

Just remember that the pay they got while working was lower, the military "employees" were on call 24/7/365 for all 20 years. Voluntarily leave the service 1 day before your 20 is up and they don't get a penny of retirement.

The typical government employee worked for low pay and poor benefits to earn that retirement.

Plus they get to dodge bombs and bullets.

Actually, I believe you'd find that a very large number of those currently in ALL the branches of the military have not, and will not have to dodge any bombs and billets.

And that "24/7/365" is a concept that would not hinder their lives every day for 20 years.