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Should we even plan for getting (even a little bit) of SS?

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Money Talk > Retirement Planning

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helpmepleasethanks
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Should we even plan for getting (even a little bit) of SS?  Reply with quote  

Do you think Social security will be around in 35 years or so?

Hubby says we should NOT plan for it being there at ALL.

I realize that the likelihood of what retirees get today is slim, but can't we at least plan on getting like 50% of what the are getting?

Like don't you think someone who has worked for 50 years will still get at least like 500 a month or so?

Thanks for your help!
Post Thu Jun 30, 2011 11:40 pm
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SFIntern
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Your husband is right. They way things are looking now it would be best to plan as if you will not receive any social security at all. If you live your life this way and decide to save more than you have been because of the fear that social security will be gone in 35 years two things may happen: 1.) You will have accumulated more money to get you through retirement without receiving any social security, or 2.) You will have saved more money than you would have over the past 35 years and you may also be pleasantly surprised with a social security check.

It honestly depends on how the future plays out. My advice would be to plan as if social security doesn't exsist and you two should end up fine. Smile
Post Fri Jul 01, 2011 3:14 pm
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littleroc02us
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This is how were doing it as a family, we planning out lives not to live on the Gov't and to invest our money heavily saving a few million for retirement making 95k a year. If SS is still around I consider it extra money that is a gift, but not expected. I would quit waiting for the govt to fix your problems, cripes they can't even figure out how to spend less then they make.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Jul 01, 2011 3:52 pm
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birdtrax
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Social Security may not look like it does now but there will be some sort of gov't assistance. If not expect anarchy as I wont be happy to pay for 40 years and not see any money come back to me.

I plan on getting by on my own investments but it will only be enough to get by. I wish the gov't allowed a buyout of SS and never have to pay in again either.
Post Mon Jul 04, 2011 6:30 pm
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